Dominic Kimani
The blockchain technology firm Inscriptions has stirred up a heated discussion within the crypto community on social media platforms after announcing that it anticipates launching a non-fungible token collection on the Bitcoin mainnet.
Crypto Firm Inscriptions To Launch NFTs On Bitcoin
Casey Rodarmor, a Bitcoin developer, announced plans to introduce new NFTs on the Bitcoin network dubbed “Inscriptions” last week. The new NFTs are produced by inscribing Satoshi’s Bitcoin creation concept with the content for digital artifacts using Ordinal theory.
The new Bitcoin NFTs can be created using images, text, SVG, or HTML. However, not all NFTs are digital artifacts. For an NFT to be a digital artifact, it must be decentralized, immutable, on-chain, and unrestricted.
It’s worth noting that most non-fungible token collections on-chain don’t pose the required traits. While commenting about the new collection, Rodarmor explained:
“When mined, the inscription is made on the first Sat of the first output of the transaction, permanently and inexorably marking it, distinguishing it from its fellows. It is no longer just a Sat, it is an intertwined component of the long and confusing tale that is human art and culture.”
Bitcoin NFTs Attract Heated Discussion Online
The announcement of the new Bitcoin-based non-fungible token collection has attracted a heated discussion within the crypto community. While sharing his stake Kix.eth, the CEO of Crypto Raiders, said that he believes the new BTC NFTs will soon gain mainstream adoption.
A Bitcoin NFT bull run is probably what most people aren't ready for.
Not saying it will happen anytime soon but the boomer Bitcoin holders have a lot of money and will eventually fall in love with BTC NFTs.
— Kix.eth (@SpeculatorArt) January 29, 2023
Dan Held, a crypto investor, and Bitcoin educator, believes the new Bitcoin NFTs are suitable for the ecosystem. The top executive believes the new collection will pump the price of Bitcoin.
Nonetheless, not all crypto members are happy with the introduction of the new Bitcoin-based NFTs. While expressing his disgruntlement, Adam Black, the co-founder of Blockstream, said the collections are a sheer waste of encoding.
"you can't stop them" well ofc! bitcoin is designed to be censor resistant. doesn't stop us mildly commenting on the sheer waste and stupidity of an encoding. at least do something efficient. otherwise it's another proof of consumption of block-space thingy.
— Adam Back (@adam3us) January 29, 2023
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This article was written for Business 2 Community by Dominic Kimani.
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