Bitcoin developers have figured out how to reduce fees for NFTs
Date: 2023-07-05 Author: Karina Ziganova Categories: CRYPTO PAYMENTS
Enthusiasts have introduced a new standard in the Bitcoin to reduce fees for issuing non-fungible tokens
A platform for launching NFT tokens based on the Bitcoin network called Luminex has introduced a new standard that reduces the fee for issuing a token by 90%. Representatives of the project announced this on Twitter
The new standard, called BRC-69, requires only one line of text to issue an NFT and does not require the image itself to be inserted into the Bitcoin blockchain. The text is automatically converted to an image on all interfaces with support for the unique serial number of the Satoshi standard (ordinal), Luminex notes. With the help of the standard, users will also be able to save bitcoin NFTs in a standard image format.
It remains to be seen how much the new standard will be able to reduce the cost of commissions for issuing NFTs in case of hype in practice. In May, the average fee in the Bitcoin blockchain at the moment exceeded $30. The outbreak of quotes occurred against the backdrop of hype around bitcoin-NFT and "meme tokens" based on the BRC-20 standard.
Then the load on the Bitcoin blockchain led to the fact that the developer of Bitcoin Core appealed to the cryptocurrency community to ban bitcoin NFTs. According to him, there is a spam filter in the Bitcoin blockchain, which the developers should have fixed long ago in order to prevent the appearance of spam in the form of NFTs. The developer noted that you don't even need to prepare a big update to solve the situation.
However, not everyone in the crypto community supported such a radical solution to the problem. Kraken's head of NFTs, Washington Sanchez, called the bitcoin developer's attack "an isolated case of jihad against Ordinals [the first Bitcoin-based NFT collection]."
