A quick summary for curious ethereans:
In November 2021 (Taproot upgrade), scripts became more flexible.
In January of this year, a developer launched a mechanism for issuing NFTs on Bitcoin using ordinals - the ability to add unique data to each mined Satoshi. This became possible thanks to Taproot.
Several popular Twitter users came up with the BRC-20 standard - a very inefficient way of minting tokens.
Spamming the network begins in an attempt to flip shitcoins and NFTs, similar to what is happening on Ethereum. However, the Bitcoin bandwidth is too low for this.
As a result, the network is extremely clogged, fees skyrocketed - for the first time in Bitcoin's history fees are higher than the native reward for mining a block.
Interesting to see how it all resolves. Bitcoin is currently difficult to use for its intended purpose, including lightning transactions. El Salvador and Nigeria struggle - btc is popular their and can't be used for real payments now.
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