First NFT “Taproot Wizard” Generated on Bitcoin’s Blockchain
The first NFT (non-substitutional token) has been generated on the Bitcoin blockchain. It was named “Taproot Wizard”. Here are the details of what happened.
What is the “Taproot Wizard” NFT?
The “Taproot Wizard” NFT was created on the Bitcoin blockchain by independent developer Udi Wertheimer. This NFT was intended to promote “Magic Internet JPEGs” and was included in the “biggest Bitcoin block ever” The image of the NFT depicts a wizard with a bald head and beard wearing sunglasses, a throwback to early Bitcoin memes.
The peculiarity of this NFT is its size: while Bitcoin transaction blocks are limited to a maximum of 4 MB, this NFT image was 3.94 MB in size, taking up almost all of a single block.
Why was the “Taproot Wizard” NFT created?
Wertheimer and Nick Hansen, CEO of Luxor Mining, jointly created this NFT; Luxor mined this NFT block; Ethan Vera, COO of Luxor, positioned Taproot Wizard as “short-term R&D”, part of maximizing the revenue potential for the company and its clients.
The mining of the NFT block will not affect Luxor’s compensation to miners; Luxor uses a full pay-per-share model, where miners are compensated at the market price based on the total amount of Bitcoin mined and transaction fees. Thus, transactions not included in the NFT block will be included in the next block and the variation will be equal, he explained.
Reactions within the Bitcoin Community
Reactions to the creation of the “Taproot Wizard” NFT were divided within the Bitcoin community. One group argued that Bitcoin should be used exclusively for payments, while fans of the Ordinals protocol welcomed the NFT.
Bitcoin Core developer Luke Dashjr is strongly opposed to Bitcoin having Ordinals and says he has developed a “spam filter” to prevent the creation of NFTs. On the other hand, Casey Rodarmor, the founder of the Ordinals protocol, does not seem at all disturbed by this new invention, but rather welcomes it.
This event is the first real example of how the Bitcoin blockchain can be used to generate NFTs, and could change the way NFTs are viewed within the Bitcoin community.
※reference URL:Giant Bitcoin ‘Taproot Wizard’ NFT Minted in Collaboration With Luxor Mining Pool
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