Topic: NFT's on Bitcoin, why is no one doing this (Read 329 times)
NFTs, or non-fungible tokens, are a type of cryptocurrency created on a smart contract platform such as Ethereum. They are unique digital objects that can be cool to possess or even productive to trade. Think of them as digital collectible cards. They typically start out as something only enthusiasts care about, but if you get a rare one, it very well may be worth very much one day..
This is why stuff like NFTs and meme-coins is getting traction on Ethereum and not in Bitcoin.
i think the reason is actually because it costs nearly nothing to create these tokens on ETH whereas creating an actual cryptocurrency requires more effort and some money.
He's not talking about Bitcoin vs. Ethereum tokens, he's talking about why NFTs are launched on Ethereum as opposed to Bitcoin.
With all these new chains popping up why aren't people just minting NFTs onto bitcoin directly?
To do this then you need to add smart contracts to bitcoin, and that will not happen.
You can add smart contracts to Bitcoin, people have been doing it for years, and the first NFTs ever were minted on the Bitcoin blockchain.
With all these new chains popping up why aren't people just minting NFTs onto bitcoin directly?
To do this then you need to add smart contracts to bitcoin, and that will not happen.
The good news is you can make smart contracts with other coins like Cardano, Stellar, Tron, EOS... so, the NFT's aren't just for ETH. But since the platforms to sell the NFT's use ETH, then is the most common way to make them.
This is why stuff like NFTs and meme-coins is getting traction on Ethereum and not in Bitcoin.
i think the reason is actually because it costs nearly nothing to create these tokens on ETH whereas creating an actual cryptocurrency requires more effort and some money.
for example take the popular memcoin known as Doge. the dev had to copy bitcoin (or rather litecoin) and make changes to the protocol, test it and spend a lot of time making sure those changes didn't break anything. then release and have to mine it themselves to keep the coin alive for some time before others get onboard.
in comparison a token creator just writes a much shorter script on top of ethereum and doesn't spend any time testing or spending any money running any miner or anything like that. they jut release that tiny code and have a tokne!
The problem is not the capability of the chain but the enthusiasm and willingness of the community to do such a thing. The Ethereum and Alt-coin communities have taken a much more welcoming and open approach towards appreciating what is built on Ethereum. Ethereum also has an application centered approach. For most people, the idea of making an application is much fancier than the protocol level work that Bitcoin community values.
Yeah, I think this sums it up pretty well. Ethereum's primary use-case is creating tokens, so NFTs effectively enhance the utility of that environment. The benefits outweigh the costs there.
Bitcoin's primary use-case is (arguably, because I know there's always room for disagreement on this) censorship resistant and secure transfer of value. Anything not geared towards that goal is often perceived as a drain on valuable resources. It doesn't enhance utility. The costs outweigh the benefits here.
Totally different priorities.
The problem is not the capability of the chain but the enthusiasm and willingness of the community to do such a thing. The Ethereum and Alt-coin communities have taken a much more welcoming and open approach towards appreciating what is built on Ethereum. Ethereum also has an application centered approach. For most people, the idea of making an application is much fancier than the protocol level work that Bitcoin community values.
This is why stuff like NFTs and meme-coins is getting traction on Ethereum and not in Bitcoin. Quite simply, to an outside observer or a newbie, Eth space is far more fun than Bitcoin. Hence the proliferation of NFT, Art and so on. Finally, way more resources and communities are available if someone chooses to devote their time and energy to solidity.
This is why stuff like NFTs and meme-coins is getting traction on Ethereum and not in Bitcoin. Quite simply, to an outside observer or a newbie, Eth space is far more fun than Bitcoin. Hence the proliferation of NFT, Art and so on. Finally, way more resources and communities are available if someone chooses to devote their time and energy to solidity.
Lol I've been in the bitcoin community since 2012. It is clear you have no idea what you're talking about. Early on we worked on colored coins that did exactly this. I'm just wondering why no one has continued the work.
Meni Rosenfeld's paper on the subject is one of the most brilliant bitcoin documents since the white paper -- it pretty much paved the way for the tokenization of cryptocurrencies. The Mastercoin white paper predates it by almost an entire year, but that was before my time and not really that impactful (outside of Tether, of course).
Nobody mentioned the main reason why nobody uses OMNI or Counterparty anymore, and that is because it is far too expensive to transact on the Bitcoin blockchain, unless you are creating orders hundreds or thousands of dollars in size. Kind of defeats the purpose of tokenizing something.
Somewhat ironically, it's now too expensive to transact tokens on Ethereum as well, so a lot demand is spilling into L2-oriented chains like Polygon, Binance Chain, etc.
I think Counterparty would still serve perfectly well for tokenizing more expensive things like real estate ownership, but the exchange (the world's first DEX, unless if that was NXT) would have to be readily re-creatable in case the counterwallet servers go down.
Take a gander at the OG NFTs, Rare Pepes, hosted on Counterparty:
https://rarepepewallet.com/
projects aren't done on ethereum because you need functionality exclusive to the ethereum network; they launch them there because ethereum is a magnet for naive investors who are very easy to sell narratives to.
this won't be done on bitcoin because bitcoin's community is far harder to market things like NFT's to, and there'd be much less volume and interest
this won't be done on bitcoin because bitcoin's community is far harder to market things like NFT's to, and there'd be much less volume and interest
Lol I've been in the bitcoin community since 2012. It is clear you have no idea what you're talking about. Early on we worked on colored coins that did exactly this. I'm just wondering why no one has continued the work.
