|
Title: NFT “secured” by bitcoin ? Confused Post by: Mbitr on April 07, 2022, 11:55:51 AM Just saw this on Twitter - what does this actually mean ?
TODAY WE SOLD THE FIRST NFT SECURED BY BITCOIN! https://twitter.com/carnavalartnft/status/1511857451741724674?s=21&t=mDFBX15itjinp7EpiVifOw Apologies I get confused with all this - I assume that these are not on the Bitcoin blockchain , but what does “secured” mean and is this the first ?? Any tech folks out there to clarify this for me ? Thankyou Website - https://www.carnaval.art/ Title: Re: NFT “secured” by bitcoin ? Confused Post by: ABCbits on April 07, 2022, 12:09:50 PM I checked the website and found out the reason. RSK itself is Bitcoin sidechain network with smart contract capability[1]. Additionally they use merged mining which tied to Bitcoin network[2], so miner who mine Bitcoin also could mine RSK altogether. Carnaval itself use RSK which support token and NFT generation[3].
Quote from: https://www.carnaval.art/ Carnaval, powered by RSK, develops the first marketplace on top of the most secure and most adopted blockchain: Bitcoin. Lower fees, awesome network effect and an incredible community are just a few of the advantages. [1] https://www.rsk.co (https://www.rsk.co) [2] https://mining.rsk.co/ (https://mining.rsk.co/) [3] https://developers.rsk.co/tutorials/tokens/create-a-collectable-token/ (https://developers.rsk.co/tutorials/tokens/create-a-collectable-token/) Title: Re: NFT “secured” by bitcoin ? Confused Post by: Mbitr on April 07, 2022, 12:36:31 PM I checked the website and found out the reason. RSK itself is Bitcoin sidechain network with smart contract capability[1]. Additionally they use merged mining which tied to Bitcoin network[2], so miner who mine Bitcoin also could mine RSK altogether. Carnaval itself use RSK which support token and NFT generation[3]. Ah Thankyou - so it’s a side chain. BUT I then this cant be a first - wouldn’t the NFTs on counterparty and/or FreeWallet be the first ? Still confusing going myself :) Title: Re: NFT “secured” by bitcoin ? Confused Post by: n0nce on April 07, 2022, 12:39:51 PM I checked the website and found out the reason. RSK itself is Bitcoin sidechain network with smart contract capability[1]. Additionally they use merged mining which tied to Bitcoin network[2], so miner who mine Bitcoin also could mine RSK altogether. Carnaval itself use RSK which support token and NFT generation[3]. Ah Thankyou - so it’s a side chain. BUT I then this cant be a first - wouldn’t the NFTs on counterparty and/or FreeWallet be the first ? Still confusing going myself :) Edit: I was wrong! A quick web search revealed I've actually read this article end of last year already, but simply forgot about it: NFTs ‘on Bitcoin’: Yes, That’s a Thing! (https://cryptonews.com/exclusives/nfts-on-bitcoin-yes-thats-a-thing.htm) I'm just not very interested in them; to me they are ownership contracts to JPEGs (at most) which is not what I believe the Bitcoin blockchain was made for. I also believe investing in any sort of art is a very risky subject (especially due to the non-fungibility apect), but that's another topic. I'd hate for gimmicks like this to use space on the blockchain or the UTXO database. I do believe that sidechains or off-chain protocols are the right choice for this sort of stuff. Title: Re: NFT “secured” by bitcoin ? Confused Post by: Mbitr on April 07, 2022, 12:50:20 PM If those are also on Bitcoin sidechains, it's not a first. I always assumed all existing NFTs to use Ethereum or one of its sidechains, though. I’m confused too - I always thought the first “NFTs “ were associated with Bitcoin ? Top 5 Historical NFT Collections On Bitcoin / Counterparty https://cryptoticker.io/en/top-5-historical-nft-collections-on-bitcoin-counterparty/ Title: Re: NFT “secured” by bitcoin ? Confused Post by: Pmalek on April 08, 2022, 07:34:52 AM I checked the website and found out the reason. RSK itself is Bitcoin sidechain network with smart contract capability[1]. Additionally they use merged mining which tied to Bitcoin network[2], so miner who mine