Discussions about the influence of NFTs on Bitcoin have increased over the past few days. It is about not even the first tryto use the largest blockchain for this purpose. Therefore the question arises which now differentiates the ordinals from the previous approaches and which consequences these might have for the most well-known cryptocurrency. The following article will everything important about the new trend and some of the most exciting NFT projects presented.
Now again NFTs on Bitcoin
Since last month there has been a new project on the largest cryptocurrency, Bitcoin, which wants to take advantage of the potential of NFTs. Previously have this however Counterparty already did in 2014 and Stacks in 2017, which brought NFTs to the Bitcoin blockchain for the first time. In contrast to the first NFT solutions, however no sidechain or tokens required.
Instead, the NFTs directly to Bitcoin’s Satoshi written via the input field of taproot transactions. In their size they will be there only by the block limit of 4 MB limited. In order to be able to store larger amounts of data, several transactions must be used. Stored data about ordinals includes Pictures, audios, videos and entire games.
Ordinals Data
Up until 7 February 2023, we have identified:
* Over 13,000 Ordinals transactions
* 526MB of Bitcoin blockspace usage
* 6.77 BTC of Ordinals related spendhttps://t.co/cSNHSPIEs3— BitMEX Research (@BitMEXResearch) February 8, 2023
The new NFTs on Bitcoin have created great demand. So were from BitMEX alone Identified 13,000 transactions with ordinals between December 14th and February 7th. You should 526 MB of data consumed as well as Cost 6.77 Bitcoin to create have. Although she only 1 to 3% of transactionsthey should be there have claimed nearly 70% of the block space.
The new non-fungible tokens include, among others Imitations of some of the most popular NFT collections like among other things CryptoPunks and Bored Ape Yacht Club. But some of them have already developed significantly in terms of price. According to Degen News, the Inscription 620 has already become like this sold for 9.5 BTC. The NFTs can be found on the Website of Ordinals and Bitcoin NFT marketplace Gamma.
In contrast to other blockchains such as Ethereum and Solana, which have been testing and using NFTs for a long time, there is However, Bitcoin is still in its infancy with this technology. Because the ordinals can be only been using for a few months and are mass market for a few weeks.
Invest now in the highly sought-after NFT gaming platform!
Effects of the introduction of the NFTs
After the new NFTs on Bitcoin were made suitable for the masses, discussions about them picked up speed. Among other things, this is what he said Lightning developer Rene Pickhardt critical to this. In his opinion, Proof of Work should actually prevent spam, while it is now being littered with data.
So @adam3us invented hash cash as a spam prevention mechanism.
Then satoshi utilized this in #bitcoin to solve double spending.
And now folks waste precious blockspace by spamming jpegs?!
Why creating the #lightningnetwork in the first place if the base layer allows this shit?! https://t.co/okytBt1uof
— Rene Pickhardt (@renepickhardt) February 8, 2023
peter toddas one of Core developers of Bitcoincommented on Pickhardt’s opinion and said that the Blockplatz a separate market is and he is his Reconsider assumptions about value should. After all, users have to pay for it, so it doesn’t necessarily constitute spam.
“precious blockspace”
The block space has a market, and that market is valuing it at 5sat/vByte;$0.19/tx if you want your tx to get in within the next few blocks.
If the market disagrees with you about something being “precious”, maybe you should rethink your assumptions.
— Peter Todd/mempoolfullrbf=1 (@peterktodd) February 8, 2023
Some of the latest NFT projects
Many new crypto projects are harnessing the potential of NFTs in different ways. Some of the newest and most interesting cryptocurrencies are presented below:
Fight Out – Diversified move-to-earn project by world-renowned professional athletes and coaches
Fight Out is about that most professional move-to-earn start-upbecause it was made by a Team made up of world champions and professional coaches, among others developed. In addition, it not only offers one of the most original fitness and sports apps with challenges, duels and tournaments for a variety of sports disciplines. They also belong to Fight Out state-of-the-art fitness center with the first connection to the Metaversum. Within this, the users are represented by a user-bound avatar, which develops according to their personal athletic performance. These are equipped with different useful and cosmetic NFTs, which unlock further features in the application.
Secure now in good time with a presale discount and up to 50% free coins and more!
Calvaria – Exceptional NFT card game with play-to-earn
The novel P2E card game wants its users mainly through one varied entertainment value of a AAA premium game convince, which was developed with e-sports in mind. It is divided into different factions, spells, game modes and more. Calvaria can do both Free to play as well as play to earn be played to ensure easy dissemination. As playing cards, it uses limited NFTs, which can be upgraded to the next level by destroying duplicates. Therefore it is about deflationary maps, which should tend to increase in value due to the shortage of supply. In addition, intended for the playing cards as well rental functions be provided with which Investors can also generate passive income with the NFTs.
Invest now early in the NFT card game Calvaria!
Meta Masters Guild – Browser and mobile game platform with NFTs as rewards
The NFTs also play an important role in Meta Master Guild. Because with them, the users get the complete ownership of game objects. This makes it much easier to exchange and trade. Also, some can used in several games at the same time become. The new P2E mobile game platform Meta Masters Guild recently caused a stir, since the presale, which only started this year, is already almost completely sold out. Because as a gaming platform, it offers a enormous scaling potential through lower development costs, because different game studios develop on this and use the same coin. So that will Reduced the risk of single games and increased the chance.
Secure the last MEMAG token in the presale now in good time!
IMPT – Climate-friendly marketplace with compensation for CO₂ savings as NFTs
IMPT aims to CO₂ trading, monitoring and reduction has never been easier to design. That’s what it’s for different features offer, with the core element of Marketplace for climate and environmentally friendly offers is. Using the CO₂ score and the Carbon savings rewards with every purchase in the form of NFTs, consumers can compare the offers better and live even more climate-neutrally. Besides, they can Also destroy NFT carbon credits to reduce their carbon footprint. That’s what they should artistic NFTs with a collector’s value receive. So far, more than 25,000 renowned brands, some of which operate globally opted for IMPT.
Invest in IMPT with NFT Emission Credits now!
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About the author: Simon Feldhusen first came into contact with the stock market 16 years ago and has been dealing intensively with trading, cryptoassets, stocks, P2P, corporate finance, finance and entrepreneurship on a daily basis for more than 7 years. He has also been working as a copywriter and ghostwriter in the financial sector for several years. During this time he has acquired a diversified knowledge through various training courses on the financial markets and following the daily news. Since then, not a day has gone by that he hasn’t engaged with the markets. He publishes for Finanzen.net, ETF-Nachrichten.de and Coincierge, among others.
