In the world of Non-Fungible Tokens (NFTs), Punks on Bitcoin is a relatively new player that is generating a lot of buzz in the crypto-collectible space. Punks on Bitcoin is the first profile big collection on Bitcoin just like Punks on Ethereum were back in the days. They’re turning out to be one of the most expensive NFTs on the market. What is Bitcoin NFT? In this article, we will take a closer look at what are the differences between Bitcoin NFTs and Ethereum NFTs.
Bitcoin NFT: A New Era in NFTs
Casey Rod armor’s Ordinal Theory has changed the game for NFTs on Bitcoin. Ordinal Theory allows individuals to track and transfer individual Satoshi, which are the base native currency of the Bitcoin Network. This has turned Bitcoin into one big NFT collection made up of 2.1 quadrillion NFTs called Satoshi’s. Inscriptions, or unique pieces of data attached to a specific Satoshi, have made Bitcoin NFTs possible.
Innovations in the NFT space
Ordinal Theory changed the way Bitcoin NFTs work by allowing individual Satoshi to become meaningful, making them non-fungible. Inscriptions have allowed unique data to attach to Satoshi, making them NFTs in the traditional sense. Unlike Ethereum NFTs, Bitcoin NFTs are completely on-chain and can be traded and tracked without the need for layer twos.
Will Bitcoin NFT become widespread?
The potential for growth in Bitcoin NFTs is tremendous. While Bitcoin NFTs are different from Ethereum NFTs, in some cases, they might be better and in some cases, worse. The key to understanding the adoption of Bitcoin NFTs is to know how they work and what makes them different from other NFTs.
Conclusion: Bitcoin NFT here to STAY?
Punks on Bitcoin is a new player in the NFT space that is already making waves. Casey Rod armor’s Ordinal Theory and Inscriptions have changed the game for NFTs on Bitcoin and have opened up the market for NFTs on the main chain. The potential for growth in Bitcoin NFTs is tremendous, and it will be interesting to see how the market develops in the coming years.
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Source: https://cryptoticker.io/en/what-is-bitcoin-nft-explainer/