Topic: Can't NFTs work on Bitcoin? - page 5. (Read 1260 times)

That point can be easily solved by using zero satoshis. Then, you never move any coins, you create zero outputs just from thin air, in this way you can easily create and destroy any such output in any transaction. Of course, currently you can only do that in test networks, in mainnet you have to use at least dust amount. And of course you have to always cover transaction fees, even if you move zero coins.

Of course. But you don't have to make such transactions by hand, you can have some client doing that for you.

Obviously!
What we need to keep in mind in topic of NFTs (or by extension tokens) is that there has never been any connection between the token and the underlying object whatsoever. For example in case of artwork (digital or physical) it is an arbitrary data (eg. a hash) that is stored in a blockchain and a non-existent link between that data and the art.

For example I could sell you a pen and store a string mentioning "your name and the name of the pen" in blockchain as a NFT showing I sold you that pen. Whether I deliver the pen or if the pen exists at all doesn't prevent my ability to create that NFT and selling it for real money!

So obviously it could be done using bitcoin's OP_RETURN outputs. You could even define your own smart contracts that are completely different from bitcoin's smart contracts (scripts) and push it after the 0x6a!

I haven't yet read up enough on NFTs to confidently answer your question, but I'm pretty sure that they work a bit different from what you described.
Also, I already came across 'Bitcoin NFTs', which are sold on https://raretoshi.com/. While it's 'on BTC', it actually uses the Liquid sidechain.

But it is definitely possible to implement NFT directly on Bitcoin; simply through using a coloured coin.
To be honest, we have these for years and they can directly act as an NFT without any modification to the spec.

I guess in theory something like this could work but it seems like too much effort to involve bitcoin as most people that buy nfts online probably don't going to go to the trouble of checking the bitcoin transactions and hashes and stuff.  nfts are an ethereum thing not a bitcoin thing. as well, a hash doesn't really stop someone from counterfeiting an nft image.

It's a very nice conception though because it's gonna look self explanatory to most peeps who are unimaginably skeptical anyways
Point one:
These is not going to make Bitcoin decentralized anymore because you're trying to say that everyone that has traded with those coins must inherited those transaction histories just for clarifications and that will mean downloading piles and piles of histories which makes it very cumbersome.
Point two:
 Uhmm.. but don't you think if it implies in Bitcoin, most likely when they're sold or swapped to a scammer because(it isn't written on the face neither the addresses) don't you think if the person involved was supposed to begin the trade and probably sends btc first and he/she was scammed that it will mean lifting up voluminous trade histories and hashes just to possibly find a way to get him (the scammer)?
We'll, perhaps I was only referring to these antiquated Bitcoin not  when we'll nutured programmers will make all their efforts to creat  "Bitcoin pro" in it's highest dexterity!
Point three: Alice and Bob traded digital arts with money and they didn't trade money ITSELF I think it's not gonna look proper because these images doesn't have:
*Value *it isn't a legal tender* it can't be sold to anyone except upon request,.
 ...as the currency it was bought with...
This is just to my own discreetion 🙂
Been a while,
Trojane ❣️

First of all, I'd like to confirm that I have the correct technical background of the way NFTs work in my mind. So, let's say Alice wants to sell her digital art (image) to Bob.

1) She hashes her image and announces to everyone that this hash is owned by her.
2) Bob gives Alice an invoice which says she gives the rights of her art from her address to Bob's.
3) Once she announces it, it's Bob's. Now Bob can prove to anyone it's his art and Alice can prove it was her art before she handed it out to Bob.

In order for Bob to upload his now-owned art, he chooses as many NFT marketplaces as possible and uploads the file plus the hash. Any seller can verify it's Bob's and that he hasn't lied.

Let's see how can this work in Bitcoin:

1) Alice creates a transaction containing the hash of her image next to OP_RETURN and the state of her art. (Currently hers)
2) Bob gives Alice his address.
3) Alice creates another transaction which contains the hash of her image and a statement which reveals she wants to give the rights of her image to Bob, revoking her previous transaction rights.

Therefore, people can see where the first transaction of that art was made and follow the spent outputs to reach the current owner.