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What are Bitcoin NFTs?
The smallest unit of Bitcoin is satoshi (satoshi). One bitcoin can be divided into 100 million satoshis. Each satoshi is sorted through ordinal number theory and has a corresponding ordinal number, which is a unique number.
Bitcoin inscription refers to using the Ordinals protocol to write content into satoshi for inscription. The written information can be text, pictures, videos, audios, etc.
Bitcoin blocks can store up to 4MB of data, based on block size limitations, and most btcnft is of pixel type.
The Ordinals protocol was launched in January this year, which has stimulated the transaction frequency of the Bitcoin network. As of the end of March, the total number of inscriptions has now exceeded 600K, and it is still growing rapidly, especially in April.
Inscription does not rely on servers or storage, and will exist as long as Bitcoin exists.
NFTs on the Ethereum chain, such as ERC-721 metadata, are stored on platforms such as IPFS, Arweave, or sometimes fully centralized Web2 servers, and are highly dependent on external parties.
Everyone can inscribe on the Bitcoin chain, create inscriptions, generate brc20 or btcnft.
However, the inscription follows the first-come-first-served convention. If the same string of characters appears in the Bitcoin public key script, the inscription data corresponding to the earlier Ordinals serial number will be the valid inscription.
For example, among multiple punks uploaded to the Bitcoin network, only the earliest bitcoin punk is considered a valid inscription, and there is a consensus.
There will also be situations where when casting, whoever pays more gas will be accepted by the miners sooner, and the success efficiency will be higher; while players who paid low gas will not be refunded because they are "latecomers" and fail to cast.
When brc20 casting was popular some time ago, the gas on the chain was once as high as 700 US dollars, which is evident in the popularity.
How to get btcnft?
Bitcoin NFTs can be obtained by engraving (minting) or purchasing them.
Minting Bitcoin NFTs
To cast btcnft, you can build your own nodes and perform inscription, which has technical difficulties and hardware requirements; or you can use third-party tools, such as inscribe.ordswap.io and unisat.io/inscribe.
Through ordswap, you can upload files, pictures, domain names, texts, etc., and you can also engrave brc20 or orc20, etc.
When casting, enter the received wallet address. When paying, the payment code and payment address will appear. Select the third-party platform to pay and complete the casting.
Sometimes the chain is crowded and the gas payment may be very high. Currently, minting a .sat domain name costs about 9 US dollars.
You can even mint a personal declaration in Bitcoin. As long as Bitcoin exists, the declaration will not disappear or be deleted, and will be engraved forever.
Buy Bitcoin NFTs
You can also purchase btcnft directly, and there are specialized trading markets, such as Ordinals Wallet, Ordinals Market, Ordswap, Magic Eden, OpenOrdex, etc.
Bitcoin Punk can be purchased on the Ordinals Market. The current floor price is 0.083 BTC, which is about more than 2,200 US dollars.
Bitcoin Punks were the first to upload original Ethereum CryptoPunks bytes to the Bitcoin blockchain using the Ordinals protocol. The total supply is 10,000 and a total of 8,500 ETH has been traded.
From the Magicden trading market, the highest transaction volume in the last 24 hours is Bitcoin Frogs, with a total volume of 10k, a total of 54.7466 BTC traded, and the floor price is 0.0034btc.
I don’t know why Bitcoin Frog suddenly went out of the circle on a small scale, and I haven’t seen a lot of cx. NFT is also minted and launched through the deezy.io platform.
There is also Bitcoin Apes that can be purchased on the ordswap platform, and the current floor price is 0.0375 BTC.
This boring ape has nothing to do with Yuga, and the total number is 100,000.
Use btc wallets to purchase btcnft, such as itcoin, Xverse, Unisat, Hiro, Ordinalswallet, Unisatwallet, etc.;
You can also fill in the Ordinals wallet receiving address during the transaction. There is no need to link the wallet, and you can directly use the third-party platform to pay. After the payment is successful, the nft will be sent to the wallet.
What are the risks of Btcnft?
Brc20 was very popular some time ago. When initially casting ordi, it cost about US$7 in gas. Now the price of one ordi is US$9.7, which has increased by more than 1,000 times. Those who follow up first will reap huge benefits.
Btcnft is currently not completely out of the circle, and those who acted early have already laid out their plans 2 months ago; the gas for btcnft transactions is relatively high, and the gas fee will not be refunded if the casting fails.
Moreover, NFT liquidity is generally poor. If there is no consensus and cannot be hyped, investment will be in vain. Of course, if it is worth collecting, that's another story.
Compared with NFT on the Ethereum chain, Bitcoin NFT may be a new opportunity, or it may be just a wave of popularity, with risks and benefits included.
Another risk is that Bitcoin NFTs are all operated on the chain. There is a certain knowledge threshold from the perspective of inscriptions, serial numbers, utxo, Taproot and other keywords. If you do not do your homework, you may spend a lot more gas fees.
Tuition fees are required to study.
The above is just my personal opinion, no investment advice. I am Chuxiaolian, and I am paying attention to the metaverse and web3.
