The developer known publicly as Luke Dashjr, who has worked on Bitcoin for over a decade, created the proposal in September. The move came just months after the appearance of Ordinals, a protocol that allowed users to “inscribe” data onto the blockchain, such as NFTs or the specifications for new tokens. The Ordinals project quickly became so popular that it caused congestion on the network. The Bitcoin-based NFTs – previously only available on other blockchains, like Ethereum – have proven valuable in their own right, with a trio of “BitcoinShrooms” recently fetching about $450,000 in a sale at the historic auction house Sotheby’s.

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Author: Bradley Keoun

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