The introduction of Bitcoin Ordinals in January caused a commotion among the cryptocurrency community over the platform’s position within the Bitcoin ecosystem. Users are arguing whether or not these new use cases for Bitcoin give new use cases for Bitcoin or whether or not they take away from the idea of Bitcoin as a peer-to-peer currency system.
OrdinalHub is the leading platform for Bitcoin-based nonfungibale tokens (NFTs), and the Bitcoin (BTC) mining company Luxor Mining decided to acquire it. This decision was made notwithstanding the opinion of the Bitcoin community on the Bitcoin-based nonfungibale token (NFT) problem.
The announcement was made on February 20, and at that time there had already been 150,000 inscriptions (Ordinals) made. This represented a 1,500% increase from the beginning of the month.
Luxor brought attention to the issue that it is currently impossible for collectors and developers to keep track of all of the projects since Bitcoin Ordinals are being coined and “escrowed” over numerous Discord groups. It is said that the OrdinalHub would address this problem in its capacity as a “central hub” for the community.
Ordinals have opened the door for interesting new monetization techniques for Bitcoin miners, as noted by Nick Hansen, the CEO of Luxor, who lauded the unique aspects of Ordinals and how they may establish “synergies between the firm’s mining pool and the OridinalHub.”
On February 22nd, OrdinalHub made an announcement on Twitter about the purchase, to which people replied with good thoughts in general over the new development.
On the other hand, several users continued to express their skepticism over the purchase as well as the enthusiasm around Ordinal in general, stating that the “boom could be gone.”
Standard non-fungible tokens have seen hype cycles, with the most recent one reaching its nadir by the end of 2022. However, a recent analysis from DappRadar indicates that they are gradually making a return after seeing a 37% rise in transactions from the month of December 2022 to the month of January 2023.