{"id":519324,"date":"2023-02-11T09:51:39","date_gmt":"2023-02-11T09:51:39","guid":{"rendered":"https:\/\/uniquehot.com\/?p=519324"},"modified":"2024-06-11T10:34:29","modified_gmt":"2024-06-11T10:34:29","slug":"bitcoin-nft-ordinals-boosts-taproot-adoption-by-1000-in-q1-2023","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-nft-ordinals-boosts-taproot-adoption-by-1000-in-q1-2023\/","title":{"rendered":"Bitcoin NFT Ordinals Boosts Taproot Adoption By 1,000% In Q1 2023"},"content":{"rendered":"

The rise of Bitcoin NFT Ordinals is one of the fascinating developments on the leading blockchain in 2023. This has correlated with an increase in the adoption of Taproot to process transactions.\u00a0<\/span><\/p>\n

Driving Taproot Adoption On The Bitcoin Network<\/span><\/h2>\n

Data from Dune Analytics<\/a> shows that Taproot adoption has gone from being used in less than 2% of all Bitcoin transactions to reaching a peak of 9.75% on February 10. This represents an increase of 1,000% and is largely due to the rise of Bitcoin NFT Ordinals.\u00a0<\/span><\/p>\n

These unique NFTs use the witness function in transactions to include additional data expressed in a hexadecimal system. With this, block sizes can be increased above the standard 1 MB limit to 4 MB, allowing minters to add images, audio, or even games to the NFTs.\u00a0<\/span><\/p>\n

\"Bitcoin
Bitcoin taproot adoption chart| Duneanalytics<\/a><\/figcaption><\/figure>\n

Since the end of January, Ordinals NFT has been on the rise despite being around since December. About 53,000 of these tokens have already been issued on the Bitcoin blockchain in less than two weeks.\u00a0<\/span><\/p>\n

Related Reading<\/strong>: <\/span>Bitcoin Price Takes Hit as Indicators Signal Fresh Bearish Wave<\/span><\/a><\/p>\n

According to data from Dune Analytics, February 9, 2023, represented the day with the most ordinals minted, with about 21,000 new tokens. Most of them (20,895) included images; there were also 136 videos, two applications, and two audio files, while the rest only had text.<\/span><\/p>\n

Bitcoin Taproot And The NFT Debate\u00a0<\/span><\/h2>\n

In 2021 Bitcoin underwent a major update known as Taproot, which improved scalability and privacy for Bitcoin users. With Taproot, Bitcoin users can spend less time and resources verifying transactions, and it supports smart contracts and other sophisticated layers of Bitcoin.\u00a0<\/span><\/p>\n

Taproot is expected to impact how people use and interact with Bitcoin significantly, and several projects are already utilizing the technology. It is expected that Taproot adoption will significantly increase the use of NFTs.\u00a0<\/span><\/p>\n

By allowing users to transfer ownership of digital assets quickly, Taproot makes it much more convenient for people to engage in NFT transactions. Additionally, Taproot makes it possible to create more sophisticated smart contracts, which could lead to more advanced NFTs. Furthermore, the increased privacy provided by Taproot will likely make NFTs more secure and trustworthy.\u00a0<\/span><\/p>\n

Related Reading<\/strong>: <\/span>Bitcoin Small Addresses Have Been Rapidly Growing, Here\u2019s What It Means<\/span><\/a><\/p>\n

Nevertheless, the rise of Ordinal NFTs has not been without debate. Critics argue that an increase in the number of transactions on the Bitcoin network will lead to clogging and a rise in transaction fees.\u00a0<\/span>Beyond the debate, Ordinals NFTs are not affecting the Bitcoin network, and their adoption is expected to rise in the coming weeks.\u00a0<\/span><\/p>\n

Bitcoin Price\u00a0<\/span><\/h2>\n

2023 has been a positive year for Bitcoin, with its price resurgence a major talking point in the financial ecosystem. The leading cryptocurrency moved from $16,500 to a year high of $24,000, with the market sentiments currently bullish.\u00a0<\/span><\/p>\n

