Data from CryptoSlam, a platform tracking cryptocurrency statistics, reveals that NFTs built on the Bitcoin network have generated an impressive $167 million in the last month, rapidly approaching Ethereum's leading position.
Lightning Labs was forced to change the name of their project from 'Taro' to 'Taproot Assets' due to a trademark infringement lawsuit. The newly rebranded offering is currently on a testnet and is said to come with a 'core set of features to bitcoinize the dollar,' according to the company.
Bitcoin-based meme coins created using the new BRC-20 standard have contributed to rising Bitcoin fees, as they require more data than a standard transaction. However, proposals by some members of the Bitcoin community to block Bitcoin NFT projects through a filtering mechanism may undermine Bitcoin's fundamental principles of openness and decentralization, warns Michael Casey, CoinDesk's Chief Content Officer. While Bitcoin's governance challenges are becoming more complex, balancing innovation with the core values of the community will remain a critical task for its future success.
While there have been voices in favor of censorship, a considerable faction of developers argue that sticking to the status quo is the most judicious decision at this moment.
The BRC-20 mints have had various repercussions, ranging from the suspension of bitcoin withdrawals on Binance to dissatisfaction with the unexpected surge in fees for bitcoin transactions in regions such as Africa and South America.