Bitcoin NFTs Challenge the Blockchain’s Largest Use Case: Money

[roksana.hee]

The article "Bitcoin NFTs Challenge the Blockchain’s Largest Use Case: Money" discusses the emergence of non-fungible tokens (NFTs) built on top of the Bitcoin blockchain. NFTs are unique digital assets that are verifiable on the blockchain and have gained popularity in the art and gaming industries.

The article argues that the rise of Bitcoin NFTs is challenging the blockchain's largest use case, which is money. Bitcoin was created as a decentralized digital currency, and its primary use case has been as a medium of exchange and store of value.

However, the emergence of NFTs on the Bitcoin blockchain is expanding its use cases beyond money, creating new opportunities for artists, musicians, and other content creators to monetize their work. With Bitcoin NFTs, creators can easily issue and sell unique digital assets and receive payments in Bitcoin.

While the article acknowledges that Bitcoin NFTs are still in the early stages and face some challenges, such as scalability and high transaction fees, it highlights the potential of this new use case for the blockchain. Bitcoin NFTs could lead to the creation of new markets and revenue streams, challenging the traditional models of content creation and distribution.

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[jackg]

Are there usable NFT gaming tokens on bitcoin's network already? Is there an NFT marketplace? You didn't seem to link the article so these aren't things I'm able to quickly find, but I doubt both at the moment (the main nft gaming platforms are still in altcoins).

I also doubt adding to an ecosystem can detract from it. There's no suggestion bitcoin can't be used as money and have NFTs on its blockchain.

[hatshepsut93]

However, the emergence of NFTs on the Bitcoin blockchain is expanding its use cases beyond money, creating new opportunities for artists, musicians, and other content creators to monetize their work. With Bitcoin NFTs, creators can easily issue and sell unique digital assets and receive payments in Bitcoin.

We heard this song in 2021-2022, turns out the main use case of NFT was selling them to bigger fools, and after that market crashed, everyone lost interest in them. Like it's always happening with blockchain and crypto, it's all hype, no result.

I view the rise of Bitcoin NFT as a spam attack that will test how resilient Bitcoin is. Worst case scenario is it will make the fees more expensive for real users who transfer money and not participate in a new type of ponzi scheme.

[thecodebear]

NFTs on Bitcoin's base layer just seem to be a distraction. From what I think I understand it uses each satoshi as a unique identifier to create the non-fungible part and then includes the NFT data in the blockchain.

I don't think many people would care about using Satoshi's in this way. Bitcoin users generally want to acquire more Sats and transact with them cheaply, not acquire few Sats with data attached and transact with them expensively.

If NFTs were somehow transacted on a higher layer that would be fine, but on the base layer it just doesn't make any sense to use the network in this inefficient way. We've got countless cheap centralized not very valuable crypto networks to push around stuff like this. There is only one Bitcoin, only one global sovereign hard money, and its just silly to use it in this way and I don't think this use case will last very long and it will just be a very niche thing that not many people care about.

[panganib999]

The article "Bitcoin NFTs Challenge the Blockchain’s Largest Use Case: Money" discusses the emergence of non-fungible tokens (NFTs) built on top of the Bitcoin blockchain. NFTs are unique digital assets that are verifiable on the blockchain and have gained popularity in the art and gaming industries.

The article argues that the rise of Bitcoin NFTs is challenging the blockchain's largest use case, which is money. Bitcoin was created as a decentralized digital currency, and its primary use case has been as a medium of exchange and store of value.

However, the emergence of NFTs on the Bitcoin blockchain is expanding its use cases beyond money, creating new opportunities for artists, musicians, and other content creators to monetize their work. With Bitcoin NFTs, creators can easily issue and sell unique digital assets and receive payments in Bitcoin.

While the article acknowledges that Bitcoin NFTs are still in the early stages and face some challenges, such as scalability and high transaction fees, it highlights the potential of this new use case for the blockchain. Bitcoin NFTs could lead to the creation of new markets and revenue streams, challenging the traditional models of content creation and distribution.

Always link your article within the post so we can read it ourselves.

