Bitcoin purists are worried about the prospect of Internet memes like pixelated cats cluttering the Blockchain. For good reason, an NFT creator plans to create a platform for the exchange of NFT with Bitcoin directly on his Blockchain. He adds that this new feature could boost its usefulness.
NFTs on the Bitcoin Blockchain?
The Blockchain par excellence of NFTs remains that of Ethereum. Last January alone, 1.38 million NFTs were minted on the world’s largest Blockchain. Casey Rodarmor is the creator of the NFT Ordinals protocol. According to msn, he thinks that NFTs could give more utility to the Bitcoin Blockchain. But the oldest Blockchain in the world could find itself seriously congested. Indeed, it takes a large amount of data to generate digital images, GIFs and representations of NFTs. Eventually, Bitcoin may no longer be able to fulfill its primary mission as a peer-to-peer payment network.
Note, however, that some projects are already housed on the Bitcoin Blockchain. For example, there is a series of Bored Ape JPEG files. Also featured are NFTs from Donald Trump and ex-FTX executive Sam Bankman-Fried. In fact, some of the earliest NFTs on Bitcoin are popular images on Ethereum. This is for example Nyan Cat an animated flying cat with a pop-tart body. It was sold for nearly $600,000 in 2021.
Is Bitcoin a Blockchain for non-fungible tokens?
This Blockchain consumes much more energy than any other Blockchain. In addition, it is already in high demand for transactions. Therefore their execution speed is below those of other major Blockchains. Bitcoin can perform 7 transactions per second, on Ethereum it’s 30 but Polygon for example it’s 7,000. So one can wonder if adding the energy-hungry non-fungible tokens on Bitcoin is a wise decision.
Crypto-enthusiast from the start, Rodarmor wants to give more value to his favorite Blockchain. His idea is that people will be more likely to exchange bitcoins for NFTs since it is the most used crypto. But by doing this, won’t it make Bitcoin unusable because of transaction delays?
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