In the market environment where the ETH NFT market is getting colder, more and more players are turning their attention to the Bitcoin NFT market. Although the popularity of the Bitcoin NFT market continues to rise, many players are still lingering outside the gate of the Bitcoin NFT world. In addition to the high learning threshold caused by the imperfect infrastructure, one of the problems is being unfamiliar with the current project trend in the Bitcoin NFT market.
Rhythm BlockBeats will sort out the main categories of current Bitcoin NFT projects for you in this article. What are Bitcoin NFT players playing? Let's take a look.
BRC-20 Token
In the article " Issuing Tokens on the Bitcoin Network? Learn how to mint BRC-20 ", the author has already introduced BRC-20 Token in detail. To put it simply, the current BRC-20 Token can still be understood as "speculating NFT", because the transfer-related infrastructure has not yet been perfected, and most of the OTC transactions are direct sales of wallets with "valid Mint inscriptions (NFT)" done with the private key.
At the same time, most of the OTC transactions are $ordi transactions, because $ordi is the first successfully deployed BRC-20 Token. Currently, the off-exchange transaction price of $ordi has risen from 1000 $ordi = 10u to 1000 $ordi = 50~60u.
The infrastructure related to BRC-20 Token transactions has not made much progress in the near future, but some statistical index websites have appeared, such as " brc-20.io ". Through this website, we can quickly retrieve the balance of BRC-20 Token under the target address, and also check the types of BRC-20 Token that have been successfully deployed and their balance available for Mint.
.sats domains
If you're new to bitcoin NFTs, Mint's own .sats domain name is a great way to start. At present, the .sats domain name has been initially empowered. For example, in the UniSat wallet, the transfer to the Bitcoin address corresponding to the .sats domain name is already supported:
For another example, the first social application "Damus" based on the decentralized social protocol Nostr will soon support the use of .sats domain names as usernames.
Like the BRC-20 Token, the Mint .sats domain name is equivalent to a BTC NFT of text type in Mint.
The rule for determining the validity of the .sats domain name is very simple, and it is also a widely accepted rule in the Bitcoin NFT market - "First come, first served". Although anyone can repeatedly write the same text to Mint the same text type NFT, only the first successful Mint is judged as true.
Before you want Mint to own your own .sats domain name, you need to query whether the target domain name has been used by Mint through the official index API of Sats Names. The query method is to directly visit https://api.sats.id/names/xxx.sats (change xxx.sats to the domain name you will Mint target).
If the target domain name is not Mint, the following prompt will appear:
If the target domain name has been Mint, the following prompt will appear:
Once we are sure, we can use some Bitcoin NFT Mint tools to register the domain name. In the article "Issuing Tokens on the Bitcoin Network? Learn how to mint BRC-20 ", the author has introduced the Mint process of BRC-20 Token in detail. For the domain name, just change the Mint type to ".sats" and refer to the Mint process of the BRC-20 Token.
If you want to purchase a domain name, you need to check the validity of the NFT before purchasing. Now there are tools such as UniSat that can be easily inquired, taking UniSat as an example:
From the query results, we can see that 342 "111.sats" were released by Mint. But according to the "First is First" rule, only the "111.sats" NFT with the inscription number #173458 is true (UniSat ticked this NFT), buy other "111.sats" NFTs are all invalid.
At present, nearly 60,000 valid (independent) domain names have been registered (Mint), and the NFT corresponding to the domain name accounts for nearly 15% of the total number of Bitcoin NFT. In the market of Ordinals Wallet, .sats domain name has completed 1,800 transactions, among which the domain name with the highest transaction value is "gm.sats", which was sold at a price of 0.125 BTC.
Pure digital domain names are more popular among players. For example, "896.sats" was sold at a price of 0.1 BTC, and "04.sats", "988.sats" and "8848.sats" were all sold at a price of 0.05 BTCC. In the past few days, there have been more transactions of 5-digit pure digital domain names, and the price range is mostly between 0.0002 and 0.0005 BTC.
Ordinary NFT
The ordinary NFT here refers to the familiar "small pictures", such as PFP, Art and so on. Under this track, we can select potential NFT projects from four perspectives.
The NFT project of "big card slot"
Refers to blue-chip projects on ETH and Solana to NFT projects issued on the Bitcoin network, such as Yuga Labs' "TwelveFold" and the Bitcoin version of DeGods.
Such projects already have great influence, so the launch price is also high. Yuga Labs' "TwelveFold" sold 288 NFTs in an auction, with the highest winning bid price being 7.1159 BTC and the lowest winning bid price being 2.2501 BTC, with a total auction revenue of about 16.5 million US dollars. Currently, on ordinals.market, the floor price of "TwelveFold" exceeds 30 ETH, and the cumulative turnover is 108.49 ETH. DeGods sold 500 Bitcoin versions of DeGods within 2 minutes at a price of 0.333 BTC.
