Bitcoin NFTs
Binance NFT to Halt Bitcoin NFT Activities, Focus Shifts Away From BTC-Based Collectibles
In a recent announcement by Binance on April 4, 2024, the firm disclosed its decision to halt support for Bitcoin-based Ordinal non-fungible token (NFT) collectibles within its NFT marketplace. The directive from Binance calls for users of its NFT marketplace to withdraw their Ordinal inscriptions by May 18, 2024. Binance NFT Marketplace to End Ordinal […]NFT Market Flourishes With an 11.62% Rise This Week; Largest Ordinal Inscription Fetches Record 8 BTC
Sales of Non-fungible tokens (NFTs) have witnessed a notable uptick this past week, climbing 11.62% to hit $442.02 million over the previous seven days. The most significant transaction was the sale of the ‘Alien’ Cryptopunk #3,100, donning a headband, for $16 million, with Bitcoin-based NFTs claiming the lead in sales volume across 22 different blockchains. […]NFT Market Booms With 35% Sales Increase as Cryptocurrencies Rally
As the value of cryptocurrencies has risen, the non-fungible token (NFT) market has experienced a 35.14% increase in sales compared to the preceding week. This marks the third consecutive week of sales growth in the NFT sector, with NFTs based on Bitcoin leading the charge throughout this period. NFT Sales Surge Past $412 Million in […]Weekly NFT Sales Rise 17% With Bitcoin Climbing Back to Second in Volume
Based on the most recent international standings and weekly figures, sales of non-fungible tokens (NFTs) have surged by 17.66% in the past week, amassing slightly more than $306 million in sales. This uptick marks a jump from last week’s 16.8% rise in NFT sales, with the leading blockchains in terms of volume — Ethereum and […]NFT Market Sales Dip 12% This Week While Highlight Collections Record Notable Rises
In the last week, the market for non-fungible tokens (NFTs) has seen a decline, with sales falling 12.67% compared to the previous week, totaling $255.22 million. Ethereum took the lead in NFT sales, raking in $133 million, while Solana followed with sales over $46 million, relegating Bitcoin to third place with $40.9 million in sales. […]Bitcoin NFT marketplace Bioniq eyes lofty goal of alleviating network congestion
Bioniq operates on the Internet Computer Protocol, tapping into native Bitcoin integration to ease the network congestion and high fees associated with Ordinals inscriptions.
A new Bitcoin nonfungible token (NFT) marketplace aims to reduce network fees associated with the advent of Bitcoin Ordinals inscriptions by tapping into the Internet Computer Protocol (ICP).
Developed off the back of the creation of Bitcoin Ordinals in early 2023, Bioniq operates on the ICP and taps into its native Bitcoin integration to power the trade of Bitcoin-based Ordinals inscriptions.
Speaking to Cointelegraph on the eve of the platform’s launch, Bioniq CEO and co-founder Bob Bodily said the project has been in development since February 2023. The team has built a marketplace featuring Ordinals smart contracts auctions on the ICP, a complete cross-chain wallet between Bitcoin and the ICP, as well as an inscription tool.
“It had only been two weeks after Casey Rodarmor released Ord 0.4.0, and I knew Ordinals were going to be absolutely massive.”
The Bioniq team highlighted the growth in the market capitalization of BRC-20 tokens since their inception in Jan. 2023. The market cap now exceeds $3 billion, with over 42.6 million Ordinals minted to date. This has directly affected Bitcoin network congestion, leading to a spike in Bitcoin (BTC) transaction fees last seen since 2021.
Bioniq’s platform features a smart wallet for users to manage private keys using Web3Auth. This allows users to log into the platform using conventional Web2 Google accounts while maintaining noncustodial control of their wallets and assets.
The platform also uses partially signed Bitcoin transactions (PSBTs) through the ICP’s Bitcoin network integration. This unlocks smart contract capabilities for Bitcoin, removing the need for users to use centralized cross-chain bridges.
ICP is a “fantastic Bitcoin sidechain”
Building on ICP also allows Bioniq to claim transaction finality times below two seconds, as well as zero gas or network fees. Its architecture provides optimized storage costs, averaging around $5 per gigabyte of data stored annually.
Bodily added that Toniq, the studio behind Bioniq, has been developing on the ICP since May 2021 and has extensive experience building smart contract wallets, marketplaces, NFT launchpads and collateralized NFT lending protocols:
“ICP is a fantastic Bitcoin sidechain right now because it has wonderful Bitcoin primitives at the protocol layer.”
Bodily explains that ICP operates a Bitcoin light node running fully on-chain, which facilitates reading the Bitcoin blockchain via native smart contract calls. The ICP also has a threshold digital signature algorithm, known as an Elliptic Curve Digital Signature Algorithm. The implementation allows ICP smart contracts to sign layer-1 Bitcoin transactions and broadcast them to the mempool.
