Bitcoin network activity has spiked to a two-year high because of NFTs, according to a new report from cryptoquant_com. thesamreynolds reports.
This uptick in activity stems from the popularity of the Ordinals protocol, which allows for non-fungible tokens to be stored on the Bitcoin blockchain.
NFT activity on Bitcoin has risen exponentially,According to CryptoQuant’s data, the seven-day moving average of transactions on the Bitcoin blockchain hit 345,000, a figure not seen since the second quarter of 2021 when minersOrdinals store the NFTs directly on-chain, unlike NFTs on Ethereum which use services such as IPFS or Filecoin to store them. This has resulted in some of the largest blocksizes in the history of Bitcoin, with many blocks hitting the 4 megabyte block size limit.
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