NFT “on Bitcoin”: yes, that’s one thing!

0


Source: Adobe / James Thew

Non-fungible tokens (TVN) are all the rage right now. Of CryptoPunks At Bored Apes, millions of cryptos are trading hands for pixel art, token memes, and crypto collectibles.

For the most part, the action takes place on the Ethereum (ETH) blockchain, which has made some hardcore bitcoiners skeptical of this new crypto market segment. However, there is also a market for NFT secured by the Bitcoin (BTC) blockchain.

Read on to find out more about what happens with Bitcoin-secured NFTs.

NFTs go beyond Ethereum

Until recently, Ethereum was the blockchain of choice for NFT minting and trading. This is changing quickly, however, as Ethereum’s high gas fees have driven many potential market participants out, making NFTs on other channels more attractive.

The Bitcoin blockchain also has a role to play here.

Although “on Bitcoin” NFTs do not exist only on the Bitcoin blockchain (in the same way that ERC721 tokens exist on Ethereum), they are secured by the Bitcoin blockchain. The additional technology stack that makes it possible to issue and secure NFTs with Bitcoin is provided by people like Counterparty, Battery, and the Liquid Network.

Let’s dive in and take a look at some of the most prolific NFT projects secured by Bitcoin.

Rare Pepes and Crypto Art in Scarce City

Rare city is a Bitcoin-secured art auction platform that allows artists to sell their works for BTC.

The Scarce City team asserts that “the best Bitcoin products should be sold based on the properties of the pseudonymous authenticity and supply network, borderless, unauthorized, understated and verifiable trust.”

On the auction platform, art is sold through Lightning-powered auctions to “hold auction participants accountable by securing their bids through instant, anonymous, low-cost auctions.” Lightning network payments, ”the team explains on its website.

In addition to giving artists the option to sell their physical art in exchange for BTC, the marketplace also sells an NFT series based on the internet meme Pepe The Frog, called the Rare Pepe collection.

Rare Pepe NFT is powered by Counterparty – an open source protocol built on the Bitcoin network – which uses the Bitcoin blockchain to store data.

By securing NFTs on Bitcoin, these collectible digital cards arguably have a chance to outlast NFTs secured by newer chains that might end up disappearing (or branching off) in a few years. For NFT holders, this is something to consider.

NFT Skins for Bitcoin Players

Bitcoin-secured NFTs aren’t just limited to great artwork and memes. They also have applications in the world of games. For example, Lightnite, a win-win online game powered by Lightning Payments, uses Block flowLiquid Network to allow players to purchase and earn in-game items in the form of NFTs.

The Liquid Network is a Bitcoin side chain which can facilitate the trading of these NFTs and other Bitcoins. Although it was created by Blockstream, it is currently governed by a federation of parties and operated on an open source blockchain platform called Elements.

In a blog post, Blockstream Explain that Lightnite players receive a unique Cash token in their account each time they purchase or win a skin. These tokens can then be withdrawn into a personal Blockstream wallet to be kept or exchanged with other Lightnite players. If a Lightnite player receives a skin outside of the game, they can deposit the Liquid token into their Lightnite account to receive the skin and deploy it in-game.

Lightnite skins aren’t the only NFTs floating on the Liquid network. Another notable NFT project on Liquid is Raretoshi.

Raretoshi is an NFT marketplace that allows artists to sell rare digital art for L-BTC (pegged bitcoin on Liquid), benefiting from reduced transaction costs and the ability to get paid in bitcoin.

NFT on Stacks: Web 3.0, built on Bitcoin

Stacks says it is a decentralized open source network built on Bitcoin that aims to unlock the potential of Bitcoin as a programmable base layer to build “a better Internet”. This means that developers can create NFTs and create secure NFT markets by the power of the Bitcoin network.

The Stacks team states that “Bitcoin has all the properties decentralized applications and smart contracts need: security, settlement guarantees, capital, and network effects.”

In light of the Bitcoin-powered Stacks tech stack and the growing popularity of NFTs, it’s no surprise that the first NFT companies have already started to emerge on Stacks.

BatteriesArt, STXNFT, and Boom are examples of emerging NFT platforms running on the Stacks chain.

Interesting way, Satoshibles – an NFT collection by bitcoiners for bitcoiners launched on Ethereum – announcement that he plans to switch to Stacks via an NFT bridge between Ethereum and the Stacks blockchain.

“Using Satoshi as a mascot, we always thought we were the NFT for Bitcoin enthusiasts, however, it’s pretty hard to sell when your project is on Ethereum,” the Satoshibles team admitted.

To bring his series of 5,000 Satoshi-themed NFTs generated by algorithms from the Bitcoin community closer together, Satoshibles holders will be able to port their NFTs to Bitcoin via Stacks.

As the market for NFTs continues to grow and more and more ‘Bitcoin-powered’ NFTs emerge, we might see even more money flowing into non-fungible tokens, especially when collectors can trust their NFTs. are secured by Bitcoin.
____
Learn more:
– Evaluate NFTs: how to know if an NFT project is legitimate
– Here’s how NFTs could change the TV and film industries

– Play-to-Earn game is booming: From Axies to Lightnite, here’s what’s out
– NFT-powered donations are growing in popularity



Leave A Reply

Your email address will not be published.