From 2021 to early 2022, billions of dollars were pumped into the Non-Fungible Tokens (NFTs) sector. But the biggest beneficiary of that input was not the cryptocurrency with the largest market cap, but Ethereum. It was during this same season that collections like Crypto Punks, Otherdeeds, and Bored Ape grabbed a lot of attention.
However, Ethereum was not the only blockchain who gained from the massive buying and selling. Solana, the Proof-of-History (PoH) blockchain also got its share with the likes of DeGods and Degenerate Ape Academy. In all of these, some crypto heads mocked Bitcoin for being unable to join the buzz despite being the king coin.
The problem was that there were not many people who knew that Bitcoin NFTs had existed since 2014. Most Bitcoin NFTs of that period were seen as spam and did not become mainstream. But in 2023, Bitcoin seems to have taken the NFT ecosystem and may not want to play second fiddle to any other blockchain again. So, in this article, we will look at the rise of Bitcoin NFTs, trending collections, and its projection for the future. So, stick around and follow to the close.
Much More Affordable Than Its Counterparts
If you have ever minted or bought an Ethereum NFT, you would know that one of the drawbacks is the gas fees that you have to pay. And this goes for any transaction on the Ethereum blockchain. Imagine, having to buy a $400 NFT and you have to pay $87 in transaction fees. Weird right? Well, that’s the norm in the Ethereum community and the recent switch to Proof-of-Stake (PoS) has not been able to solve that.
However, one of the advantages that Bitcoin NFTs have over Ethereum is the transaction fees. If you are conversant with the crypto ecosystem, you would realise that these fees are important but you can always check the applicable disclaimers on platforms such as Bitalpha AI.
Series of evidence have shown that you only need to pay a very little amount to mint, buy or sell a Bitcoin NFT. In fact, the cheap fees also helped Bitcoin rank higher than other blockchains in recent times. And another interesting part is that these NFTs are much cheaper than Ethereum, which is rarely affordable for the average investor.
That said, what NFT collections are the most valuable on the Bitcoin blockchain? Well, there is one that has been trending, with many people admitting that it possesses greater utility than most collections. It is called “Ordinals”. So, in the next part of this article, we will be describing what the Ordinals are, and how they fit into the Bitcoin ecosystem.
Ordinals: The Collection Taking the Market by Storm
Ordinals became a popular collection around the first week of February 2023. But that was not when it launched, as it has been in existence for a while. However, the Ordinal Inscriptions were able to gain widespread attention due to the several use cases it offered. With over 10,000 users, the rare Bitcoin NFT collection offers digital ownership in images, video games, and many other kinds of content. In terms of real-world utility, Ordinals allow:
- Sending and receiving of Satoshi that carry extra data
- Driving up transaction fees for the Bitcoin network to the advantage of miners
- Minting of different digital collectibles under the Ordinals group.
So, what kind of NFT collections are under the Ordinals group? Well, there are about 10,000 inscription NFTs but are mainly grouped under two collections— the Ordinals Penguins and the Ordinals Punks. Both of these collections have contributed immensely to the Bitcoin NFT market growth and do not seem to be stopping anytime.
However, you should know that you would not always be profitable with owning NFTs. If you are conversant with the market, it would not surprise you that many collections have fallen from their high floor price and Ordinals may not be exempted.
So, if you are extremely bullish on the longevity of the collection with respect to price, it may be better to reduce your expectations. Besides that, the crypto market, at large, is still far from bullish since the BTC price is 64.63% down from its all-time high. Nevertheless, over 76,400 have been created, and it seems to be increasing at a fast pace. But how do you even mint a Bitcoin NFT like Ordinals?
Minting Bitcoin NFTs: A Beginner’s Guide
By the time you finish the section, you should be able to mint a Bitcoin NFT on your own. So, how do you get started? Well, the task is not one that is out of anyone’s power but you would need two important things.
- BTC at your disposal
- A wallet that is compatible with Ordinals.
So, once you have these two listed above, you can proceed to following the simple steps we will list below.
- The first thing you need to do is to download an extension of your Ordinal-compatible wallet. You can also download it on your mobile phone. If you are not aware, wallets like MetaMask or Phantom won’t work with Bitcoin NFTs. So, you would need one like Xverse as it is one of the simplest to use.
- After you have done this, you need to set up your Xverse wallet by creating a new one. Then, send BTCenough to cover the NFT you want to buy (including transaction fees) to your wallet.
- Then, if you plan to own any of the Ordinals NFT, head to a marketplace like ordswap.io or gamma.io. Once done, you can connect to your Xverse wallet, so you can start minting.
- The minting process is an easy one. You can decide to upload your own image and make an inscription, or choose to buy any of the listed NFTs.
Bitcoin NFTs: Conclusion
The emergence of NFTs under the Bitcoin network could just serve as a stepping stone for what’s to come in space. So, as time goes on, we could see NFT collections Dogecoin, or Litecoin added to the growing list.
You may love it or not, the NFT market has come to stay and may continue to be relevant in years to come. And since Bitcoin is the world’s largest cryptocurrency, others would want to follow in its footsteps.
But these days, NFTs are moving from just speculative to assets, as users now want those with exceptional utility. The great thing is that Ordinals fit into this and could well see a lot of adoption irrespective of the bear or bull market. So, while you may be excited about the prospects, you should also put into consideration the possibilities of gains or losses. Hence, do your own research and we implore you not to buy the NFTs with money you cannot afford to lose.
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