How to Make Bitcoin NFTs: A Complete Guide
Bitcoin non-fiat tokens (NFTs) are quickly gaining attention, offering new opportunities for enthusiasts of the world’s oldest blockchain and digital arts. Until now, NFTs have been issued and traded primarily on Ethereum-based platforms and other platforms, but a new protocol, Ordinals, announced in 2023, allows NFTs to be created in Bitcoin itself.
What are Ordinals?
Ordinals record a unique serial number for each satoshi, the smallest unit of bitcoin (BTC), which is assigned a number in the order in which they are mined. This “ordinal theory” allows each satoshi to have a unique identity and to permanently record any meaningful arbitrary data, such as pictures, text, or video, in the bitcoin blockchain.
This ordinal mathematical theory gave each satoshi a “mathematical value” and each became a kind of rarity to be collected and traded.Ordinals can be found in some wallets and online explorers.
What are Inscriptions?
The process of assigning assets to a Satoshi is called “Inscriptions”. This is a way to create a digital artifact native to the Bitcoin blockchain, a digital version of a physical artifact.
Inscription is done entirely on-chain, with no need for sidechains or separate tokens, and uses the Ordinals protocol to imprint content onto a Satoshi. This allows the location of a particular satoshi and its ordinal number to be tracked.
How to Create Bitcoin NFTs
Two methods currently exist for creating Bitcoin NFTs, or Ordinals.
Method 1: Methods Requiring Technical Skills
The first method is to run a full Bitcoin node and install Ord on that node. This allows you to imprint Satoshi in the Ordinals wallet and create a Bitcoin Ordinals NFT.
There are two types of bitcoin wallets that can process Ordinals, both of which are compatible with Taproot and require a “coin control” feature to prevent accidental Ordinal Satoshi transmissions for network charges or another transaction.
– The Sparrow wallet is only recommended for receiving Ordinals. This avoids accidentally sending Ordinals satoshis. However, it is not necessary to run a full node.
– The Ord wallet requires running a full node and has a capacity of 500 GB. unlike the Sparrow wallet, the Ord wallet allows you to create an inscription and freeze the engraved Satoshi to prevent accidental spending.
Whichever wallet you use, you must have a certain amount of bitcoin available to pay transaction fees.
Method 2: No-Code Method
The second method is to imprint Ordinal NFTs using a no-code tool such as Gamma or Ordinalsbot.com. This is much easier and can be done in the following steps
1. first select the type of file you want to use for your Bitcoin NFT
2. Upload the required files from your computer.
3. set the transaction fee according to how long you want to wait for your Ordinal (Bitcoin NFT) to be created.
4. copy and paste the bitcoin address to which you want to send the digital artifact. This address must be an Ordinal compatible address or a Taproot address.
5. wait for the NFT to be created. This wait can take from a few hours to several days, depending on the fees paid to complete the process. You can track the status of your mint through the link you received in your email.
These are the general steps when creating a Bitcoin NFT (Ordinal) using a no-code tool such as Gamma or Ordinalsbot.com.
For Ordinal (Bitcoin NFT) transactions, the appropriate infrastructure and marketplace are currently in the process of being built, and digital artifacts are traded in OTC (face-to-face) form. Transactions take place primarily on a dedicated Discord server, with an escrow acting as an intermediary, and transactions are tracked via Google Sheets.
Ordinal’s marketplace uses the completely reliable and secure Partially Signed Bitcoin Transactions (PSBT) technology. This allows users to easily sign transactions in cold storage and perform atomic swaps without a middleman.
To purchase Bitcoin NFTs, you must use a Taproot compatible wallet (e.g. Ordinals wallet, Xverse wallet, Hiro wallet).
※Reference URL:How to create and sell Bitcoin NFTs
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