Bitcoin also could mine RSK altogether. Carnaval itself use RSK which support token and NFT generation[3]. That sounds very much like Syscoin (https://syscoin.org/), so they can't claim they are the first. Syscoin has been around since 2014/2015. It's a POW censorship-resistant blockchain with a codebase that copies 90% of Bitcoin's code (I think). It's been updated to support LN and Taproot. It's also merged-mined, which means you don't need additional resources and hardware, but you can use the hashpower you are already allocating to Bitcoin. The network also runs a modified version of Ethereum's Virtual Machine making it smart contract compatible. You can do DeFi, NFTs, create your own tokens... There is even a bridge that allows users to swap between ERC-20 tokens and Syscoin-native tokens. And all that is cheaper and faster than with Ethereum. Syscoin runs a few different layers on top of the first layer solution. Sorry if this sounds like an ad for this altcoin, but I had to get it out there. Title: Re: NFT “secured” by bitcoin ? Confused Post by: PrimeNumber7 on April 08, 2022, 08:47:45 AM I checked the website and found out the reason. RSK itself is Bitcoin sidechain network with smart contract capability[1]. Additionally they use merged mining which tied to Bitcoin network[2], so miner who mine Bitcoin also could mine RSK altogether. Carnaval itself use RSK which support token and NFT generation[3]. Ah Thankyou - so it’s a side chain. BUT I then this cant be a first - wouldn’t the NFTs on counterparty and/or FreeWallet be the first ? Still confusing going myself :) Edit: I was wrong! A quick web search revealed I've actually read this article end of last year already, but simply forgot about it: NFTs ‘on Bitcoin’: Yes, That’s a Thing! (https://cryptonews.com/exclusives/nfts-on-bitcoin-yes-thats-a-thing.htm) I'm just not very interested in them; to me they are ownership contracts to JPEGs (at most) which is not what I believe the Bitcoin blockchain was made for. I also believe investing in any sort of art is a very risky subject (especially due to the non-fungibility apect), but that's another topic. I'd hate for gimmicks like this to use space on the blockchain or the UTXO database. I do believe that sidechains or off-chain protocols are the right choice for this sort of stuff. Today, most NFTs are, as you mention, more or less "ownership" of images. However, there is the potential for NFTs to document ownership of real assets. Actual ownership, including possession, cannot be enforced via the blockchain, however, the courts can use the blockchain as evidence to conclude who actually owns certain assets, and enforce ownership accordingly. Title: Re: NFT “secured” by bitcoin ? Confused Post by: Shymaa-Arafat on April 08, 2022, 03:52:48 PM Since u r discussing Bitcoin relation to NFTs, can u people give me more insight about what is discussed in this paper:
"Non-Fungible Tokens (NFT). The Analysis of Risk and Return" https://ssrn.com/abstract=3953535 It says Quote Returns estimated since the market low on June 22, 2021 are equally stunning. SAND and ALICE generate, on the market-adjusted basis, at least 236% each, whereas TLM and AUDIO over 125%. Further, DEGO and SUPER earn 73% each. There are only four NFTs which underperform bitcoin (TFUEL, SLP, THETA, and BAKE), TFUEL being the most extreme losing NFT (-52%), ahead of SLP (-34). It is important to stress that TFUEL and THETA are one of the best performers long-term (Figure 4, Panel A). Both have been listed on the crypto exchange for over two years and together with ENJ are the most senior NFTs traded on the crypto market. On the other hand, TLM is one of the best short-term performers but in the long-term it loses about 50% of its value against bitcoin (Figure 4, Panel B). - Anyone familiar with the mentioned NFTs knows a more specific reason or explaination to the results than the one said by the author??? -Also, do u think Bitcoin is the correct basis for comparison, I've strangely seen it in many papers why not Ethereum as the main environment for NFTs I don't know? |