1. The BTC NFT market is hot, with the weekly trading volume of the TOP 10 NFT exceeding 600 BTC
As the Ordinals market continues to be popular, BTC NFT has caused a craze several times, and the single-day trading volume of BTC NFT once exceeded the trading volume of ETH NFT. In addition to the highly popular BRC-20 assets, NFTs in the BTC ecosystem are also performing well, with both transaction volume and the price of the leading NFT hitting new highs. For example, BItcoin Frog was also out of the circle for a time, with its price breaking through a new high of 0.5 BTC ($20,500), and its single-day trading volume exceeding Ethereum blue chips such as BAYC, which attracted everyones attention to the BTC ecological NFT.
According to iDclub market data, the weekly trading volume of the top 10 BTC NFTs last week exceeded 600 BTC ($24M). Head NFTs including Bitcoin Frogs and Ordinal Maxi Biz (OMB) have always maintained high popularity. Early NFT series such as Bitcoin Ape and Bitcoin Punks are regaining market attention, and newer series such as Goosinals and OrdiRocks are also on the market. The speculation is booming, and rising stars such as Fuzzy Fox and BitDogs have directly entered the TOP 10 weekly trading volume.
Although many people have played a lot with Inscription, those who are new to the Bitcoin Ordinals ecosystem may not yet know about BTC NFT. They also do not know the difference between BTC NFT and Ethereum NFT, as well as how to purchase BTC NFT assets, etc.
In order to help everyone understand BTC NFT more deeply, iDclub will share BTC NFT with you today. This article will introduce BTC NFT from the following aspects.
What are BTC NFTs?
What are the characteristics of BTC NFT?
What are the differences between BTC NFT and ETH NFT?
What are the classic and currently popular BTC NFT series?
How to buy and sell BTC NFTs?
2. What is BTC NFT? How is it cast?
BTC NFT is an NFT issued based on the BTC chain, or digital artifacts on the BTC chain. Different from Ethereum or other public chain NFTs, the core lies in the difference in issuance and storage methods.
The process of issuing BTCs NFT assets is to upload any data (text/pictures/videos, etc.) to the BTC chain through Bitcoin transfer. This process is the process of attaching information data to the smallest unit of Bitcoin - Satoshi. This process is also called engraving. In the usual sense, BTC NFTs are mainly inscriptions of data in text, image, and video file formats.
The foundation of BTC NFT is the Ordinals protocol and Bitcoin’s UTXO transaction model. Ordinals Protocol is a Bitcoin developerCasey RodarmorIn December 2022, it was proposed to number the smallest unit of Bitcoin, Satoshi. The order of numbers is determined by the order in which they are mined. The tracking and parsing of BTC NFTs, as well as other inscriptions, rely on satoshi numbers.
In the UTXO transaction model, each UTXO has multiple satoshis (to prevent dust attacks and have minimum transaction restrictions). Engraving NFT is the process of UTXO transaction. Pictures and other information are attached to the UTXO during the transaction. When the on-chain transaction is completed, the casting process is completed. That is the process of NFT inscription, as well as the process of all inscriptions and the casting of BRC-20.
In addition, the cost of BTC NFT casting is related to the size and casting speed. The larger the BTC NFT picture or video data, the higher the gas fee and the higher the casting fee. Taking Bitcoin Ape as an example, the minting fee for high-definition quality Bitcoin Ape is more than 5 million US dollars.
Currently, BTC NFT is divided into project issuance and individual issuance. Issuance by the project side: The project side will prepare the NFT materials that need to be released and submit them to the launchpad platform, and launchpad will issue the NFT. When BTC NFT is first issued, users will make public mint. Mint is divided into paid or free. Users will get NFT after successful mint. When the NFT mint is completed, users who want to obtain it can buy and sell it through the secondary trading market. Personal issuance: Users can personally engrave in the trading market, and the engraving is also an NFT. NFTs engraved by users can also be put on the shelves for sale.
3. What are the characteristics of BTC NFT?
Uniqueness: BTC NFT burns data on Satoshi. Each Satoshi has its own number, which is unique. For example, the number 001 satoshi. When the data is engraved on the 001 satoshi, it means that the data only exists on 001 satoshi. When the inscription is completed, the satoshi with the data becomes the inscribed NFT, and the inscription is also there. Unique number. Therefore, BTC NFT has uniqueness, a unique inscription number and a unique bound satoshi number.
