Jamie McNeill
The rise of ordinals (a project by Casey Rodarmor) has made it far easier for people to launch NFTs on Bitcoin. This has caused some controversy amongst the Bitcoin community, with some believing that the enhanced utility is a good thing, whilst others are more conservative about the innovation and its ramifications.
Casey Rodarmor brings NFTs to Bitcoin
Casey Rodarmor, a former Bitcoin core developer, has made waves in the space over the course of the past few weeks with his ordinals project.
Since the Taproot upgrade, as well as the implications of more space in blocks thanks to SegWit, there has been more room in block spaces, which has made it easier to store more information in the Bitcoin database.
Challenges with making an NFT marketplace on Bitcoin
Bitcoin isn’t Turing complete, which means that it is far more difficult to make an NFT marketplace on Bitcoin than it is on blockchains such as Ethereum.
At the moment, it is not nearly as easy from a UI and UX perspective to host one’s NFTs on Bitcoin, and it is even more difficult to send them, since most people don’t run their own nodes.
Some projects, such as Sappy Seals, have tried to capitalise on the hype, and are releasing their own NFTs on Bitcoin. However, due to the technical difficulty, users will first receive wrapped NFTs on ETH that they have the opportunity to unwrap on Bitcoin.
1 FREE @SappySealsNFT DIGITAL ARTIFACT airdrop contest!
YOU MUST:
✅FOLLOW ME
✅TURN NOTIFICATIONS ON
✅RETWEET
✅TAG 3 FRIENDS
✅REPLY WITH #SAPPYORDINALS
(We do check)WINNERS DRAWN SOON (FREE,OWN) pic.twitter.com/47fC965MuU
— wab.eth (FREE,OWN) (@wabdoteth) February 17, 2023
NFTs are good for Bitcoin
The growing popularity of NFTs on Bitcoin has meant that more block space is being used, and transaction fees have risen commensurately.
This has led to some pushback from some hardcore Bitcoiners who believe that the presence of NFTs is problematic, since the higher transaction fees that are incurred make it more difficult for people to adopt Bitcoin.
However, the presence of NFTs does actually have some huge advantages for the blockchain in terms of security: as the block reward diminishes each halvening, the importance of transaction fees for network security rises.
its good shit pic.twitter.com/EjvDUOTHH4
— tommy #FreeRoss RARETOMMY.xcp (@YungGucciT) February 17, 2023
NFTs on Bitcoin help to ameliorate one of the main long-term security questions that Bitcoin has had to contend with in this regard: NFTs cause higher transaction fees which means that miners have a greater incentive to mine even if they are earning a smaller block reward.
Relevant news:
- Our Cryptocurrency Guides
- Bitcoin Price Prediction – After 3 Violent Rejections of $25k Does it Signal Success on the Next Attempt?
- How to Buy Bitcoin 2023 – Beginners’ Guide
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This article was written for Business 2 Community by Jamie McNeill.
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