There is currently a split in the cryptocurrency community over whether or not the recent implementation on the Bitcoin mainnet of a nonfungible token protocol (NFT), would benefit the Bitcoin ecosystem.
Casey Rodarmor, a programer in software programming, was responsible for creating the protocol. He was also responsible for the official debut of the programme on Bitcoin’s mainnet.
NFTs are also called digital artifacts by the Bitcoin network. The protocol allows the creation and modification of Bitcoin’s version of these NFTs.
These “digital artifacts”, which can be JPEG images, PDF documents, audio or video formats, could come in a variety of formats.
However, the introduction of the protocol has caused division within the Bitcoin community. Some claim it expands Bitcoin’s financial capabilities, while others say it takes Bitcoin away from Satoshi Nakamoto’s original vision of cryptocurrency as a peer-to-peer cash network.
Dan Held, a Bitcoin bull was one of many to support the idea. He pointed out that it would boost demand for block space — and hence costs — while also adding additional use cases to Bitcoin.
Some people have complained that NFT-like structures have taken up block space on Bitcoin’s network, which may cause transaction costs to rise.
One such person is a Twitter user with the handle “Bitcoin is Saving”. They stated to their 237.600 Twitter followers that they believed “privileged affluent whites” might use JPEGs as status symbols to limit marginalised people from joining the Bitcoin network.
Eric Wall, a researcher on cryptocurrencies, had a different opinion. He stated that Bitcoin’s block size restriction would stop an increase in transaction cost.
