The increasing popularity of Bitcoin NFTs, or Ordinals, will positively impact the Bitcoin network’s security and attract developers to the ecosystem, according to Ordinals proponent Udi Wertheimer.
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In addition to timely upgrades, the drop in transaction fees can be attributed to multiple factors, including falling market prices and lower mining difficulty.
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The billionaire investor said a bigger focus on applications and utility outside of finance would bring more back to the crypto space and possibly reverse the declining market.
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ATOM price booked triple-digit gains after the network built out its DeFi ecosystem and works on cross-chain bridges for ETH and BTC.
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“I think that the days when folks believed that there’s only going to be Bitcoin, I think, are over,” said Asheesh Birla.
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