April 19, 2024
No Spam in Bitcoin Ordinals, Says OKX Executive
Latest Cryptocurrency News

No Spam in Bitcoin Ordinals, Says OKX Executive

OKX’s NFT marketplace thrives with Bitcoin-based NFTs, surpassing competitors in daily trading volume and adding Atomicals, Runes, and Doginals. Despite some Bitcoin ecosystem members disapproving of Ordinals as digital spam, OKX openly supports them.

Jason Lau, CIO at OKX, dismisses the concept of spam in open networks like Bitcoin, emphasizing the validity of transactions adhering to fees and consensus rules. Lau sees Ordinals and inscriptions as catalysts for new use cases and design space for developers, citing their potential to create powerful digital collectibles by storing data and art on-chain.

“Historically, OKX has been a strong supporter of the Bitcoin ecosystem, being one of the earliest to support upgrades like SegWit, Taproot, and Lightning, and Ordinals are no different.”

Despite concerns about potential blockchain congestion, as witnessed on several blockchains in December due to increased inscription activity, Lau views these challenges as “growing pains” in the early stages of adoption. He anticipates these issues will naturally resolve over time.

Lau acknowledges the early stage of the inscriptions ecosystem but sees a unique opportunity for growth by expanding support beyond BRC-20 to include emerging standards like Atomicals, Stamps, Runes, and Doginals. OKX remains committed to fostering the development and adoption of Bitcoin NFTs while navigating challenges and contributing to the evolving landscape of digital collectibles.

Image by Freepik

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