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© Reuters

(BTC) Ordinals — also known by some as Bitcoin NFTs — could renew developer enthusiasm for Bitcoin and boost mining fees, according to cryptocurrency investment firm Grayscale.

In an April 27 “Market Byte” blog post, the firm suggested that Ordinals provide two key benefits to the growth and development of the Bitcoin ecosystem.

Fees spent on inscribing Ordinal NFTs on the Bitcoin blockchain. Source: Dune Analytics