“These protocol primitives also enabled us to build an Ordinals wrapper entirely at the application layer; we didn’t have to touch the consensus layer of the protocol at all. So it is very fast to build Bitcoin tech on ICP right now,” Bodily added.
Bitcoin users and trust assumptions
Cointelegraph also inquired whether Bioniq’s wrapping process could be a potential barrier to entry for users. Bodily admits that while the process is largely automated by the Bioniq wallet and only requires BTC, there are two considerations that are pertinent for more discerning users.
“Wrapping requires a Bitcoin transaction. This means you have to pay in order to wrap. This is a significant barrier. One way we are addressing the problem is by integrating open Nostr PSBT listings into Bioniq,” Bodily explained.
This integration means that PSBT listings stored on Nostr through decentralized Ordinals marketplaces OpenOrdex or Deezy Place will be accessible on Bioniq. He added that it removes the need to wrap Bitcoin transactions, as users could list directly on Bioniq using open PSBTs.
Perhaps more importantly, Bodily explained that the wrapping process requires “trust assumptions” on both protocols:
“Wrapping over to ICP means in addition to trusting Bitcoin, you are now trusting the Internet Computer Protocol. Some Bitcoin users won’t want the counterparty risk of bridging assets to another chain.”
Bodily adds that Bioniq is focusing on developing user experience ahead of inheriting Bitcoin’s security, which is ensured by the finality of layer-1 transactions. However, he envisions a “nice decentralization path” for applications like Bioniq.
This would involve the evolution from being built on a sidechain with additional trust assumptions to “becoming a Bitcoin sovereign rollup on ICP that is trust minimized.” The final step would see Bioniq becoming a Bitcoin zero-knowledge rollup (ZK-rollup) on the ICP with no additional trust assumptions, inheriting the full security and decentralization of Bitcoin.
“ICP fits perfectly into this plan as well because ICP can provide a replicated execution environment (decentralized sequencer) or validium (extra off-Bitcoin storage for rollups).”
Banking on Bitcoin’s value proposition
A number of NFT marketplaces already offer Bitcoin Ordinals auctions and trading, which begs the question of what an exclusively Ordinals platform will bring to the ecosystem.
Bodily believes that existing offerings that featured “softer pivots” to Ordinals on their platforms were hamstrung by confusing user experiences. Developing a “dedicated Bitcoin Ordinals marketplace, built for Bitcoin users natively” hinges on developing a native cross-chain, BTC-ICP wallet.
In addition, Bitcoin’s unchallenged position as the preeminent and largest cryptocurrency by market cap remains another drawcard for the continued interest in Bitcoin NFTs into the future.
“If you look at the numbers, 89% of people in the world have heard about Bitcoin, Bitcoin accounts for around 50% of the total crypto market cap, and Ordinals have done over $500 million in volume this year — so there is massive demand.”
Bioniq joins the likes of Ordinals Market as a Bitcoin-only Ordinals marketplace. Gamma is another Ordinals marketplace that directly mints to Bitcoin’s layer-1 chain. Ordswap was an early Ordinals marketplace that has since closed down after losing control of its website to hackers. Meanwhile, multichain platforms like Magic Eden prominently list Bitcoin Ordinals NFTs.
Magazine: Recursive inscriptions: Bitcoin ‘supercomputer’ and BTC DeFi coming soon
Bitcoin Ordinals NFT trading volume tanks 98% since May: DappRadar
Alongside the declining trading volumes, the number of Bitcoin Ordinals transactions dropped by 97% to just 20,571 in mid-August.
DappRadar has pointed to an “alarming plunge” in Bitcoin Ordinals nonfungible token user activity, with trading volumes tanking around a whopping 98% since May.
In an Aug. 17 report, DappRadar highlighted its data showing that the total Bitcoin Ordinals sales volume had decreased from peak levels of $452 million in May to roughly $3 million as of Aug. 14.
In line with that drop, the number of transactions also declined by around 97% to 20,571 within that same time-frame.
DappRadar described it as a grim scenario for the Ordinals market, but did also emphasize that more time is required to determine whether this is a “temporary setback” or something that represents a “systemic problem of Bitcoin-based NFTs.”
“This steep decline in both sales volume and count within such a short period is alarming for Bitcoin Ordinals. The diminishing sales count underscores the waning enthusiasm or perhaps confidence in Bitcoin NFTs,” the report noted, adding that:
“While fluctuations in sales volume could be attributed to market dynamics, a consistent decline in transaction count may point toward broader issues. It suggests that fewer traders are engaging with Bitcoin Ordinals, which could raise concerns about its longevity and relevance in the NFT space.”
Q2 saw a significant decline in the #NFT market, both in terms of trading volume and active wallets.
— DappRadar (@DappRadar) August 17, 2023
One of the biggest victims was #Bitcoin Ordinals, with sales down 97% since May.
