Bitcoin Forum

Given the recent NFTs hype, was wondering if we should get NFTs onto Bitcoin. Given that Bitcoin is the KING in the industry and the most secure network, shouldn't we be able to secure NFTs using Bitcoin's security?

Just written an article (https://ethan-tan.com/nfts-on-bitcoin/) arguing for the case that NFTs on Bitcoin should be relooked at, and certainly will bring the NFTs industry forward with Bitcoin onboard.

• Most secure network
  
• Most well-established network effects
• Capital Pool of ~USD 1trillion.

That will be awesome, having NFTs on Bitcoin blockchain. Maybe in the near future, we will have it.
Truly, NFTs are rocking the Cryptocurrency space right. I have being thinking of how to benefit from it.

I think this NFT hype will end after some time. I have been hearing some news about people buying the NFT version of works of art at a much higher price than the value of their original version. It seems really insane to me. Why would I want to pay such amount of money and buy NFTs instead of the original ones? I don't know maybe I'm thinking in an old-fashioned way.  ;D

Since there are no smart contracts in bitcoin blockchain, does it mean that bitcoin needs to be forked in order to get the NFT on bitcoin blockchain ?
If that is the solution than i think we don't need NFT on bitcoin blockchain.

Bitcoin is not scalable enough to hold more load. Bitcoin should remain as digital gold. Thats enough to push its adoption and price higher and higher. Bitcoin does not need hyped technologies that will only clog the network.

Let ETH to be a smart contract chain for rich people focused on decentralization and BSC a smart contract chain for people focused more on cheap prices. We dont need anything else. We dont need bitcoin to be a "everything coins"

We already have more than enough networks for NFTs, please, stop

Bitcoin is already overhyped and there are problems with transaction fees. I think Ethereum is a perfect platform for NFTs because it's more flexible than Bitcoin and is very useful for smart contracts. So no wonder that ICOs in 2017 and NFTs nowadays turn to Ethereum because that's what this platform is good for. I don't really get how NFTs became so popular and why people are willing to pay so much money just to be able to say that they're owners of some digital art. However, it's a good way to support gifted creators, and it's an unexpected use case of blockchain technology, so I don't mind them. Ethereum is a platform for smart contracts, Bitcoin is a crypto you can pay with or store your wealth in.

This will be a big disaster incase NFT was launched on Bitcoin blockchain. It will cost too much traffic that will result on bloating pending transaction. BTC can't handle the current transaction volume and adding some source of huge transaction will make Bitcoin really slow down. Just like what happened on Ethereum when Crypto kitty was newly launched.

I don't think it's necessary and I don't think it is a good thing because NFT's are just full of hype these days and something like art that we don't really know if it has its value, most of the time people are just assuming a higher value in NFT's even though when it started to a low market value. You know the reality when it comes to these NFT's and I don't think bitcoin needs something like these, we don't know if this trend is going to continue in the future but there will be millions of NFT's and that is going to divide the market that will surely end this NFT's trend. Buying an art will probably 15$ and then selling for 300$ is just ridiculous and there are some art work that is obviously not work that much that is selling for even more.

i want to sell my first tweet, if anyone interested accept dogecoin

Technology for running tokens on Bitcoin's blockchain has existed for years, Counterparty (XCP) is one such example. You could probably use it for NFT even now, just create a token with supply of 1.

But what's the point? NFT is just a hype, it's not a promising new technology that will change the world.

Bitcoin has no smart contract implementation and each block only holds 1MB max so NFT is not viable. Bitcoin is Bitcoin and it is always the original chain. If you want to implement smart contracts on Bitcoin, you need to fork and create another Bitcoin.

Minting Non-Fungible Tokens NFTs on the bitcoin blockchain is going to be huge. But the ethereum community will not be happy about it because the bitcoin NFT will steal the show. The ethereum developers will be calling NFT developers on bitcoin copycats (they are very good at it). Also, NFTs on the bitcoin blockchain will lead to more congestion on the bitcoin blockchain, which leads to slow transactions and paying higher fees.  

The problem with this idea is the smart contracts, without smart contracts you can't attach any digital source to a transaction. As the name says 'Non fungible token' it's based on a token, so if you can't make tokens with bitcoin then you can't take the NFTs to bitcoin.

Another problem with the idea is the cost. to register any NFT with a coin you need to make a transaction, and transactions with bitcoins aren't cheap at all.

Bitcoin is not a token, so it NFT~oken doesn't not fit to bitcoin.

Bitcoin is bitcoin, let it do its thing, while ETH can do such stuffs for NFTs. And with the design of bitcoin transfer time it will congest more the network. So its a useless proposal to bitcoin development.

Bitcoin transactions are currently cheaper than Ethereum transactions.

Average Ethereum Fee: $15.62
Average Bitcoin Fee: $13.57

Source: https://ycharts.com

This cannot happen because Bitcoin cannot implement smart contracts. Next thing Bitcoin is not scalable and possibly congested at any moment. Bitcoin technology is old and not as good as being decentralized.

In recent days I found information about Stack on Twitter and I said to myself although we did not notice it, there are developers who are working to make bitcoin more usable. We just need time to know the progress


Here we have Muneeb the founder of Stack who says in a tweet the following about Smart contracts for bitcoin so I think we will start to know about NFT in Bitcoin.

Hmm don't believe this makes sense as fees would be as huge as on ETH. Plus NFT craze will be over in few months, therefore the largest share of the NFT craze will go through BSC. Cant believe any other scenario is possiible. Any thoughts on that?

Most likely they wont end or just disappear, think of the '' first tweet'' in this digital world we live in, it is an etalon and interesting thing to own. Very valuable as well, NFT makes something recently impossible possible, you can own digital property absolutely . These NFTs possible are overpriced , that i can agree with.

I haven't researched too much about Stacks but it sounds really interesting. NFTs is only one possible use case but there are many others.

The current buzz around NFTs is mostly around artwork and gaming, which is probably not what most bitcoiners are interested in. Some of the ideas from colored coins could be taken and implemented on Stacks, like buying and selling real world properties.

Right now everybody's attention is on ethereum so it will be an uphill climb to get people to adopt Stacks instead, but I hope it will be a very successful project.

NFTs being carried over or implemented into Bitcoin would actually seem like a great idea, regardless of what other people may say, be it their outcries due to high transactions fees or whatnot. Diversifying NFTs will offer and enable it to reach more people, which will then help it be implemented in more projects, perhaps even outside the world of cryptocurrency.

Yes I also agree people are now really building core structures of this system. Regardless if we think otherwise. But still ethereum with fees lost this battle to BSc. Are you all also in liquidity mining and staking?

Just curious, but how would you make a NFT on Bitcoin? Do things already exist for it? Softwares, protocoles, marketplaces, etc.? I have checked Raretoshi but it's on Liquid...

Base on my observation even without Bitcoin partnership. The NFT is blooming now particularly those play to earn method. Every player will have their own NFT card which the character to send into the battle arena. From daily quest and pvp wins. The players could earn extra tokens with value.

I don't know if there's an NFT develop in Bitcoin or can receive Bitcoin.

The game Lightnite, by Satoshis Games, is doing a great job with this: each character, each accessory, each weapon is a NFT - but on liquid.