Traceability: BTC NFT burns pictures, audio, etc. on Satoshi. Only the transaction of the most original engraving process contains the engraved pictures or videos and other data, while subsequent NFT transfers do not contain pictures, audio or other data. However, through the UTXO transaction history query on the chain, the original data of BTC NFT can always be traced back.
Permanence: The initial minting record of BTC NFT is securely stored on the Bitcoin blockchain, and once burned, the data will be permanently stored on the chain. It is tamper-proof and immutable. Permanently stored on the Bitcoin blockchain.
4. The difference between BTC NFT and ETH NFT
1. The different storage methods determine whether it is truly permanent and cannot be tampered with.
BTCs NFT essentially attaches arbitrary data to Bitcoins Satoshi, while Ethereums NFT does not require any attachment. Any data itself is an ETH NFT asset. BTC NFT data only exists on the BTC blockchain and is completely immutable; while ETH NFTs exist off-chain.
NFTs on Ethereum usually point to off-chain data on the Interplanetary File System (IPFS: a decentralized file storage system). A bit like the hard drive of a blockchain – it can be changed using dynamic metadata. To illustrate this point, some NFT projects update the metadata of individual NFTs to improve image quality. They may even require their holders to click the Refresh Metadata button on OpenSea to get new, higher quality images.
In Musk’s November interview this year, he expressed his views on NFT: What’s interesting is that the NFT is not even on the blockchain, it is just a URL pointing to a JPEG, and you should at least encode the JPEG into the blockchain. If the company hosting the image goes out of business, you no longer own the image.
But BTC NFTs completely break that problem, and Ordinals Protocol’s Bitcoin-based system allows artwork and media to be fully and securely recorded on the Bitcoin blockchain, providing an alternative to NFTs compared to the Ethereum model. This means that as long as the Bitcoin network is still functioning, NFTs will still be available.
2. Creator royalties and amounts
BTC NFT is different from ETH NFT. BTC NFT does not have smart contract functions. Creators cannot obtain royalties from it and can make profits by selling it on the trading market.
The maximum supply of Bitcoin is 21 million, which means that theoretically there are only 210 trillion Satoshis at most. Therefore, there is an upper limit on the number of NFTs in BTC, while there is no upper limit in the number of NFTs in ETH. of. In addition, there are many differences between BTC and ETH NFTs. BTC does not support smart contracts, while the programming language of ETH supports the writing of smart contracts.
3. Rare attributes
Ethereum NFT is defined by the project side, and each element in the NFT defines the rare attribute by setting the quantity. Although the project party also defines the rarity attribute in BTCs NFT, the current market is not sensitive to the project partys definition of rarity.
At the same time, the rarity of Satoshi is defined in the Ordinas protocol. So NFTs with BTC are partly defined based on the rarity of satoshis. There is a subset of NFT collections that will be issued exclusively on rare satoshis. On the other hand, like early NFTs, NFTs that were minted earlier have smaller inscription numbers and are also considered NFTs with rare attributes.
4. Differences in distribution methods
The issuance method of BTC NFT is that the project party submits the NFT information to launchpad and is issued by launchpad. After the issuance, if the project party has a whitelist, users with the whitelist can go to mint in advance. Ordinary users can go to mint when the mint is made public. . Mint is divided into paid and non-paying. Mint that does not pay only needs to pay the gas fee on the chain.
ETH NFT is usually released using smart contracts. Developers define the attributes and behaviors of NFT, such as name, description, owner, etc., and write smart contract code through Solidity. After writing the code, developers can use the Remix integrated development environment to carry out the contract. Test and deploy. Once the contract is deployed successfully, developers can use the Ethereum wallet to create and trade NFTs. Once created, users can use the wallet to connect to the Ethereum network and interact with the contract. For example, buy or sell NFTs, view NFT ownership records, etc.
4. What are the classic BTC NFT series? (names not listed in order)
1）Bitcoin Frogs
Bitcoin Frogs consists of 10,000 generated frogs and is sold through Free mint. It is also the first original 10K NFT collection on Bitcoin. As of now, the historical floor price has exceeded 0.5 BTC, exceeding 20,000 US dollars. As of now, the total transaction volume exceeds 1,000 BTC (40 million US dollars), and there are about 4,400 holding addresses. It is the most popular NFT series on BTC.
2）Bitcoin Punks
Bitcoin Punks is the first NFT project to use the Ordinals protocol and successfully upload CryptoPunk on Ethereum to Bitcoin, allowing players to mint for free, with all minting completed in less than 24 hours. (Bitcoin Punks) has the lowest number of inscriptions among all 10k collectibles in Bitcoin serial numbers, ranging from89 arrive34, 399 No wait. As of now, the average floor price of Bitcoin Punks is 0.058 BTC, the total transaction volume has reached 167 BTC, and there are more than 6,200 holding addresses.
