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
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|╱  ̄  ̄ ̄ ̄  ̄ |╱
 ̄ ̄ ̄ ̄ ̄

— 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
The Moth Catcher
In this psychologically bed-headed portrait, a creature sets in a trance; his eyes devolved and vestigal, his third eye open but hardened and in a form resembling a Sharingan. The imagery therefore expresses an awareness existing in corporeal introspection. The creature’s mind sprouts, on the left side, an emerging face, grinning. To the right side of the head, red tentacles and fingers intertwine–a collaboration of invertebrate and vertebrate consciousness cooperatively handling paint brushes of the sort used to build an oil painting. The neck and throat bristle with random thorns, as from a rose or the upper portions of a beak sprouting from its flesh. The neck itself disassociates into layers of membranous material, terminating upon an abstracted base of convoluted forms composing its body. The nose is virtually non existent, more a sinus reiterative of the shape of the third eye. Set against the exposed teeth peering out of thick, meaty cheeks, a skeleton-like impression results. That impression sets behind a visceral set of lips and tongue, which is the creature’s prime seat of awareness. Sensual, organic, the tongue organ hangs, meaty, and with consciousness of a sea cucumber. It illuminates at the tip, drawing the attraction of a nearby moth–with mystery of purpose.
Crypto Bubble
Realize what you really want. It stops you from chasing butterflies and puts you to work digging gold. Digital Artwork by Sandro Ieva
CryptoPunk #5217
The CryptoPunks are 10,000 uniquely generated characters. No two are exactly alike, and each one of them can be officially owned by a single person on the Ethereum blockchain. Originally, they could be claimed for free by anybody with an Ethereum wallet, but all 10,000 were quickly claimed. Now they must be purchased from someone via the marketplace that's also embedded in the blockchain.
Cyberfashion
Animated digital collage, based on ai generated images combined with my original 3d artwork and sound. A futuristic runway model, metaphorically revealing the (cyber-) fashion world and its perpetual quest.
#53677
By OthersideDeployer