Since there are no smart contracts on the Bitcoin network, it is unclear how these "big card slot" NFT projects will be empowered in the future. An interesting detail is that Yuga Labs used the word "Inscribe" very carefully during the release process, while DeGods still used "Mint". Although it is only a small wording difference, it has a completely different meaning for Bitcoin NFT - there is actually no NFT on Bitcoin, and the so-called NFT is just writing different content on different Satoshi. Since no new tokens are "minted", the term "Mint" does not apply.
"Sub 10K"
Each inscription (Bitcoin NFT) has an inscription serial number. The earlier Mint is, the smaller the serial number. Therefore, NFTs with serial numbers below 10,000 and 100,000 are given an "antique" meaning. Although these early inscriptions often have no theme in content, what they speculate is a "time" value.
Currently, the 2nd and 8th Bitcoin NFTs issued by Mint—Inscription #2 and Inscription #8 are both listed on the Ordinals Wallet market.
The current highest-traded “Sub 10K” Bitcoin NFT is Ordinals Punk #87 (Inscription #613), with a transaction price of 2.77 BTC. On March 17, Bitcoin Logo image Inscription #3384 was sold at a price of 0.31 BTC. The most influential "Sub 10K" series include Ordinals Punks, Bitcoin Shrooms and Planetary Ordinal, and the familiar Bitcoin Punks is "Sub 100K".
"shovel"
Refers to the NFT series that continue to receive valuable airdrops after holding. The currently well-known "shovel" is BTC Machine, and they have airdropped two projects, BTC Operators and BTC Virus. Currently, the floor price of BTC Machine on the Ordinals Wallet market is 0.088 BTC, while the floor prices of BTC Operators and BTC Virus are 0.018 BTC and 0.0012 BTC respectively.
What deserves our attention more is that using various Bitcoin NFT related tools is very likely to be airdropped "shovel". Ordinals Wallet airdropped 1,563 sad frog-themed pixel PFPs — “Pixel Pepes” to its early users at the end of February. The current floor price of the series is 0.066 BTC. As the largest Bitcoin NFT trading market at present, the value of Pixel Pepes is largely derived from the "shovel" expectation. Since the current Bitcoin NFT-related tools overlap in the functions provided, it is very possible to attract traffic by airdropping NFT to users. Therefore, from now on, everyone should pay attention to more interactive Bitcoin NFT related tools. (Recommended reading: " A List of Bitcoin NFT Ecological Utilities ")
"Original Meme"
Bitcoin NFTs are a nascent market. At this early stage, the ideas of many projects are carried directly from ETH NFT, such as Punk, Toadz, Apes and so on. However, if we have high expectations for the long-term development of the Bitcoin NFT market, then the blue chips on Bitcoin will definitely be distinguished from ETH NFT in terms of underlying logic and gameplay, and will develop their own in terms of narrative and artistry. Unique route.
Meme culture has always been an important part of NFT art. Bitcoin native culture has a good meme accumulation. Currently the most popular Bitcoin NFT project Taproot Wizards is Bitcoin native Meme culture. (Recommended reading: " Analysis of Bitcoin memeNFT, what does the bald wizard Taproot Wizard pay tribute to and express? ")
In addition, another important element of Bitcoin's native Meme culture is "pizza", and there is already a project about "pizza" called Ordinal Pizza OG.
epilogue
At this stage, the investment logic of Bitcoin NFT has not shown much difference compared with ETH NFT. Since more players interested in NFT come from ETH, it is easier for projects that have accumulated a certain amount of traffic on ETH to migrate to Bitcoin to succeed. Most of the NFT projects on Bitcoin also used mechanisms such as the whitelist and Paid Mint (paid minting) on ETH during the cold start phase. Just like the Solana NFT market that was once popular last year, influential giant whales entered the market one after another after smelling the breath, leading their forces to take a bite of the new attention economy pie.
But in the long run, if we believe that Bitcoin NFT will develop into another market comparable to or even surpassing ETH NFT, Bitcoin NFT will definitely and must develop its own uniqueness from the perspectives of artistic content and cultural logic, forming the Bitcoin The unique "circle culture" of the NFT circle. Bitcoin's native Meme cultural elements, Bitcoin's fair and pure value shaping process for a long time (for example, Free to Inscribe should be the case, because the centralized project party does not have the power to price Bitcoin. The value shaping of Bitcoin It is a long-term process of decentralization and cohesion) coupled with accumulated artistic creation, the new Bitcoin NFT blue chip will stand out from the crowd.
Bitcoin does not actually have NFT. 1 Satoshi = 1 Satoshi is an eternal value equation. What the Ordinals protocol gives us is the right to freely explore the diversity of Bitcoin values. The market will give prices to judge the value diversity of all Bitcoins. The value of experimentation. In the mid-term, the author hopes that Bitcoin can give small and medium-sized creators more opportunities from the perspective of the coolest art and culture carrier.
