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The Bitcoin network's NFTs are rapidly emerging, but the infrastructure still needs improvement.
The rise of NFT projects on the Bitcoin network, infrastructure still needs improvement
Recently, the NFT minting and issuance on the Bitcoin network has attracted widespread attention, with the community's attitude gradually shifting from indifference to active participation. Data shows that there are currently 33,517 NFT collections minted on the Bitcoin network, with a single-day minting volume reaching 12,102 on February 9.
Among them, the NFT project Bitcoin Punks based on the Bitcoin mainnet Ordinals protocol completed the minting of 10,000 collectibles on February 9. The project team is currently collecting and analyzing existing inscriptions and verifying the first upload nodes of each Punks, with the final JSON mapping to be written into the Ordinals protocol within 24 hours.
Bitcoin Punks claims to be the first project to successfully upload the original Ethereum CryptoPunks to the Bitcoin blockchain. To ensure authenticity, the team is verifying the hash values of each uploaded image against the original Punk images. The link pointing to Bitcoin Punks is the first occurrence of an inscription, containing the corresponding hash value.
The minting process of Bitcoin Punks is relatively complex, requiring the creation of a specific type of wallet and uploading images through a full node Bot. The minting cost is about $25, and there are currently no over-the-counter transactions. Due to the slower payment speed of the Bitcoin network, there may be situations where multiple users successfully make payments, but only the earliest confirmed transaction is valid, causing some users to incur fees without receiving the collectibles.
Although there are rumors that the Bitcoin Punks secondary market price has skyrocketed by a hundred times, there are currently no transaction records, and there is a lack of buyer market support, so this claim has not been verified. Investors should carefully assess information and avoid following the trend blindly.
Bitcoin Network NFT Development Status
On January 21, 2023, the Ordinals protocol version 0.4.0 was released, officially introducing NFTs to the Bitcoin mainnet. This protocol supports the creation of "digital artifacts" on the Bitcoin network, including images, documents, videos, and audio. Since its launch, the number of NFT projects based on Ordinals has rapidly increased, primarily focusing on image content.
Several representative projects include:
Bitcoin Rock: The first Bitcoin NFT project based on Ordinals, with an issuance of 100 pieces. Reports indicate that its current transaction price has reached 1 Bitcoin.
Ordinal Punks: PFP collectibles minted from the first 650 inscriptions on Bitcoin, with a total supply of 100. It is reported that its highest transaction price reached 9.5 Bitcoins (approximately $241,000).
Projects like Bitcoin Shrooms and Shadow Hats have also started preparations, but minting has not yet begun.
In addition, some NFT projects issued on the Ethereum network that promise to cross-chain to Bitcoin have also attracted attention, reflecting the market's enthusiasm for Bitcoin network NFTs.
Current Status of Bitcoin Network NFT Infrastructure
The Bitcoin network's NFT-related infrastructure is still in its early stages, and there are many inconveniences compared to more mature ecosystems like Ethereum.
The minting process is complex: it requires learning to create different types of wallets, distinguishing payment methods, and synchronizing the Bitcoin full node.
Inconvenient transactions: There is a lack of secure and convenient trading platforms similar to OpenSea, mainly relying on over-the-counter transactions or custodial services, which poses a risk of fraud.
Full node synchronization takes a long time: personal synchronization of a full node requires a lot of time, and currently mainly relies on full node bots developed by community members.
The minting mechanism is not完善: Users find it difficult to confirm in real-time whether the inscription has been successfully added to the chain, which may lead to duplicate payment issues.
The emergence of the Ordinals protocol has boosted the activity of the Bitcoin network, with block sizes hitting a three-year high. However, there are divisions within the community. Supporters believe this will increase the use cases for Bitcoin, raise transaction fees, and benefit miners in maintaining network security. Opponents worry that this deviates from Bitcoin's original intention as a peer-to-peer cash system and may lead to increased transaction fees.
Despite the controversy, the emergence of the Ordinals protocol and related NFT projects has undoubtedly brought new vitality to the Bitcoin network, attracting more users to understand and use the Bitcoin ecosystem. With the growth of users and market demand, the relevant infrastructure is expected to gradually improve.
However, investors should be aware that the NFT projects on the Bitcoin network are still in the early stages and carry higher risks. When participating in related projects, one should fully understand the risks and make cautious decisions to avoid asset loss.