Bitcoin Network Proves to be a Promising Platform for NFTs with Nearly 74,000 NFTs Written in the Blockchain

02/14/2023 08:58 • Metaverse & Beyond • 95 views

According to the report, Dune Analytics data shows that since the launch of the Bitcoin network NFT protocol Ordinals in mid-December, users have written nearly 74000 NFTs into the Bitcoin blockchain. So far, Bitcoin miners have accumulated 574000 dollars in BTC transaction costs. These NFTs include Bitcoin Punks and OnChainMonkey.

Bitcoin miners have earned $574000 from NFT transactions based on the Ordinals protocol

Interpretation of the news:

The emergence of non-fungible tokens (NFTs) in the art world and the mainstream media has taken the digital world by storm, marking a new era of digital asset ownership and exchange. NFTs are digital assets that are unique, irreplaceable, and indivisible, making them ideal for representing high-value digital assets such as art, music, or videos. With the increasing popularity of NFTs, several blockchain networks, including Ethereum, Tezos, and Flow, have integrated NFT protocols, allowing users to mint and trade NFTs.

However, the recent report by Dune Analytics reveals that the Bitcoin network is not behind in the race, as users have written nearly 74,000 NFTs into the Bitcoin blockchain since mid-December, when the NFT protocol Ordinals was launched. Ordinals is an NFT protocol that works on top of the Bitcoin blockchain, meaning that users can create and trade NFTs using Bitcoin.

This revelation could be quite significant, given that Bitcoin is the most popular and widely used blockchain network, with over 100 million active users globally. Moreover, the Bitcoin network has higher security and scalability features than other blockchain networks, making it a more secure and reliable platform for NFTs.

According to the Dune Analytics report, Bitcoin miners have accumulated $574,000 in BTC transaction costs since the launch of the Ordinals NFT protocol. This indicates that there is a growing demand for NFTs on the Bitcoin network, and users are willing to pay high transaction fees to mint and trade NFTs.

The report also highlights some popular NFTs on the Bitcoin network, including Bitcoin Punks and OnChainMonkey. Bitcoin Punks are digital collectibles that resemble the popular CryptoPunks NFTs on the Ethereum network, while OnChainMonkey is an NFT collection featuring different monkey species with unique attributes.

In conclusion, the Bitcoin network has proved to be a promising platform for NFTs, with nearly 74,000 NFTs written into the Bitcoin blockchain since the launch of the Ordinals NFT protocol. With its growing popularity and higher security features, the Bitcoin network could significantly impact the NFT market and become a significant player in the digital asset industry.

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