Can't NFTs work on Bitcoin?

[Wind_FURY]

It doesn’t matter if there’s no value in it for you, what matters is it has value for it in the market.

Good point. Live and let others live. Speak up if you notice something is off and smells like a scam, advise and correct, but don't be like Steam.

But the network/blockchain where the NFT resides is also the most important if you ask me. I believe in 15 - 20 years there will just be 3 to 5 blockchains that exists, and Bitcoin remaining at the center like the Sun of a solar system, still chugging along.

[1714816615]

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[pooya87]

But the network/blockchain where the NFT resides is also the most important if you ask me. I believe in 15 - 20 years there will just be 3 to 5 blockchains that exists, and Bitcoin remaining at the center like the Sun of a solar system, still chugging along.

I seriously doubt it. The idea of "penny stocks" is perfected in cryptocurrency world because it is so much easier and cheaper to create altcoins/tokens than it is to start a penny stock and sell it. There is also the benefit of anonymity so things like scams and money laundering will continue happening in altcoin market. Hence we will continue seeing the altcoins grow in number and in 15-20 years we may have more than a million worthless altcoins.

[Wind_FURY]

But the network/blockchain where the NFT resides is also the most important if you ask me. I believe in 15 - 20 years there will just be 3 to 5 blockchains that exists, and Bitcoin remaining at the center like the Sun of a solar system, still chugging along.

I seriously doubt it. The idea of "penny stocks" is perfected in cryptocurrency world because it is so much easier and cheaper to create altcoins/tokens than it is to start a penny stock and sell it. There is also the benefit of anonymity so things like scams and money laundering will continue happening in altcoin market. Hence we will continue seeing the altcoins grow in number and in 15-20 years we may have more than a million worthless altcoins.

You have a point, but it’s “blockchains”, not altcoins. I believe all “penny-shitcoins” will be generated in the remaining 3 - 5 remaing blockchains instead of boot-strapping their own networks. It’s currently happening since 2017, some of the earliest were before that.

[vic11con]

Obviously!
What we need to keep in mind in topic of NFTs (or by extension tokens) is that there has never been any connection between the token and the underlying object whatsoever. For example in case of artwork (digital or physical) it is an arbitrary data (eg. a hash) that is stored in a blockchain and a non-existent link between that data and the art.

For example I could sell you a pen and store a string mentioning "your name and the name of the pen" in blockchain as a NFT showing I sold you that pen. Whether I deliver the pen or if the pen exists at all doesn't prevent my ability to create that NFT and selling it for real money!

So obviously it could be done using bitcoin's OP_RETURN outputs. You could even define your own smart contracts that are completely different from bitcoin's smart contracts (scripts) and push it after the 0x6a!

As far as the connection is concerned, I don't think any of it exists lol. People just believe this and keep buying.

[Wind_FURY]

On the topic of "who decides what to have how much value". This analog-NFT with the colors of the Ukranian flag is valued/priced at $46,000,000. That's two commas and six zeroes ser, thank you very much.



Analog-NFTs are better, you truly own them. NFTs that don't truly "live" in the blockchain should not be as valued in my opinion.

[nutildah]

but also, soon you will be able to trade Ethereum NFTs on Bitcoin - https://xchain.io/asset/A709923891251641011 (this is the prototype vault)

Just found this thread.

This appears to be a "reverse vault" as it were. I can see the Ethereum NFT therein is this one:

https://opensea.io/assets/ethereum/0xa5d2b92091df326007cb5b856dccd702aefaf361/0

(for those not knowing what's going on DesktopCommando has created a way via Emblem Vault to lock NFTs on Ethereum and re-create them on Bitcoin as a Counterparty asset)

Did you end up making progress regarding this? Haven't heard much about it beyond this but I would totally port my CryptoKitty to my Counterparty address just for the lulz.

Thanks, and I appreciate all the work that you do to help bring attention to the innovation being delivered to Bitcoin via the Counterparty platform.