Users are uploading massive files to the Bitcoin network using the Ordinals protocol, consuming block space and incurring high fees.
The Bitcoin native Ordinals protocol is consuming unprecedented amounts of blockchain space while increasing network transaction fees.
By inscribing satoshis with content, the divisive newly launched protocol allows for nonfungible token (NFT)-like assets on the Bitcoin mainnet.
So far, inscriptions have included images, documents such as the Bitcoin whitepaper in PDF format, and even a fully playable clone of the video game DOOM.
On Feb. 2, independent developer Udi Wertheimer tweeted that he had completed the “largest transaction in Bitcoin’s history” by inscribing a 3.94-megabyte image of a sunglass-wearing, bald, bearded wizard praising “magic internet JPEGs” using the Ordinals protocol.
The data size of these inscribed transactions is much larger than that of typical blockchain transactions, which has increased the fees associated with processing them.
Ordinals can cost tens of dollars in compared to typical Bitcoin transactions, which can range from a few cents to a few dollars.
According to statistics from crypto-mining data source Hashrate Index, fees as a percentage of block reward have risen over the last seven days, starting the week at approximately 1% and rising to a weekly high of 6.74% on February 1.
The now-former NFT product head at payments major Mastercard quit in a big way, publicly denouncing the business for allegedly mistreating him and putting up his resignation letter as an NFT.
Satvik Sethi said in a Feb. 2 Twitter thread that Mastercard slashed his compensation by 40% when he relocated from New York City to London, stating he “had to take side jobs this past year to make ends meet.”
He claimed that he was sometimes not paid “until I begged across the hierarchy for it.”
Sethi also claimed he was harassed as a result of “a succession of mishandled processes, misunderstanding [and] internal inefficiencies.”
He solicited the support of his over 22,000 Twitter followers by minting his resignation letter for 0.023 Ether (ETH), which is around $37.
“100% of this goes to survival,” Sethi added, referring to the fact that he will lose his British work visa and will “be based in India for the foreseeable future.” Sethi also promised an art airdrop in the future for NFT holders.
At the time of writing, 53 NFTs of the letter, titled “New Beginnings” by Sethi, have been minted.
Cointelegraph reached out to Mastercard for comment on Sethi’s accusations, but did not get an instant response.
E-commerce participant eBay is looking to fill many Web3-related positions for its KnownOrigin NFT marketplace in the United Kingdom, which it bought in June 2022.
eBay job postings on LinkedIn revealed that the company is hiring for positions in the United Kingdom and at its headquarters in California.
Among the vacancies are a Manchester-based Head of Community for KnownOrigin, as well as a Content Designer and Marketing Campaign Executive for the marketplace.
The business is also looking for two Crypto Counsel jobs in California. According to the job description, a “creative crypto attorney” will join eBay’s legal team to support its “business, product, compliance, and technology teams in the Web3 space.”
OpenSea, the NFT marketplace, has published the latest set of tools for its “Drops” feature, which is designed to assist producers in launching NFT collections with OpenSea in order to profit from its reach.
In a Feb. 2 Twitter thread, OpenSea stated that it had worked closely with 20 teams to “build a best-in-class drops experience.” The next phase of the rollout will include providing creators with tools to conduct multi-stage minting, smart contract deployment across multiple Ethereum Virtual Machine (EVM) chains, and personalise web landing pages, among other features.
The tool will “gradually open up” to chosen creators “in the next weeks,” according to OpenSea.
It will also add more features in the coming weeks before being made available to the general public.
OpenSea has experimented with its Drops feature by creating personalised pages for select collections, most notably one for actor Sir Anthony Hopkins’ debut collection, which sold out in less than 10 minutes.
Fumio Kishida, Japan’s Prime Minister, stated that the country has “different options for adopting Web3,” and that the government may employ NFTs and decentralised autonomous organisations (DAOs) to promote its “Cool Japan” policy, which aims to showcase the country’s technology and culture.
Cointelegraph spoke with industry experts about how to prevent NFT thefts, who advised users to exercise caution, revoke unnecessary permissions, and separate NFTs into different wallets, among other precautions.