Explore the incredible world of Bitcoin (BTC) NFTs – transaction fees have recently spiked by 300%, reaching around $0.77.
Bitcoin fee is now 300% high
Trackers show that the average transaction fees on the Bitcoin network from $0.77 on January 29 to $1.95 on February 10. January also recorded a higher frequency of a median fee of $0.73.
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The spike in availability coincides with the increase largely due to the popularity of the Ordinals NFTs. Ordinals NFTs assign distinctive metadata to Satoshis, which are then maintained and able to be transacted from one address to another. This capability came with the release of SegWit and Taproot Upgrade in 2017 and 2021, respectively.
Bitcoin NFTs Stealing the Show
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Bitcoin NFTs are being used as a significantly quick way. A BitMEX study shows that more than 10,000 NTFs were created on the network between Dec. 14 and Feb. 7, using 526 megabytes of the block space. In the process, 6,778 BTC was spent on Ordinals-related transactions causing the value of NFTs to rise. The founders of major NFT collections, including Bored Ape Yacht Club (BAYC) and Code Club, seemed to be heavily involved.