Anyways, I don't think it's posing any challenge at all. There's no clear path as to which these bitcoin NFTs go to, no marketplace, no galleries whatsoever, just people who wanted to try this concept out. I think it could be promising, provided that we do something about the almost always congested transaction processes in bitcoin's blockchain, but as it stands today, it's just barebones with no plans of ever completing anything in the first place.

And it's not like bitcoin NFTs are new or a very innovative concept. We have had bitcoin NFTs as early as 2014, so the concept isn't really that new in all sense of the word. Plus NFTs aren't really in a good place right now considering the fact that the concept is getting shat on on all social media sites. Bitcoin had enough flak already, it's not great for publicity.

[OcTradism]

They are weak in money flow, cash flow. Without healthy cash flow, I am sure with you that those projects will fail. If inflow is less than outflow, token will be dumped. GameFi, NFT, Metaverse projects have yet successfully solved the cash flow issue.

You can see those tokens can have pumps in early weeks or months but later when hype is gone, selling pressure is high, their cash flow is broken and token can be dumped many times.

It is about their cash flow model, inflation control and it is not about the blockchain their project is based on. Blockchain can be Ethereum, Binance Smart Chain, Polygon, Avalanche, Harmony or Bitcoin but blockchain does not control inflation in those games.

[nutildah]

Are there usable NFT gaming tokens on bitcoin's network already? Is there an NFT marketplace? You didn't seem to link the article so these aren't things I'm able to quickly find, but I doubt both at the moment (the main nft gaming platforms are still in altcoins).

The answers are yes and yes. The first Bitcoin blockchain game was called Spells of Genesis, launched in 2015. It used Counterparty tokens for gameplay and players could also earn tokens through completing certain aspects of the game. Some of them are now worth serious bucks as collector's items. Bitcoins 10-minute blocktimes are an inherent drawback to using it for gaming but peeps have found ways around it through the years.

An Ordinals market has yet to be developed, although the other day the ordinals "team" put the finishing touches on a wallet that makes it easy to transfer them. Counterparty has enabled token trading through its DEX since 2014, and in 2021, it became possible to vault contents of BTC addresses and wrap them as ERC721 tokens for sale on OpenSea (this is by far the more popular route).

I also doubt adding to an ecosystem can detract from it. There's no suggestion bitcoin can't be used as money and have NFTs on its blockchain.

Word, an entirely sensible proposition.

[jackg]

Are there usable NFT gaming tokens on bitcoin's network already? Is there an NFT marketplace? You didn't seem to link the article so these aren't things I'm able to quickly find, but I doubt both at the moment (the main nft gaming platforms are still in altcoins).

The answers are yes and yes. The first Bitcoin blockchain game was called Spells of Genesis, launched in 2015. It used Counterparty tokens for gameplay and players could also earn tokens through completing certain aspects of the game. Some of them are now worth serious bucks as collector's items. Bitcoins 10-minute blocktimes are an inherent drawback to using it for gaming but peeps have found ways around it through the years.

10 minutes is the download time of a small game imo. A 20GB game (for example from the early 2010s) could take from half and hour to an hour and still seem like a reasonable/good download time imo. If cryptos the same I don't think too many people would care (axie didn't mint your slp when you earned them, they were just staked until you hit the claim button - and that was on an native chain).

[franky1]

silly people think bitcoin needs NFT on bitcoins blockchain to compete against ethereum..and boost bitcoin recognition..

.. but here is the thing. ethereums NFT game/promo/feature is not actually causing ethereum to have much of a unique community.

this is proven by looking at the lack of independent price discovery of ethereum
if it had its own unique community with a different sentiment. you would see ethereums volume be more then bitcoin, if that unique feature was more popular. and also the market price wiggles would look totally different to bitcoins price wiggles..

however looking at ethereums market. it just 95% of the time shadow trades bitcoin.
meaning there is not much of unique community in ethereum. thus NFT has not caused any big change of community sentiment to separate it

just look how ethereum is just shadow tracing bitcoin in most months by about 99% copying the ups and downs but just at a different cost ratio of about 1:14
            bitcoin           |            ethereum




ethereum does not have a big community of unique feature/utility that sets it apart as a novel usecase that separates it

thus NFT is not the big driver of price discovery