\"BTC
BTC seems to have seen some drawdown today | Source: BTCUSD on TradingView<\/a><\/figcaption><\/figure>\n

At the time of writing, Bitcoin is trading around $21,700, down 7% in the last week.\u00a0\u00a0<\/span><\/p>\n

Featured image from Unsplash.com, charts from TradingView.com<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The rise of Bitcoin NFT Ordinals is one of the fascinating developments on the leading blockchain in 2023. This has correlated with an increase in the adoption of Taproot to process transactions.\u00a0 Driving Taproot Adoption On The Bitcoin Network Data from Dune Analytics shows that Taproot adoption has gone from being used in less than 2% of all Bitcoin transactions to reaching a peak of 9.75% on February 10. This represents an increase of 1,000% and is largely due to the rise of Bitcoin NFT Ordinals.\u00a0 These unique NFTs use the witness function in transactions to include additional data expressed in a hexadecimal system. With this, block sizes can be increased above the standard 1 MB limit to 4 MB, allowing minters to add images, audio, or even games to the NFTs.\u00a0 Since the end of January, Ordinals NFT has been on the rise despite being around since December. About 53,000 of these tokens have already been issued on the Bitcoin blockchain in less than two weeks.\u00a0 Related Reading: Bitcoin Price Takes Hit as Indicators Signal Fresh Bearish Wave According to data from Dune Analytics, February 9, 2023, represented the day with the most ordinals minted, with about 21,000 new tokens. Most of them (20,895) included images; there were also 136 videos, two applications, and two audio files, while the rest only had text. Bitcoin Taproot And The NFT Debate\u00a0 In 2021 Bitcoin underwent a major update known as Taproot, which improved scalability and privacy for Bitcoin users. With Taproot, Bitcoin users can spend less time and resources verifying transactions, and it supports smart contracts and other sophisticated layers of Bitcoin.\u00a0 Taproot is expected to impact how people use and interact with Bitcoin significantly, and several projects are already utilizing the technology. It is expected that Taproot adoption will significantly increase the use of NFTs.\u00a0 By allowing users to transfer ownership of digital assets quickly, Taproot makes it much more convenient for people to engage in NFT transactions. Additionally, Taproot makes it possible to create more sophisticated smart contracts, which could lead to more advanced NFTs. Furthermore, the increased privacy provided by Taproot will likely make NFTs more secure and trustworthy.\u00a0 Related Reading: Bitcoin Small Addresses Have Been Rapidly Growing, Here\u2019s What It Means Nevertheless, the rise of Ordinal NFTs has not been without debate. Critics argue that an increase in the number of transactions on the Bitcoin network will lead to clogging and a rise in transaction fees.\u00a0Beyond the debate, Ordinals NFTs are not affecting the Bitcoin network, and their adoption is expected to rise in the coming weeks.\u00a0 Bitcoin Price\u00a0 2023 has been a positive year for Bitcoin, with its price resurgence a major talking point in the financial ecosystem. The leading cryptocurrency moved from $16,500 to a year high of $24,000, with the market sentiments currently bullish.\u00a0 At the time of writing, Bitcoin is trading around $21,700, down 7% in the last week.\u00a0\u00a0 Featured image from Unsplash.com, charts from TradingView.com<\/p>\n","protected":false},"author":585,"featured_media":519330,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,83565],"tags":[428,15369,87817,85092],"class_list":["post-519324","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-nft","tag-bitcoin","tag-nft","tag-ordinal-nft","tag-taproot"],"acf":[],"yoast_head":"\nBitcoin NFT Ordinals Boosts Taproot Adoption By 1,000% In Q1 2023<\/title>\n<meta name=\"description\" content=\"The rise of Bitcoin NFT Ordinals is one of the fascinating developments on the leading blockchain in 2023. 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