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NFTs Coming to Bitcoin Sparks Handwringing About Crypto Purists

  • Bitcoin network’s update enables first-ever native NFTs
  • The NFTs can boost fees for miners but crowd the blockchain
Bitcoins And U.S. Dollar Notes As IMF Vouches For Virtual Currencies

Photographer: Chris Ratcliffe/Bloomberg 

NFTs are coming to the Bitcoin blockchain, sparking a debate among those who say the digital representations add a much-needed fresh use case and the purists concerned about deviating too far from the origins of the peer-to-peer cryptocurrency network. 

Nonfungible tokens such as the now infamous Bored Apes and CryptoPunks are one of the driving forces that made Ethereum the most commercially important blockchain, where users can mint and trade digital assets that have been worth millions of dollars. Bitcoin was designed as a cryptocurrency, while Ethereum was built as a next-generation version that can handle decentralized applications.