Is this the end of Bitcoin NFTs?
DappRadar exploreshttps://t.co/v0ouv9uwVJ
The decline comes after a hype-filled second quarter for Bitcoin Ordinals, which saw trading volumes and user activity skyrocket compared to Q1.
DappRadar went on to suggest that a key issue around the sustainability of Ordinals is that the Bitcoin community has a divided outlook on whether NFTs should be on the network or not — something which isn’t an issue for Ethereum and other blockchains.
Related: Bitcoin Ordinals team launches nonprofit to grow protocol development
“There are voices within the community that view Bitcoin primarily as ‘digital gold,’ suggesting that its primary function should remain as a store of value. On the other hand, Ethereum is often referred to as ‘digital oil’, indicating its role in fueling the digital economy,” the report reads, adding:
“The coming months will be crucial in determining whether Bitcoin finds a foothold in the ever-evolving NFT landscape or reverts to its primary role as a store of value.”
According to CryptoSlam data, the Bitcoin network is currently ranked seventh in terms of NFT sales volume over the past 30 days with $14.6 million generated from 21,989 buyers.
Crypto hater Peter Schiff to drop Bitcoin Ordinals NFT art collection
Despite hating on crypto for years, and calling NFTs worthless and easy to replicate two years ago, Peter Schiff is set to release an NFT art collection on Bitcoin.
In what seems like a parody but isn't, Economist, gold proponent and avid crypto skeptic Peter Schiff has unveiled a collaborative nonfungible token (NFT) art collection on Bitcoin that will soon go up for auction.
The reaction from the crypto community has been mixed, with people generally baffled, amused, welcoming — especially Ordinals proponents — or keen to point out the apparent hypocrisy.
its a hack right?
— Deezy (@CryptoDmack) May 26, 2023
did i just teleport to a different timeline?
im so confused
For years, Schiff has actively bashed crypto — especially Bitcoin (BTC) — at any chance he gets, with his arguments essentially revolving around BTC being a Ponzi-scheme that has no inherent value.
Despite all of that, Schiff unveiled the “Golden Triumph” collection via a May 27 Twitter thread, in collaboration with one of his “favorite artists” who goes by the pseudonym Market Price.
“This collaboration features the original painting ‘Golden Triumph’ as well as a series of prints and Ordinals inscribed on the Bitcoin blockchain,” he wrote.
— Eric Wall ♂️ Taproot Wizard #2 (@ercwl) May 26, 2023
Golden Triumph consists of one physical painting on an oil linen canvas depicting a human hand holding a bar of gold, 50 prints on archival paper depicting the same image and 50 digital versions inscribed as Ordinal NFTs on Bitcoin.
The collection will be sold via a two-part auction starting on June 2 and ending on June 9. For the Ordinals, the highest bidder will receive #1 of the collection, with the next 49 highest bidders receiving #2 to #50 in descending order.
It appears however that Schiff hasn’t done a full turnaround on BTC, and has instead woken up to a use case for blockchain technology; verifiable ownership of assets such as art via NFTs.
Commenting on Schiff’s Twitter post, user @LoneStartBitcoin asked: “So... it's valuable to put your ‘gold’ inscriptions on Bitcoin, but bitcoin [BTC] itself is not valuable?.”
“Correct,” Schiff responded.
Related: Peter Schiff blames ‘too much gov’t regulation’ for worsening financial crisis
Alongside his disdain for crypto, Schiff has also criticized NFTs on several occasions in the past.
For example, in a blog post from March 2021, Schiff described NFTs as “fake assets” that offer nothing other than ownership of a digital image that can be “replicated endlessly” online.
“But even as the owner of the image, you won’t be able to control access to it. The file has been copied thousands of times, so anyone with access to the internet can look at it as much as you,” he wrote.
1) What pic.twitter.com/TsBqaRJnPI
— wab.eth (@wabdoteth) May 26, 2023
The sharp change in sentiment follows a similar vein to former U.S. president Donald Trump, who has also aggressively slammed crypto on multiple occasions before getting involved with NFTs.
Back in December, Trump teased a “major announcement” which MAGA supporters thought was politically related, before unveiling the licensed Trump Digital Trading Cards collection.
Magazine: NFT Creator: Top 10 crypto artist Trevor Jones on being rich, rekt and rich again
Bitcoin’s Ordinal Inscriptions Surpass 7 Million Mark, Fueling the Trend’s Unstoppable Momentum
On May 15, 2023, the number of Ordinal inscriptions surpassed the 7 million mark and as of 9:00 a.m. Eastern Time on Tuesday morning, 7,204,882 Ordinal inscriptions have been added to the Bitcoin blockchain. Miners have collected 1,324 bitcoin in fees by confirming inscription transactions which equate to roughly $35.86 million in added onchain fees. […]