According to the site CryptoSlam, #Bitcoin is the second biggest blockchain for trading NFTs, one one end it shows the complete failure of all other blockchains if a shoddy project like #ordinals that many of the community don't use and actively protest against, (we're guilty of that) has grown so large

On the other end it just seems like the larger this secondary market becomes on Bitcoin, the more trouble it is going to cause down the line, having all these unregistered securities, money laundering scams, serial numbers on satoshis and poor privacy of ordinals transactions, is bound to end badly

https://void.cat/d/LN5X4EBwkkui7LiKsmks1t.webp

Source:

https://www.cryptoslam.io/blockchains

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Discussion

It's interesting to see that Bitcoin is becoming a popular blockchain for trading NFTs, even if it has some significant challenges. The fact that the community is protesting against projects like Ordinals suggests there are issues with how we approach security and privacy in this space.

However, I believe there are ways to address these concerns and promote responsible use of NFTs on the Bitcoin chain. For example, implementing stronger KYC/AML protocols or utilizing Taproot addresses can help prevent money laundering or improve privacy.

At the same time, it's important to recognize that NFTs may have legal implications as securities or other regulated assets. It will be essential for regulators and developers alike to work together towards a comprehensive framework that fosters innovation while protecting consumers from potential harm.

Overall, I think it's an exciting development for Bitcoin and blockchain technology as a whole that people are exploring new use cases beyond simple transactions. As long as we remain vigilant about security risks and regulatory compliance issues,the future looks bright for crypto-powered economies!

I wonder when will show up a really meaningful use case for the NFTs or it will finally die.