3）Bitcoin Rocks
Bitcoin Rocks is a collection of NFTs with a total supply of 100, and the inscription numbers are 71-247. Because the inscription numbers are extremely small, they are highly collectible. The most recent transaction price was 3.9 BTC.
4）TwelveFold
TwelveFold is a series of NFTs issued by Yuga Labs in Bitcoin. The total supply is 300. According to officials, these works represent a complete art project and will not be used for other purposes, nor will they interact or be related to any previous, ongoing or future Ethereum-based Yuga projects.
5）Ordinal Maxi Biz (OMB)
Ordinal Maxi Biz (OMB) is the leading rare Satoshi NFT project. All the collections are engraved on the ninth block of Block 9, with a total supply of 2,100. As of December, the floor price of Ordinal Maxi Biz (OMB) was 0.565 BTC, the total transaction volume exceeded 800 BTC, and there were approximately 1,234 holding addresses.
5. Which platforms can trade BTC NFT?
1) iDclub
iDclub is a professional Ordinals trading market and one of the first platforms to enter the Ordinals ecosystem. The casting fees and transaction fees are very cheap, providing the most cost-effective Ordinals NFT trading services.
2) Magic Eden on Bitcoin
Magic Eden On Bitcoin is Magic Edens vertical trading market in the BTC chain ecosystem. It supports the issuance and trading of NFT assets in the Ordinals ecosystem and is a professional NFT trading platform.
3)Okx Web3
Okx Web3 is a non-custodial, decentralized multi-chain wallet with a built-in cross-chain currency exchange transaction aggregator DEX and a heterogeneous multi-chain aggregation trading platform (supporting Ordinals NFT trading services.
4)unisat
UniSat is a BTC wallet and browser extension wallet. At the same time, Unisat also has a comprehensive Ordinals trading market, providing Ordinals NFT transactions.
6. How to sell and buy NFT
NFT can be purchased and sold on the exchange market. The tutorial below will show you in detail how to purchase and sell NFT on iDclub.io.
1) Preliminary preparation
Before operation, you need to install the wallet plug-in in the browser (Google Chrome is recommended). The list of wallets supported by iDclub on the computer is as follows:
Unisat Wallet
Xverse Wallet
OKX Wallet
2) How to buy NFT
On the homepage of the iDclub.io trading market, select the NFT you want to purchase
After entering the details page, purchase NFT. Supports bulk purchase, up to 25 pieces at a time.
Confirm the transaction rate (GAS fee) of the purchase, which is high-speed by default and supports customization (⚠️The customized GAS fee cannot be too low, which will cause the transaction confirmation time to be too long). Click to purchase after confirming that it is correct.
When purchasing, a wallet confirmation will pop up. After confirming that the information is correct, click Confirm. After confirmation, just wait for confirmation on the chain and the purchase is completed✅
3) How to sell NFT?
1. After entering iDclub.io, connect to the wallet in the upper right corner of the page
2. Click the wallet address in the wallet location to enter the asset page
3. Click NFT to display all NFT assets in the wallet. Click to list them for sale.
4. After clicking on the shelf, enter the price for sale on the shelf. After entering the price, confirm it is correct and click on the shelf/update immediately.
5. After clicking List Now, a wallet signature will pop up to confirm the transaction. After confirming the transaction, wait for the seller to purchase ✅
For more Ordinals expertise and news, you can also follow us on Twitter: @idclub_ord or join our Discord:discord.gg/idclub
iDclub is a professional Ordinals trading market. iDclub entered the Ordinlas ecosystem in February and launched an inscription casting tool in March. The platform’s inscription casting volume exceeded 25% of the entire network, approximately 10 million pieces. The domain name trading market was launched in July, the NFT trading market was launched in August, and the BRC 20 trading market was launched in September. It is now a complete Ordinals trading market integrating primary casting and secondary trading. The current trading volume of the trading market has exceeded 1,000 BTC.
Website：https://idclub.io/
X：https://twitter.com/idclub_ord
Discord： http://discord.gg/idclub
[Disclaimer] There are risks in the market, so investment needs to be cautious. This article does not constitute investment advice and users should consider whether any opinions, views or conclusions contained in this article are appropriate for their particular circumstances. Invest accordingly and do so at your own risk.
