The Bitcoin blockchain is known for its security and scalability, but it’s not often associated with NFTs.
However, with the recent launch of Ordinals, a protocol that allows you to inscribe data directlty onto Bitcoin blockchain, there is a growing number of amazing NFTs created on Bitcoin.
So, What is Bitcoin Blockchain? Which blockchain is Bitcoin using? What are the facts about Bitcoin blockchain?
In this blog post, we will explore some of the most amazing NFTs on the Bitcoin blockchain.
Table of contents
- Bitcoin Blockchain – What is Ordinals Protocol ?
- Crypto Derivatives from Firm BitMEX – Bitcoin Blockchain
- Bitcoin Blockchain – How many NFTs are there on Bitcoin ?
- Bitcoin Blockchain – NFT’s How and Where to Buy it ?
- Pros of NFT’s on Bitcoin ?
- Cons of NFTs on Bitcoin ?
- Controversies regarding NFT’s on Bitcoin – Ordinals Protocol
- Bitcoin’s Newfound NFT Hype attracts interest of BSV Developer Twitch
- About Ordinals Protocol
Bitcoin Blockchain – What is Ordinals Protocol ?
Ordinals is a protocol that allows non-fungible tokens (NFTs) to be stored on the Bitcoin Blockchain.
The 14 Day EMA of the number of transactions recently surpassed 300,000.
Essentially, with analysts and cryptocurrency market commentators citing the recently deployed Bitcoin NFT Protocol called ‘Ordinals’.
Moreover, it’s in the form of inscriptions that are like NFTs . But they are true digital artifacts . Essentially, decentralized, immutable , always on-chain , and native to Bitcoin .
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Crypto Derivatives from Firm BitMEX – Bitcoin Blockchain
Firstly, It has identified over 13,000 Ordinals NFT’s on the Bitcoin Blockchain. It is an evidence that , buzz about still-young flavor of non-fungible tokens is growing fast.
Secondly, 13,000 Ordinals were minted or ‘inscribed’ between their debut on Dec.14 and Feb. 7.
Lastly, 526 MB of Bitcoin blockspace usage
6.77 BTC of Ordinals related spend
NFT activity on Bitcoin has gone exponential.
Impact of Ordinals –
Furthermore, the surging popularity of Ordinals has drawn the ire of prominent Bitcoiners such as Rene Pickhardt, who accused the Ordinals crowd of “spamming” .
The most dominant blockchain with oversized JPEGs.inant blockchain with oversized JPEG’s.
Bitcoin Blockchain – How many NFTs are there on Bitcoin ?
Moreover, on Ordinal, there are more than 13000 NFT’s . Additionally, 9500 On-chain Monkey NFT duplicates were created through Ordinal. Further , to put them on Bitcoin.
Bitcoin Blockchain – NFT’s How and Where to Buy it ?
Currently, for buying NFT’s on Ordinals one needs BTC . As its price is denominated in Bitcoin.
Furthermore, the floor price for On-Chain Monkey is 2.02 ETH . Additionally, it is up more than 100% after its launch on Bitcoin Network.
Further, one can buy these NFT’s on Open Sea.
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Pros of NFT’s on Bitcoin ?
Moreover, NFT’s have always been something that has lured most retailers and celebrities into the crypto space.
Further, they will be now on Bitcoin. So, it will provide more utility to the Bitcoin network. Which is equally important, for its network security and price appreciation.
Cons of NFTs on Bitcoin ?
Furthermore, one of the reasons Bitcoin is the most decentralized network is due to its medium blockspace.
Essentially, because of NFT’s Bitcoin network will be spammed with ton of fake NFT’s.
And then, it will also increase the size of Bitcoin network. Which can further, hamper it’s decentralization.
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Controversies regarding NFT’s on Bitcoin – Ordinals Protocol
Moreover, some are calling the new protocol, which stores NFT’s on Bitcoin, an attack on the blockchain’s original mission. Additionally, which is to conduct financial transactions.
Furthermore, others say the new use case should be essentially, embraced alongside other demands for block space.
Bitcoin’s Newfound NFT Hype attracts interest of BSV Developer Twitch
Twitch has already built a suite of NFT apps on the Bitcoin SV blockchain . So, the new push by Ordinals to bring NFTs to the Bitcoin blockchain looks like an opportunity for expansion.
About Ordinals Protocol
First, Ordinals, in its current form, wouldn’t be possible without Bitcoin 2017 Segregated Witness (SegWit) upgrade. Further , the more recent 2021 Taproot upgrade .
Segwit helped scale Bitcoin by introducing a block field to hold “witness data”. Signatures and public keys for Bitcoin transactions .
Further, potential vulnerabilities forced developers to impose limits on the size of that data.
When Taproot came along, it resolved those security concerns . Thereby, allowing the Old SegWit restrictions to be removed .
And then, paving the way for large chunks of of NFT data to be stored on-chain. Turns out it’s the perfect foundation for Ordinals.
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The debut of the Ordinals protocol , which stores non-fungible tokens (NFT) on the Bitcoin blockchain.
Additionally, it is driving a wedge between Bitcoin purists who say the blockchain should be restricted to financial transactions.
And then, those who see the network as large range of use cases. Even if that means meme-themed art .
Ordinals Creator ‘Casey Rodarmor’ says the protocol uses “inscriptions”. Further it uses arbitrary content like text or images that can be added to sequentially numbered “sats” or satoshis.
These are smallest units in Bitcoin to create unique “digital artifacts” that can be held . And the, transferred across the Bitcoin network like any other sats .
Ethereum is the most popular blockchain for NFT development . First, it’s the biggest and most well-known blockchain after Bitcoin.
Second, it supports smart contracts , allowing developers to create new applications on Ethereum.
Finally, it has a huge and vibrant community of developers and users.
NFT’S are upgrading to Bitcoin. Bitcoin NFT’s do not exist directly on the Bitcoin blockchain.
Like Ethereum ERC-721 tokens . Rather, they are secured by Bitcoin via Stacks , the largest and fastest growing Web 3 project on Bitcoin .
NFTs are created through a process called ‘minting’. In which the information of the NFT is published on a blockchain .
NFTs are unique cryptographic tokens that exist on a blockchain and can not be replicated. NFTs can represent digital or real world items like artwork and real estate.
The NFT is stored ,and the security of the underlying blockchain. However, in general NFTs may be observed as more secure than cryptos due to their unique identity and the fact that they are not subject to the same type of double-spending attack that plagues cryptos.