Fresh Wave of Hybrid NFTs Are Clogging Blockchains in Speculative Frenzy
- Bitcoin Ordinals-inspired NFTs clog up other blockchains
- Millions of dollars in fees paid to speculate with such tokens
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Inscriptions are a type of nonfungible tokens that first took off earlier this year on the Bitcoin network. Now they are now popping up on more than a dozen other smaller blockchains, pushing up transaction fees and in some cases, bogging down networks.
The stampede to mint the hybrid tokens is the latest speculative frenzy for seemingly all things crypto this year, from Bitcoin’s remarkable comeback to the eyepopping returns being realized on the most recent dog-themed memecoin on the Solana network.