OKX Bolsters Bitcoin Ecosystem: Embraces NFTs and Defends Ordinals Amid Controversy
Summary:
OKX's NFT marketplace outplays competition with increasing interest in Bitcoin-linked NFTs and declares plans to adopt Atomicals, Runes, and Dogecoin's Doginals. OKX also guarantees support for these token standards on its Web3 Wallet. Despite certain Bitcoin community members regard Ordinals as digital spam, Jason Lau, Chief Innovation Officer at OKX, debates this, arguing all transactions are valid that obey consensus rules and cover needed fees. He upholds inscriptions as powerful digital collectibles and expects emerging standards to aid the ecosystem's growth.
Despite the controversy surrounding the Ordinals protocol's impact on Bitcoin, some are earnestly advocating for the role of nonfungible tokens (NFTs) within the Bitcoin network. On December 18, OKX's NFT marketplace outperformed its rivals in terms of daily transaction volume as traders displayed increasing enthusiasm for Bitcoin-related NFTs. In a testament to its commitment to Bitcoin NFTs, the company declared on January 29 its intentions to integrate Atomicals and Runes into its marketplace. Furthermore, it plans to accept Doginals from Dogecoin, signifying its shift towards supporting Ordinals from diverse chains. In addition to its marketplace, OKX confirmed that token standards from Atomicals, Stamps, Runes, and Doginals would be accommodated in its Web3 Wallet.
Not all Bitcoin community members share OKX's proactive endorsement of Ordinals and other Bitcoin protocols. Some are vocal in their distaste for Bitcoin Ordinals, going as far as branding Ordinals as digital spam. However, Jason Lau, OKX's Chief Innovation Officer, contests this viewpoint. Lau communicated to Cointelegraph that in open and permissionless networks such as Bitcoin, the concept of spam does not exist. He asserts that as long as transactions cover the necessary fees and align with consensus principles, they are valid. Lau further emphasized that OKX has consistently backed the Bitcoin network, having been among the first to support updates like SegWit, Taproot, Lightning, and now, Ordinals.
The executive also made a compelling case for Ordinals and inscriptions, alluding to the potential new avenues they could provide for users and a fresh frontier for developers. He underscored that inscriptions could evolve into significant digital assets as they store data and artwork directly in the blockchain, paving the way for innovative types of NFTs.
On December 19, multiple blockchains such as Arbitrum, Avalanche, Cronos, zkSync, and The Open Network experienced total or partial disruptions due to a surge in transaction activities triggered by the generation of inscriptions on other networks, comparable to Bitcoin Ordinals.
Lau offered an optimistic viewpoint on the potential for inscriptions to overwhelm blockchains, referring to these instances as "growing pains". He acknowledged these teething troubles as unavoidable in the early adoption phase but expressed confidence that they will be addressed over time. "As the inscriptions ecosystem is still nascent, we observe a distinct potential for inscriptions to evolve as we broaden our support beyond just BRC-20 to include emerging standards such as Atomicals, Stamps, Runes, and Doginals," explained Lau.
Published At
1/29/2024 5:30:00 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.