31/01/2024 ‘No such thing as spam’ — OKX exec on Bitcoin Ordinals

OKX chief innovation officer Jason Lau argued that in open and permissionless networks like Bitcoin, all transactions are valid as long as they pay fees and conform to consensus.

‘No such thing as spam’ — OKX exec on Bitcoin Ordinals

While some consider the Ordinals protocol anuisance to Bitcoin, others double down on its bet on the place of nonfungible tokens (NFTs) in the Bitcoin ecosystem.

On Dec. 18, OKX’s NFT marketplacesurpassed its competitorsin daily trading volume as traders became more interested in Bitcoin-based NFTs. Doubling down on the move to support Bitcoin NFTs, the company announced on Jan. 29 that it will add Atomicals and Runes to its marketplace. In addition, it will also add Dogecoin’s Doginals, venturing into supporting Ordinals in other chains.

Apart from its marketplace, OKX also announced that it would support the token standards from Atomicals, Stamps, Runes and Doginals on its Web3 Wallet.

Guess which#BitcoinNFT collections are in the gallery
  ________________
╱| ______________ ╱|
| ||  |
| |️|  |
| |‍|  |
|╱  ̄  ̄ ̄ ̄  ̄ |╱
 ̄ ̄ ̄ ̄ ̄

— OKX (@okx)December 18, 2023

While OKX openly supports Ordinals and other Bitcoin protocols, other Bitcoin ecosystem members explicitly expressed their dislike of Bitcoin Ordinals, with some evendubbing Ordinals as digital spam. However, Jason Lau, the chief innovation officer at crypto exchange OKX, disagrees.

Lau told Cointelegraph in a statement that “there is no such thing as spam” in open and permissionless networks like Bitcoin. The executive believes that all transactions are valid as long as the fees are paid and they conform to consensus rules. He added:

“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.”

The executive also argued that Ordinals and inscriptions can open up new use cases for users and provide a new design space for developers. “Inscriptions have the potential to be powerful digital collectibles as they store data and art on-chain and allow for new types of NFTs to be created.”

On Dec. 19, half a dozen blockchains, including Arbitrum, Avalanche, Cronos, zkSync and The Open Network,experienced full or partial outages. This was because of a frenzy of transaction activity driven by people creating inscriptions on other networks, similar to Bitcoin Ordinals.

When asked about inscriptions’ potential to clog up blockchains, Lau described these as “growing pains.” According to the executive, these are inevitable in the early stages of adoption. Lau said that dealing with such issues is “normal” but will get resolved as time passes.

“While it’s still early stages for the inscriptions ecosystem, we see a unique opportunity for inscriptions to grow as we expand our support beyond just BRC-20 to include emerging standards like Atomicals, Stamps, Runes and Doginals,” Lau explained.

Arts

https://cointelegraph.com/news/okx-nft-bitcoin-ordinals-not-spam-atomicals-runes-doginals-stamps

Interesting NFTs
Colonel Cupcake
Shalom! I'm Colonel Cupcake. In high school, I was voted biggest teacher's pet. I would give it all up to star in a soap opera. Let's get busy!
#56760
By OthersideDeployer
The River of Emeralds
Golden conditions at one of my favorite locations in the Rockies. The light, the colors, the textures; what more can you ask for? I just loved the way this river flowed into the sunset and the mountains in the background. It's rare you find a scene as perfect as this one. But when you do, you have to take advantage of it.
Fidenza #77
Fidenza is by far my most versatile algorithm to date. Although the program stays focused on structured curves and blocks, the varieties of scale, organization, texture, and color usage it can employ create a wide array of generative possibilities. Additional project feature(s) => Scale:Jumbo, Turbulence:High, Colors:Party Time, Have Margin:No, Spiral:No, Soft Shapes:No, Super Blocks:Yes, Collision Check:No Overlap, Outlined:No, Shape Angles:Curved, Density:High
Her Mind Had Gone Out For A Stroll & Fallen Down The Rabbit Hole
Her Mind Had Gone Out For A Stroll & Fallen Down The Rabbit Hole' is the first programmable piece of art by Kitty Bast. The owner constructs, modifies & tattoos their very own Doll Lady... Is she falling down a rabbit hole, lost in a sea of cats or gazing into the unknown void? Do you like Pink Ladies or Lilac Ladies? Or do you pick the Wild Card? There's always a wild side to an innocent doll face. Is she obsessed with crypto ponies or crypto kitties? Or does she have an insatiable desire for Mr. Honey Badger. Come inside and have a nice cup of NFTea with the bunnies. Is your lady chained to the blockhain? Does your lady shed Bitcoin tears or ETH tears? Does your doll face don a Rotten Heart? Do you HODL to the Moon to meet the ETH Kitty? Do you have an obsession for cyborgs or Puddin'? Would you like a slice of Death by Pink? Is The Cat's Eye green or golden? Little trolls with mini daggers not included. The cheshire cat might trade you his ears for your goggles. Modifications of the Host. How long is forever? Sometimes, just one second.