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In recent years, Non-Fungible Token (NFT) technology has become increasingly popular and is now being used to create a variety of digital assets. Blockchains such as Ethereum have taken center stage as they were built for smart contracts and dApps. Bitcoin remained criticized for its lack of ability to facilitate data transfer of digital assets. However, Ordinals (the equivalent to NFTs) have emerged in the past month as 90,000 of these newly ‘inscribed’ assets have been released on the Bitcoin blockchain.
What Is Bitcoin NFT
Bitcoin NFTs are now available to view on ordinals.com. These NFTs are nonfungible data that is inscribed on a Satoshi (lowest denomination of Bitcoin) and stored on the Bitcoin blockchain. These NFTs are similar to Ethereum-based tokens in that they can store any type of information, including ownership rights, encrypted messages, and digital art. However, unlike Ethereum-based tokens, Bitcoin NFTs are immutable and secure due to the superior decentralization of the Bitcoin network.
Other NFTs require off-chain data at times to fully represent the item, while Bitcoin NFTs rely solely on-chain on data. Blockchain philosophers have referred to them more as digital artifacts than digital assets. Consequently, they are more difficult to forge or replicate due to the security of the Bitcoin blockchain.
Bitcoin maximalists have often stayed away from other blockchains due to their ideologies of Bitcoin being the number one blockchain. The emergence of Bitcoin NFTs provides a different form for users to manifest their ideas and talents in the world. The Bitcoin culture may experience a renaissance of creativity that overtakes that of Ethereum.
It’s so early that we can’t prophesize what will happen in the future. However, Ordinals AKA Bitcoin NFTs presents itself as a dark horse in the overall NFT space. Bitcoin NFTs may be the key to further decentralization and adoption of blockchain technology.
Read also: Is the NFT market dead?
How Bitcoin NFT Appeared
On January 21, Casey Rodarmor proudly unveiled the Ordinal protocol. There were mixed feelings about the concept of Bitcoin NFTs as the idea was thought to be impossible by some. It is now clear that Ordinals have changed the landscape of the crypto industry.
Most people began hearing about the Ordinal Project just a few weeks into 2023. On February 9, the number of mints achieved an unprecedented peak with over 20,000 on that day. Since then, social platforms such as Twitter have exploded with data about Bitcoin NFTs, and the number of minted assets continues to grow.
It appears as though most people are unaware of this technological innovation at the time of writing (02/16/2023). There is no centralized entity that is promoting these NFTs. Unlike Solana and Ethereum with Opensea and Solsea, there is no user-friendly marketplace that allows users to easily buy and sell Bitcoin NFTs.
Can You Buy NFT With Bitcoin?
The problem for many NFT collectors was that they could only buy NFTs in the native cryptocurrency that the NFT was minted on. For example, an Ethereum-based NFT could only be purchased with Ethereum. Some platforms enabled users to buy through credit cards but the wallet / private key would be held by the platform.
However, with the introduction of Bitcoin NFTs, users can now purchase them using Bitcoin directly on ordinals.com. As mentioned earlier, it’s not as user-friendly as other more established platforms, but it’s a start. Let’s go over how to purchase an NFT with Bitcoin.
How To Buy Bitcoin NFT
Bitcoin NFTs require a Bitcoin NFT. Wallets such as MetaMask won’t work because it is only compatible with Ethereum. To be able to accept Ordinal inscriptions, you’ll need to establish a Bitcoin wallet with the capacity for personalization. Sparrow Wallet is a popular choice due to its flexibility. Visit sparrowwallet.com and proceed with the setup process.
This wallet should be dedicated to receiving Ordinals/Bitcoin NFTs only. Do not make the mistake of using it for sending BTC because you may accidentally send Ordinals along with it. Remember, these NFTs are inscribed into Satoshi itself.
Once you have your wallet, you can buy an ordinal from someone else or inscribe one of your own if you own a full node. Assuming that you don’t have a full node and want to buy one, you’ll need to look for inscriptions through direct communication or Gamma.io
Where To Buy Bitcoin NFT
Ordinals.com is the first place to go to see what is happening with this innovation. However, to buy a Bitcoin NFT you’d have to go through a P2P transaction process or a semi-centralized marketplace. The first option involves finding a seller on the Ordinals discord channel. Check out the link-your-project channel to discover what projects are available once you’re in the official Ordinals channel.
In that channel, you can find links to the Discord accounts of collection creators who offer their Ordinals for sale. You may need to reach out and chat with folks on Discord, send payments before collecting an Ordinal, or have one-on-one transactions with other users – I know it seems risky!
Exercising extreme caution is paramount in this situation. Not only could the NFT itself become worthless but you might not even get the NFT you paid for. It’s like a digital version of an auction (where there are no rules, officials, or protection).
Otherwise, you can try gamma.io, a Bitcoin NFT marketplace. Built on Stacks (a layer-1 blockchain that enables developers to build on Bitcoin), it offers a hassle-free experience for buying Bitcoin NFTs. This platform is similar to more established NFT marketplaces such as OpenSea. Simply by connecting your wallet, you can browse through the wide selection of Bitcoin NFTs available for sale. When you find one that you want to buy, all you need to do is pay and then it’s yours.
How Much Is A Bitcoin NFT?
Like other NFTs, the price of a Bitcoin NFT is determined by the buyer and seller. Some buyers might be willing to pay up to $214,000 for original pieces like OrdinalPunks (An homage to the popular CryptoPunks). Other NFTs are likely not going to be worth anything. When visiting ordinals.com you can see there are all sorts of inscriptions. From family photos (assuming people wanted a decentralized way of preserving their memories) to avatars – each with their own values.
Social status-driven projects such as the high-priced OrdinalPunks will have their own markets. The prices of Bitcoin NFTs are also affected by the market forces of supply and demand. However, use cases are still being explored for NFTs and the market might still be too young to have a real price. The Bitcoin NFT price is not fixed, so it’s always subject to change. This is why it’s important to stay up-to-date with the latest Bitcoin NFT news in this sector.
In conclusion, Bitcoin NFTs are still new and can be hard to buy. However, developers are working effectively at creating easier ways to purchase them. From the first Bitcoin NFT of Rare Pepes, to the decentralized nature of Ordinals, Bitcoin NFTs are rapidly gaining traction in the mainstream market. It will be interesting to see how these tokens are used and adopted over time.
With this innovation, we may see a Bitcoin NFT coin or a Bitcoin NFT game. Just like how NFTs on other blockchains have become a form of utility or access pass, the same could happen on Bitcoin. As this technology gains traction, there will be more Bitcoin NFTs for sale and various use cases that we can’t even imagine. With this much potential, it’s easy to see why Bitcoin NFTs are so popular right now.
If you are looking for a Bitcoin NFT for sale, make sure to save this resource as it can be handy when searching for one. And, if you are looking to inscribe one yourself, Gamma.io has an excellent paid service to help you do just that!