Writing: Cookie, Beat BlockBeats
In the cooling market environment of ETH NFT, more and more players have shifted their eyes to the Bitcoin NFT market. While the bitcoin NFT market continues to heat up, many players are still hanging around outside the Bitcoin NFT world. In addition to the lack of infrastructure leading to a high learning threshold, one of the problems is that one is unfamiliar with current project trends in the Bitcoin NFT market.
In this article, Rhythmic BlockBeats will give you a rundown of the main categories of current Bitcoin NFT projects. What are Bitcoin NFT players doing? Let's take a look.
In"Issuing tokens on the Bitcoin network? How to Cast BRC-20"In the article, the author has made a detailed introduction to the BRC-20 Token. Simply put, the current BRC-20 tokens can still be interpreted as "NFT speculation" because the infrastructure related to transfers is not yet complete, and the majority of OTC transactions are done through the direct sale of wallet private keys with "valid Mint inscription (NFT)".
At the same time, the vast majority of OTC transactions are $ordi transactions, as $ordi was the first BRC-20 Token to be successfully deployed. Currently, the price of $ordi has increased from $1,000 ordi = 10u to $1,000 ordi = 50-60U.
Infrastructure related to BRC-20 Token transactions has not progressed much recently, but there have been some statistical index websites, such as"brc-20.io". Through the site, we can quickly retrieve how many BRC-20 Token balances there are under the target address, as well as view all the types of BRC-20 tokens that have been successfully deployed and the remaining amount available for Mint.
If you're a new Bitcoin NFT player, Mint your own.sats domain is a good place to start. Currently, the.sats domain name has been preliminarily enabled. For example, UniSat Wallet already supports transfers to bitcoin addresses corresponding to.sats domain names:
Use UniSat to transfer money to addresses corresponding to.sats domain names
For example, Damus, the first social application based on the decentralized social protocol Nostr, will soon support.sats domain names as user names.
Like the BRC-20 Token, the mint.sats domain name is equal to the BTC NFT of the text type Mint.
The rules for determining the validity of.sats domain names are simple and widely accepted by the Bitcoin NFT market today - "First come, First served, First is First". Although anyone can write the same text repeatedly to Mint out the same text type NFT, only the first successful Mint is judged to be true.
Before you want to use Mint's.sats domain name, use the index API of Sats Names to check whether the destination domain name has been used by Mint. Query method is direct access to the https://api.sats.id/names/xxx.sats (XXX. Satz changes to your domain name) will be the goal of Mint.
If the destination domain name is not Mint, the following message will appear:
"xxxx.sats not found"
If the destination domain name has been Mint, the following prompt will appear:
The prompt will contain the inscription ID of the target domain name and the address of the holder
Once that was confirmed, we were able to use some NFT Mint tools to register the domain name. In"Issuing tokens on the Bitcoin network? How to Cast BRC-20I have described the Mint process for BRC-20 tokens in detail. For domain names, change the Mint type to.sats and follow the Mint process for BRC-20 tokens.
Select Mint type ".sats"
If you want to purchase a domain name, you need to check the validity of the NFT before purchasing. There are alreadyUniSatAnd other tools make it easy to query. Take UniSat as an example:
As can be seen from the query result, 342 "111.sats" were produced by Mint. However, according to the "First come, First served, First is First" rule, only the "111.sats" NFT with the inscription number #173458 is genuine (UniSat has ticked this NFT) and the purchase of any other "111.sats" NFT is invalid.
Currently, nearly 60,000 valid (independent) domain names have been registered (Mint), and the corresponding domain names account for nearly 15% of the total number of Bitcoin NFT. There have been 1,800 transactions of.sats on Ordinals Wallet's marketplace, with the highest value being "gm.sats", which was sold for 0.125 BTC.
Relatively popular among players are pure digital domain names, such as "896.sats" sold at 0.1 BTC, "04.sats", "988.sats" and "8848.sats" have been sold at 0.05 BTCC. In recent days, 5 digit pure digital domain name transaction more, the price range is more between 0.0002~0.0005 BTC.
The common NFT here refers to the familiar "little picture", such as PFP, Art, etc. Under this track, we can select potential NFT projects from four perspectives.
Blue chip projects on ETH and Solana and NFT projects on the Bitcoin network, like Yuga Labs' "TwelveFold" and DeGods' version of Bitcoin.
Such projects have become so influential that they are sold at high prices. Yuga Labs' "TwelveFold" sold 288 NFT at auction, with the highest winning bid of 7.1159 BTC and the lowest winning bid of 2.2501 BTC, for a total auction revenue of about $16.5 million. At present, on ordinals.market, "TwelveFold" flooring is priced at over 30 ETH, with a cumulative turnover of 108.49 ETH. DeGods sold 500 Bitcoin versions of DeGods in 2 minutes at 0.333 BTC.
