January launch of Bitcoin Ordinals caused a stir in the crypto community about its place in the bitcoin ecosystem. Users debate whether it offers new use cases for Bitcoin or detracts from BTC’s vision of a peer-to-peer cash system.
Regardless of the community’s sentiment regarding the Bitcoin-based Non-Fungible Token (NFT) issue, it hasn’t stopped Bitcoin (BTC) mining firm Luxor Mining from the acquisition of OrdinalHub, the primary platform for Bitcoin NFTs.
The notification came on February 20th with 150,000 Ordinals already created, a 15,000% increase since the beginning of the month.
Luxor highlighted the fact that the current state of Bitcoin orders being minted and “hidden” through various Discord servers makes it difficult for collectors and creators to keep track of all the projects. He says OrdinalHub will address the issue as a “central hub” for the community.
Nick Hansen, CEO of Luxor, praised the innovative qualities of Ordinals and how they can create “synergy between the company’s mining pool and OridinalHub.
“Ordinals have opened the door to exciting new monetization strategies for Bitcoin miners.”
As Cointelegraph reported, Bitcoin miners already do he earned around $600,000 from Ordinals’ NFT transactions. Moreover, Bitcoin-based NFT inscriptions now occupy more than 50% of Bitcoin block space.
Related: Will the Bitcoin Mining Industry Collapse? Analysts explain why the crisis is really an opportunity
OrdinalHub posted about the acquisition on Twitter on February 22, to which users responded with generally positive sentiment towards the development.
I’m really excited to see a top team @LuxorTechTeam with this movement you really lean into the space. I was great at helping build the parts @ordinalhub behind the scenes. See you all on the newly launched OrdinalHub discord https://t.co/paMwrM1DT9
— cbspears ⛏⚙️ (@cbspears) February 21, 2023
However, some users remained skeptical of the acquisition and general Ordinal hype, saying “the hype may be over”.
The floor of ordinary punks continues to drop steeply. Probably the most recognizable serial number. The phase of ordinal hype may be over, reality is setting in. Just another PND 2023
— Doc Crypto (@doccrypto777) February 22, 2023
Standard NFTs have gone through hype cycles, bottoming out at the end of 2022. according to according to a recent report by DappRadar, it is slowly coming back after a 37% increase in transactions from December 2022 to January 2023.