NFT Community shifts towards Bitcoin Blockchain for ‘real scarcity’
According to the news on February 13, Jason A. Williams, the holder of BAYC # 1626, said on social media that the NFT community is turning to the Bitcoin block…
According to the news on February 13, Jason A. Williams, the holder of BAYC # 1626, said on social media that thecommunity is turning to the blockchain, and the has brought real scarcity to digital collections, so he decided to cast BAYC # 1626 on the world’s rarest and safest blockchain, and will use to destroy it forever on the blockchain, and will not return to Ethereum later, At present, BAYC # 1626 is cast as “Inscription 5413” on the Bitcoin blockchain.
BAYC # 1626 was permanently destroyed in Ethereum and cast as “Inscription 5413” on the Bitcoin blockchain
Interpretation of the news:
The growing popularity of non-fungible tokens (NFTs) and the increasing demand for exclusive digital collectibles have turned the attention of the NFT community towards the Bitcoin blockchain. In a recent news release on February 13, Jason A. Williams, owner of Bored Ape Yacht Club (BAYC) #1626, explained how the Ordinals protocol has brought about ‘real scarcity’ in the digital world. This helped him make the decision of casting his NFT on the world’s rarest and safest blockchain, Bitcoin.
The Ordinals protocol is a unique feature that categorizes NFTs by assigning them a specific number or serial code. For instance, BAYC #1626 was initially cast on the Ethereum blockchain, but Jason Williams decided to transfer this NFT to Bitcoin under the name ‘Inscription 5413’. He also plans to use TeleBurn, a feature on Ethereum that allows the permanent destruction of an NFT, to remove his BAYC from the Ethereum blockchain forever.
These actions reveal a significant shift in the NFT community towards Bitcoin, which has previously been dominated by Ethereum. The Bitcoin blockchain had traditionally been seen as less attractive for NFTs since it lacks the smart contract functionalities that are essential for NFTs impact on Ethereum. However, the development of innovative protocols such as Ordinals, along with the inherent security and scarcity of Bitcoin, is now making it an attractive choice for the NFT community.
As for the future of NFTs, it is evident that the emergence of new features and functionalities is driving its growth. The Ordinals protocol and TeleBurn are just a few examples of the ways in which NFTs are evolving. This shift towards Bitcoin might also persuade other NFT owners to move their digital art collections from Ethereum to Bitcoin, resulting in an increased demand for Bitcoin and potential changes in the dynamics of the NFT market.
In conclusion, this news shows how NFT creators and collectors are adapting to the demands of the market and exploring new ways of enhancing the value and rarity of their digital collectibles. Bitcoin’s inherent security and reduced risk of smart contract hacks make it an attractive choice for digital asset ownership. This trend may potentially change the NFT market dynamics and create a ripple effect on the crypto market’s supply and demand.
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