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NFTs Launch on Bitcoin: Did You Collect Any Bitcoins?

CryptoPunks is a collection of non-fungible tokens (NFTs) on the Ethereum network. The Larva Labs firm, comprised of Canadian software developers Matt Hall and John Watkinson, debuted the project in June 2017. However, they are now worth hundreds of thousands of dollars.

If you’re an NFT collector/investor, you’re probably aware of the unending hoopla surrounding CryptoPunks. But it doesn’t stop there. Do you understand why? Because CryptoPunks has switched to Bitcoin.

In this past week alone, 10,000 “Bitcoin CryptoPunks” have been successfully created. They appear to be exactly what they claim to be: CryptoPunk NFTs recorded on the Bitcoin blockchain. Sales of these NFTs have reached tens of thousands, if not hundreds of thousands, of dollars.

But do they take the same sort of data-gathering technique as the NFTs we normally collect? Undeniably not! In reality, these are not your typical NFTs, and Bitcoin’s lack of smart contracts is likely to serve as a sobering reminder of the importance of Ethereum and other smart contract-interfaced networks.

What Does it Mean to Have a CryptoPunk or Other NFTs on Bitcoin? 

Using a free and open mint, the last Bitcoin Punks were created. Yet this does not imply that they were easily reachable. Let me explain why.

On the Bitcoin blockchain, NFTs are being built by their creators, who are giving each satoshi a numerical value, or ordinal. The ordinals are used to create NFTs on Bitcoin by connecting them to data like text, photos, videos, etc. Put simply, satoshis are being given metadata.

Bitcoin blockchain inscriptions are completely permanent and unchangeable, unlike Ethereum’s ERC token standard. It should be noted that a regular inscription pseudo-explorer is at your disposal.

We can safely say that no more than a month ago, nobody had even heard of this idea. Since there was no obvious pioneer, Bitcoin NFTs are starting from scratch, which implies there is currently no supporting infrastructure. There are currently no specialized wallets, exchanges, or tools for “minting” these Bitcoin NFTs.

A New Approach to Collecting NFTs From Different Blockchains: 

While Bitcoin is still in the ‘testing’ phase of Bitcoin inscriptions, the enthusiasm is apparent – therefore don’t be shocked if more tools and infrastructure begin to roll out to facilitate inscription production on the platform.

However, this is not the only blockchain platform via which you may obtain NFTs. Unlike Bitcoin Blockchain’s novel strategy for minting and collecting NFTs, other platforms such as Ommniverse allow investors and collectors to purchase premium NFTs on Ethereum. 

How so? Ommniverse enables creators to mint, trade, and sell their NFTs through the use of strong smart contracts for establishing and maintaining fractional ownership NFTs.

So, if you’re concerned about whether you should go for Bitcoin’s beta version of collecting your favorite NFTs due to the lack of smart contracts, you can always head to reputable and safe platforms like Ommniverse, which provides this security as well as extra functionality. Try it for yourself!

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