"TwelveFold" by Yuga Labs
A Bitcoin version of DeGods
Since there are no smart contracts on the Bitcoin network, it is unclear how these "big card" NFT projects will be enabled later. An interesting detail is that Yuga Labs took great care to use the term "Inscribe" during the launch, while DeGods still used "Mint." It's a small word difference, but it means something completely different to Bitcoin NFT -- there's no NFT in bitcoin, it's just writing different things to different Satoshi. Since no new tokens have been "minted," the term "Mint" does not apply.
Each inscription (Bitcoin NFT) has an inscription number, and the older the Mint, the smaller the number, so NFT numbers below 10,000 and 100,000 are given an "antique" feel. Although these early inscriptions often have no theme in their content, they have a "time" value.
Currently, the second and eighth bitcoins to be Mint -- Inscription #2 and Inscription #8 -- are both listed on the Ordinals Wallet.
Inscription #2 is the same as Inscription #8
The current highest-priced "Sub 10K" bitcoin NFT is Ordinals Punk #87 (Inscription #613), which trades at 2.77 BTC. On March 17, the Bitcoin Logo image Inscription #3384 was traded for 0.31 BTC. The influential "Sub 10K" series include Ordinals Punks, Bitcoin Shrooms and Planetary Ordinal. The familiar Bitcoin Punks is "Sub 100K".
An NFT series in which valuable airdrops are obtained after being held. At present, the more famous "shovel" is BTC Machine. They have subsequently airdropped two projects of BTC Operators and BTC Virus. At present, the floor price of BTC Machine is 0.088BTC on Ordinals Wallet market, while the floor price of BTC Operators and BTC Virus is 0.018BTC and 0.0012BTC respectively.
The more interesting Angle is that using various bitcoin NFT-related tools, it is highly likely to be dropped "shovel." Ordinals Wallet airdropped 1,563 Sad Frog-themed Pixel PFPS -- "Pixel Pepes" -- to its early adopters at the end of February, currently priced at 0.066 BTC. As the largest bitcoin NFT exchange by volume, Pixel Pepes' value is largely due to Shovel expectations. Due to the overlap in functionality offered by current Bitcoin NFT related tools, it is possible to attract traffic by airdropping NFT to users. Therefore, from now on, you should pay attention to multi-interactive Bitcoin NFT related tools. (Recommended reading:"Bitcoin NFT Eco Utility at a glance")
Bitcoin NFT is a nascent market. At this early stage, many of the project ideas were carried directly from the ETH NFT, such as Punk, Toadz, Apes, etc. However, if we have high expectations for the long-term development of the bitcoin NFT market, then the blue chips on Bitcoin will certainly be distinguished from ETH NFT in terms of underlying logic and gameplay, and will develop their own unique path in terms of narrative and art.
Meme culture has always been an important part of NFT art, and there are very good memes in the bitcoin native culture. At present, the most popular Bitcoin NFT project Taproot Wizards is the bitcoin native Meme culture. (Recommended reading:"What is Taproot Wizard paying tribute to Bitcoin memeNFT?")
In addition, another important element of Bitcoin's native Meme culture is "Pizza". There is already a project about "pizza" called Ordinal Pizza OG.
At this stage, the investment logic of Bitcoin NFT and ETH NFT does not show too much difference. Since more players are interested in NFT from ETH, it is easier for projects with accumulated traffic on ETH to migrate to Bitcoin. In the cold startup phase, NFT projects on Bitcoin mostly follow the mechanisms of whitelist and Paid Mint on ETH. Like the Solana NFT market, which was hot last year, influential whales smell the wind and rush in to take a bite out of the new attention economy.
But in the long run, if we believe that Bitcoin NFT will develop into another market comparable to or even surpassing ETH NFT, Bitcoin NFT will definitely and must develop its own uniqueness from the perspective of artistic content, cultural logic and so on, forming a unique "circle culture" of Bitcoin NFT circle. Bitcoin's native Meme, its long history of fair, pure value-building processes (i.e., Free to Inscribe, as they should be, since a centralized project party has no power to set Bitcoin prices. The value building of bitcoin is a long-term process of decentralization and condensation) and after the accumulation of artistic creation, the new Bitcoin NFT blue chip will stand out from this.
Bitcoin doesn't really have NFT, 1 Satoshi = 1 Satoshi is an eternal value equation, and Ordinals gives us the freedom to explore the diversity of value of bitcoin, and the market will give us a price to judge the value of all bitcoin diversity experiments. In the medium term, the author hopes that Bitcoin can provide more opportunities for small and medium-sized creators as the coolest carrier of art and culture.