Yes, we can’t seem to get enough of the non-fungible token scene. And so, we’re back again with yet another burning question: what is a Bitcoin NFT?
What’s the difference between a Bitcoin non-fungible token and any other? That’s the question. Why do we want to know? Well, the main reason would be MONEY. Is there more money to make when a non-fungible token has the word BITCOIN in it? What are the NFTs associated with Bitcoins? And, should you be investing your time and money in them instead? That’s what we’re here to find out!
But, before we get into the OG blockchain of the game, we have to find out what level you’re on. If you’re new to all this, aka a beginner, this isn’t where you should start. You have to understand all the NFT terms and what they mean. How NFTs work and whatnot. To do that, you gotta do some extensive research on your part. Which, obviously, can be very lengthy and tiring. Luckily for you, we’ve got a place that has it all. And, it’s for FREE! All you have to do is click on the button below to check it out!
WHAT IS A BITCOIN NFT?
Believe it or not, the mining of the first NFT happened on Bitcoin itself with the ‘Rare Pepe’ NFT. However, the actual BOOM of the NFT market took place on Ethereum. This is because, at the time, Bitcoin did not have the capability to run smart contracts. Something that is KEY to non-fungible tokens. But now, Bitcoin is becoming one of the top blockchains for NFTs. Why? Because Bitocin is:
The most secure- Completely decentralized
- Time-tested blockchain
- With lower gas fees
- And sustainable minting
- Also, it uses recyclable energy
- And offers scalability
And so, with that, a Bitcoin NFT became the talk of the Web3 scene! Recently, the Ordinal Project created a new way to mint NFTs on the layer-1 blockchain.
This made way for cloned versions of Ethereum projects to jump on board, starting with PFP NFTs, CryptoPunks.
NFTs on Bitcoin
In late January, Ordinals launched a Bitcoin NFT collection inspired by CryptoPunks called the OrdinalPunks. One of these Ordinal Punks recently sold for 9.5 BTC which was about $214,766.50 at the time. However, you have to know that there is no official NFT marketplace for trading these NFTs. In fact, they are currently taking place through OTC methods directly between users.
Basically, it is all taking place via Twitter and Discord with asking prices and bids. Although this sounds a lot more intimate, it is also questionable. These types of methods are an easy way to fall victim to an NFT scam. But, does this mean the entire concept of a Bitcoin NFT is just a sham?
A lot of enthusiasts have said that this is just a waste of network space! But, at the same time, the value of Monkey NFTs just DOUBLED after their creators put them on Bitcoin! This just means that the demand for the Bitcoin NFT project is there. It just needs better development.
So, does this mean we’ll be seeing more NFTs on Bitcoin? Yes! It’s just a matter of time.