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Is the Hype Surrounding NFTs on the Bitcoin Blockchain a New Trend?
by Rita SpechtFebruary 17th, 2023
Too Long; Didn't Read
NFT on the Bitcoin blockchain is a relatively new concept. While the Bitcoin blockchain is primarily designed for financial transactions, it can support NFTs. In fact, the first NFT project on the Bitcoin blockchain was launched in 2014 by ColoredCoins, but did not gain wide popularity. ColoredCoins allowed users to create and trade digital assets on the bitcoin blockchain.
Non-fungible tokens (NFTs) are digital assets that are unique and non-fungible and have recently gained popularity due to their ability to represent the ownership and authenticity of digital content. NFTs are built on blockchain technology and various blockchain networks support NFTs.
Recently, the
Bitcoin is the first and most popular blockchain network that provides secure, decentralized, and transparent transactions. While Bitcoin was originally designed to facilitate peer-to-peer electronic money transactions, the platform has evolved to support a variety of use cases, including NFTs. This article takes a look at NFTs on the Bitcoin blockchain, including what they are, how they work, and their potential use cases.
NFT on the Bitcoin blockchain
NFT on the Bitcoin blockchain is a relatively new concept. While the Bitcoin blockchain is primarily designed for financial transactions, it can support NFTs. In fact, the first NFT project on the Bitcoin blockchain was launched in 2014 by ColoredCoins, but did not gain wide popularity. ColoredCoins allowed users to create and trade digital assets on the bitcoin blockchain.
In recent years, there have been several projects aimed at creating NFTs on the Bitcoin blockchain. Such projects include Rare Pepe, Spells of Genesis and Counterparty. Each of these projects offers unique features and functions that allow users to create and trade NFTs on the Bitcoin blockchain.
How NFTs Work on the Bitcoin Blockchain
NFTs on the Bitcoin blockchain work similarly to NFTs on other blockchain networks. The process of creating an NFT involves converting digital content into a unique token that is stored on the blockchain. The token is created using a smart contract, which is a self-executing contract that captures the ownership and authenticity of the NFT.
Once an NFT is created, it can be traded on the blockchain using bitcoin as the currency. Ownership of NFTs is recorded on a distributed blockchain ledger, making it difficult to forge or manipulate. Ownership of NFTs can be transferred to other users through a secure and transparent process.
The main idea of such NFTs is that they are completely stored on the blockchain. This was made possible thanks to the update of
Why is the NFT trend being raised again?
Of course, part of the community met the “
But they will not be able to prevent this, because the network was originally conceived as completely decentralized and everyone decides for themselves what to send in transactions: a picture, text, or any other link. As well as observation miners, who are unlikely to mind and can increase their income from the use of blocks. So why are Bitcoin NFTs cool?
Let’s see:
- Bitcoin will have new use cases that will attract new audiences;
- Miners will receive more money from commissions, and this will positively affect Bitcoin security;
- Bitcoin NFTs are superior to regular NFTs in almost every way: they are more secure, durable, immutable, scarce, simple, and support any kind of content;
- Bitcoin-NFTs can include not only pictures but also PDF files, video and audio. They can be stored, transferred, and sold like regular NFTs;
Ethereum has long had its own NFT marketplaces, auctions, and more, but Bitcoin offers no such wide functionality, apart from transactions and the development of the Lightning Network. Maybe this will just give impetus to the development of such solutions in Bitcoin.
Some of the top ETH collections have already begun to follow this new trend and users will soon be able to purchase next-generation NFTs! Especially if you missed this opportunity before on other blockchains.
Bitcoin Punks: Ordinal NFT Collection Soars in Value Bitcoin NFTs Explode in Popularity as BitMEX Research Shows 13,000 Ordinals
If you haven’t heard, one NFT collection,
BAYC Bitcoin NFT Collection
The collection consists of 10,000 BAYC Bitcoin NFTs with 170 possible traits, the most exclusive ones being the
The BAYC collection which launched on ETH
Now, BAYC is introduced on a whole new protocol, which is in its early trend stages, and could be an incredible opportunity to join an upcoming trend with the most popular NFT collection in the world for only 0.01 BTC.
BAYC is extremely popular with celebrities and brands. Recently, Eminem joined the BAYC holders on ETH, who bought his monkey for 123.4 ETH (~$380,000) and put it as his avatar on Instagram (33.4 million subscribers). Other celebrity owners include
It is clear that this upcoming trend will become one of the biggest of 2023. Ordinal Punks have proven this with the 9.5 BTC ($215,000) purchase on the very first night. Such success determined the future of the new trend and marked the beginning of a new round in the NFT industry.
Now, NFT and crypto enthusiasts will start chasing new collections of popular projects, meaning you can sell your minted NFT on the secondary market for a much higher price. So far, the trend is not clear to many, but this is just the chance to “return to the past and buy Bitcoin for $1”.
Conclusion
It is possible that the launch of new collections such as the BAYC Bitcoin NFT Collection will help the market recover faster than expected and the crypto winter will not seem the same as it was in 2017-2018.
The NFT market is already growing at a significant pace, and this may be the beginning of a bull market because as we remember, all altcoins are running after Bitcoin and we are already seeing this trend. Will you be able to get into it?
L O A D I N G
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