The dominant NFT company, yugalabs, bet big on the dominant cryptocurrency, Bitcoin. The move 'should be a signal that the future is bright, and there's much to be explored in this exciting and dynamic industry,' aubreystrobel writes. Opinion.
for more – and so far has not created any NFTs on any other blockchains other than Ethereum, where the majority of digital collectibles currently exist – meaning that one of the largest companies in crypto is betting big on Bitcoin.Interestingly enough, development on Bitcoin has been trending up during this crypto down turn.
Where did this all begin? For many years, people regarded the world’s number one digital currency as a pet rock. This is not a dig against Bitcoin, it’s a result of its careful design and stewardship. Bitcoin is meant to be– and it does a fanstastic job of that. But at the same time people and companies have been asking, could Bitcoin be bigger?
Though NFTs began on Bitcoin via Counterparty, they were not popular during the last bull market because Bitcoin is not smart-contract friendly. Building on the network takes a bit more work than building on networks designed to run decentralized applications. The Ordinals project took advantage of a Bitcoin upgrade from 2021, called Taproot, and allows for digital artifacts to be inscribed on the actual blockchain.
So-called bitcoin NFTs are notably different and potentially better than NFTs on Ethereum, which often require data to be stored on external servers such as IPFS. An Ethereum NFT is an immutable token, which links back to potentially mutable data. Ordinals makes storing NFTs more secure, because settlement stays on Bitcoin’s chain forever. It's possible many other popular NFT series could follow Yuga's footsteps and deploy projects on Bitcoin.
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