Smart contracts and NFTs on top of the Bitcoin blockchain

[The_honey_bager]

I have done some research yesterday about the current state of smart contracts and NFTs on top of the Bitcoin blockchain.

So far I found two projects that are bringing smart contracts in the Bitcoin space: Stacks and Sovryn.

Stacks seems ahead of Sovryn regarding his development and funding at this time. I even found a functionnal NFTs marketplace in the Stacks ecosystem. Both projects have their own coins: STX (Stacks) and SOV (Sovryn).

I'm curious about the technical and financial side of Stacks and Sovryn. Therefore, I would love to hear your opinions on both those projects.

I would also like to experiment with NFTs tied to Bitcoin and I'm not sure which marketplace is the best and the most popular. Any tips on that would be very appreciated.

[BBGC NFT]

...Both projects have their own coins: STX (Stacks) and SOV (Sovryn).

We need something without other coins. The reason? If these coins / this network don't exist anymore ... so your NFTs won't. But Bitcoin will exist ... always.

[OmegaStarScream]

There is also the RGB Protocol which I made a post about a few weeks ago: https://bitcointalk.org/index.php?topic=5382633.msg59050786#msg59050786

The protocol uses the lightning network, so unlike the projects you mentioned, it doesn't have its own coin. I know that DIBA.io is using it to build their NFT marketplace but not sure of the progress.

[coupable]

...Both projects have their own coins: STX (Stacks) and SOV (Sovryn).

We need something without other coins. The reason? If these coins / this network don't exist anymore ... so your NFTs won't. But Bitcoin will exist ... always.

We don't need more coins in the market. There are no reasons to create more.
This is the first time hearing about those coins STX and SOV and if they will become popular then wait for thousands of other coins built just for the NFT market. Note that those coins doesn't represent independent networks having their own blockchains.
I would always recommend the actual networks and try to develop them .

[The_honey_bager]

...Both projects have their own coins: STX (Stacks) and SOV (Sovryn).

We need something without other coins. The reason? If these coins / this network don't exist anymore ... so your NFTs won't. But Bitcoin will exist ... always.

We don't need more coins in the market. There are no reasons to create more.
This is the first time hearing about those coins STX and SOV and if they will become popular then wait for thousands of other coins built just for the NFT market. Note that those coins doesn't represent independent networks having their own blockchains.
I would always recommend the actual networks and try to develop them .

AFAIK Stacks has his own blockchain that is tied somehow to the Bitcoin blockchain to secure everything. Their coins (STX) can also be mined by Bitcoin miners for extra profit if I understood correctly.

I think Sovryn has his blockchain too like Stacks but I not 100% sure. I will have to double check that..

[BlackHatCoiner]

Why would we need an entire other project, blockchain, currency for something that can already and has already been implemented? It's called Colored Coins and it wasn't recognized much. There's also work done on second layer(s) as told by OmegaStarScream above.

[hugeblack]

USDT bulid on the top of Bitcoin blockchain (Omni Layer) however, it did not achieve success because of fees, or at least things were not managed well.
Therefore, building on the Bitcoin network will not give value to this project, but rather how to make things better than what is done on other networks such as Ethereum, BSC and others.

If it is built on the lightning network, then there will be a difference although I think the tokens are better managed Ethereum/BSC (if it fails then it will be good)

[franky1]

the only thing that goes ontop of the bitcoin blockchain. is a new block.
everything else is side chains,  side projects, forks, pegged tokens,

the whole 'on top' is the psychology subliminal 'top'=best
they say on top to hint/suggest something is better than bitcoin, even before describing it

much like calling there SIDE project 'bitcoin layer 2' as a subliminal for bitcoin 2.0, pretending its the official bitcoin replacement/upgrade everyone should move to

[zeuner]

...Both projects have their own coins: STX (Stacks) and SOV (Sovryn).

We need something without other coins. The reason? If these coins / this network don't exist anymore ... so your NFTs won't. But Bitcoin will exist ... always.

STX is "mined" by spending BTC, and the source code for doing so is available freely. So, one might argue that as long as BTC exists, anyone who cares can also make STX exist.