Over the past week, in a relatively unnoticed corner, a small Bitcoin ecosystem image project called Natcats has skyrocketed 10 times without officially listing on any Bitcoin NFT trading market. The current OTC floor price has reached 0.08 Bitcoin.

Natcats

A few days ago, Natcats 829999 was sold at a price of 1.3 Bitcoin, becoming the highest-priced Natcat transaction to date.

And just yesterday, two small image projects related to the DMT concept, NATTRIBUTES and Natdogs, were listed on Magic Eden and immediately made it to the daily trading volume leaderboard. NATTRIBUTES had a daily trading volume of over 11 bitcoins, while Natdogs had a daily trading volume of over 5 bitcoins.

What is the concept of DMT small image?

DMT Theory

The well-known Bitmap is the application of the DMT theory. The theory is quite obscure when reading the documentation. In short, there are many types of data in the Bitcoin blockchain, such as block hash value, block size, block height, block target difficulty, etc. Based on these data, the DMT theory aims to create specific digital assets.

How can individuals utilize Bitcoin blockchain data to create specific digital assets? The process of mining value from Bitcoin blockchain data is similar to discovering chemical elements in nature. Multiple "elements" can be registered under the same data type, but they cannot have the same name, meaning that the same type of data can have multiple uses.

The first registered and named "element" is DMT, which uses the Bitcoin block target difficulty data. Natcats, NATTRIBUTES, and Natdogs all use this "element" to create small images using the Bitcoin block target difficulty data. So how does Natcats specifically use this "element"?

The Creation Process of Natcats

First of all, the DMT small images you see are the results of code rendering. Now, if you go to Magic Eden to check out the NATTRIBUTES and Natdogs collection, you will find that it looks like this:

This is because Magic Eden does not yet support DMT small image rendering on the front end. Similar to "recursive inscriptions", most of the Bitcoin small images you see now are actually content called layer-by-layer pointer calls, rendered based on the code results.

The figures from left to right are the rendering code (recorded on-chain in JavaScript form) for rendering Natcats images, the deployment script for Natcats, and the forging script for Natcats. The "dep" field in the forging script points to the deployment script, while the "id" field in the deployment script points to the on-chain script containing the image rendering code.

You can understand it this way: based on the data pointer on the chain, Natcats generates images based on specific scripts, but additional work is needed to display the results of the code running, after all, Bitcoin itself will not do this. We usually call this process "indexing". For example, to display the balance of BRC-20 in front of you, the work of the "indexer" is required, and then the correct results are displayed on your browsing interface.

Now let's explain how Natcats uses Bitcoin's block target difficulty data to create small images. Similar to Bitmap, a Natcats corresponds to a block, but Natcats imposes restrictions on the block data requirements - only if the Bitcoin block target difficulty data (hexadecimal field) contains "3b", the Natcats forged by that block will be recognized as valid.

The block target difficulty data of Bitcoin is adjusted every 2016 blocks (approximately 2 weeks), and there have only been 4 occurrences of "3b" in Bitcoin's history, each time after 2016 blocks. Therefore, the total supply of Natcats currently is 2016*4 = 8064. It is unknown whether such blocks will appear in the future, and there may be new Natcats available for minting if new "3b" blocks appear in the future.

The above only determines whether Natcats can "be born", and the "genes" (i.e. what Natcats look like) of Natcats are determined based on the block height of the generated blocks. For example, if you "occupy" the "3b" block with a block height of 123008 (i.e. use this block to cast a Natcat), because the block height contains "00", this Natcat will have earrings.

The rules for generating features are quite complex, for example, the color of earrings changes according to the third digit of the block height, but the idea is the same. As a result, some features have not yet been generated, such as Natcat with an alien crown when the block height contains "00000". In short, because the appearance of the "3b" block is unpredictable, its block height is also unpredictable, and there are unknown factors from the series supply to the rarity of features. Therefore, Natcats are also known as "generative art based on Bitcoin block data".

NATTRIBUTES and Natdogs are generally similar to Natcats in terms of logic, but there are differences in specific rules, which will not be elaborated here.

Conclusion

Just a reminder, as of now Natcats has not officially launched any Bitcoin NFT trading market. Although there are collections on Ordinals Wallet, they are clearly incomplete. Currently, most transactions are conducted through their official Discord in OTC form.

而 NATTRIBUTES and Natdogs have already been FOMOed on Magic Eden. Investing involves risks, so everyone needs to be extremely cautious.

欢迎加入律动 BlockBeats 官方社群：

Telegram 订阅群：https://t.me/theblockbeats

Telegram 交流群：https://t.me/BlockBeats_App

Twitter 官方账号：https://twitter.com/BlockBeatsAsia