Colored coins technology was built without making any changes to Bitcoin's protocol, but continuing its development to be competitive with Ethereum ecosystem would require making changes to Bitcoin's protocol, meaning hard forks, and devs want to avoid hard forks at all costs. It's simply not a big priority for Bitcoin, Bitcoin doesn't need lots of features, it needs to be robust decentralized money.
Why you need nft on bitcoin? as far i know, it technically impossible. Other chains are not enough for you?
Bitcoin is a long-live cryptocurrency and it does not need to bind with any alternate cryptocurrency to increase bitcoin adoption. Do you think NFT is a really good token? If it is not good, it is one more reason to keep distance between bitcoin and NFT.
I know recent months, people are interested in NFT but it is a similar phenomenon as Cryptokitties in 2017. Just a temporary hype.
What next after NFT? Other scam tokens will be tied with bitcoin and BTC will be used as a supplementary tool for scam projects.
I know recent months, people are interested in NFT but it is a similar phenomenon as Cryptokitties in 2017. Just a temporary hype.
What next after NFT? Other scam tokens will be tied with bitcoin and BTC will be used as a supplementary tool for scam projects.
Just like DeFi in Bitcoin, using Bitcoin platform for NFTs can be possible but it seems to me that the idea is not taking off for maybe lack of interest and lack of developers who can push for such a thing though as mentioned by many others here there are actually now doing the same thing. Maybe we have to accept that this trend is best suited under the Ethereum network and maybe even some newcomers on the scene. If we have to really look at this thing closely, Bitcoin does not have to be involved with NFTs to make it really more valuable because by itself it already is.
Early on we worked on colored coins that did exactly this. I'm just wondering why no one has continued the work.
I think it's a question of utility. It's difficult to say how many people would find it useful. The idiom "if you build it, they will come" doesn't always appear to hold true in crypto. Or, at least, they come for a little while and then move on to the next fad. People build stuff all the time that either seldom gets used, or even gets left completely abandoned. There needs to be a demand, need, or a purpose, for the thing in order for development to continue progressing. At the moment, there just doesn't seem to be enough interest in that area for it to be a worthwhile effort to pursue.
Lol I've been in the bitcoin community since 2012. It is clear you have no idea what you're talking about. Early on we worked on colored coins that did exactly this. I'm just wondering why no one has continued the work.
Because such tokens have no real world utilities so nobody is really interested in using them. So far the tokens we have seen were created for pump and dumping and making the creators rich.There are of course stable coins that may have some utility but they are centralized which makes then worthless in nature since we have centralized money and payment systems already.
Ethereum is also a coin, but you can mint NFTokens on its chain.
Ethereum is more like a platform not a coin, and ETH is referred to as the "fuel" for smart contracts not an actual coin. 
They used to, before Ethereum was a thing, before the NFT craze... See https://en.bitcoin.it/wiki/Colored_Coins. It was big..ish around '14-'15 IIRC. Then Ethereum came around and since it was easier to make tokens on it, people gravitated towards using that instead. When NFTs became the hot new thing, devs just used what they already were using for fungible tokens.
Otherwise, if it was that easy on bitcoin minus creating or using side-chains, we would be having a ton of tokens on the Bitcoin network that are not just NFTs given that Bitcoin is the oldest network.
We do have them. We have Omni (even with some USDT tokens there) and Counterparty. And they don't need to run natively on the chain. Most NFT arts on ETH aren't even stored entirely on the blockchain (but linked to a .jpg on the outside) and they are doing just fine.Ethereum is turing complete, has a higher network capacities, most devs and token communities, so they won the "tokens" race. But that doesn't mean it's not possible for us to do something similar on the Bitcoin network if we wanted to. You're free to create your own token through Counterparty today: https://counterparty.io/projects
It's not if we should, if it makes sense or if it's worth it, but if we can (and yes, we can).
Ethereum is also a coin, but you can mint NFTokens on its chain.
Here is what I was thinking, Ethereum blockchain has capabilities to support and make it so easy to create tokens through smart contracts on the mainnet unlike Bitcoin. Otherwise, if it was that easy on bitcoin minus creating or using side-chains, we would be having a ton of tokens on the Bitcoin network that are not just NFTs given that Bitcoin is the oldest network.It's probably not feasible, or it involves a lot of meandering for one to have an NFT based on bitcoin.
NFTs (Non-Fungible Tokens) are tokens, Bitcoin is a coin, the only truly decentralized coin, moreover mined through a Proof-Of-Work algo, not minted out of a thin air.
Ethereum is also a coin, but you can mint NFTokens on its chain.How do you expect NTF's to be minted on Bitcoin blockchain?
I don't see any reason why this wouldn't be possible.AFAIK, the Liquid Network by Blockstream supports non-fungible tokens running on Bitcoin. One example is the Light Nite game which has NFT in-game items: https://blockstream.com/2020/05/12/en-light-nite-launches-liquid-powered-gaming-nfts/
NFTs (Non-Fungible Tokens) are tokens, Bitcoin is a coin, the only truly decentralized coin, moreover mined through a Proof-Of-Work algo, not minted out of a thin air.
Maybe you should get a clear meaning of NFTs and the reason as to why Bitcoin was created. The Bitcoin white paper could open your eyes a little - https://bitcoin.org/bitcoin.pdf
How do you expect NTF's to be minted on Bitcoin blockchain?
Maybe you should get a clear meaning of NFTs and the reason as to why Bitcoin was created. The Bitcoin white paper could open your eyes a little - https://bitcoin.org/bitcoin.pdf
How do you expect NTF's to be minted on Bitcoin blockchain?
With all these new chains popping up why aren't people just minting NFTs onto bitcoin directly?
Jump to: