Creating NFTs with Bitcoin? Ordinal Protocol Opens New Possibilities
Is Bitcoin an NFT (non-fiat token)?” The answer to the question, “Is Bitcoin a NFT?” is that some Bitcoins can indeed now function as NFTs. This is due to a new protocol, Ordinal, which uses the bitcoin blockchain to create NFTs.
The Ordinal protocol assigns a sequential number to each satoshi (the smallest unit of bitcoin) and allows data (images, text, video, etc.) to be embedded in that satoshi. This data is recorded via a bitcoin transaction, and once the transaction is mined, the data becomes permanently part of the bitcoin blockchain and can be viewed through Ordinal-enabled bitcoin wallets or online Ordinal viewers However, this bitcoin NFT is not a “real-time” transaction.
However, there are some differences between this bitcoin NFT, Ordinal NFT, and other regular NFTs. Most NFTs are created using the Ethereum blockchain and reference a metadata file (data that provides information about the NFT).
Bitcoin Ordinal NFTs, on the other hand, do not have a metadata file that can be referenced; the entire data resides in the witness signature field of the bitcoin transaction. This means that Ordinal NFTs live entirely on the blockchain.
There are two ways to create Ordinal NFTs: the first is to set up a full bitcoin node and run Ord on that node. This allows you to create Ordinal NFTs by writing satoshi to a wallet that you control.
However, this method requires technical knowledge and is for those with a technical hobby or who love NFTs. the second method is to use a no-code writing tool. This is a more casual experience, suitable for those who have no problem putting a little faith in their own minting process. The specific steps are as follows: 1.
1. Go to https://gamma.io/ordinals.
2. select a description type (image file or plain text).
3. select and upload a file from your desktop or enter text directly in the location provided.
4. select a transaction fee rate based on the amount of time you are willing to wait to mint an NFT. Note the estimated mint time provided for each fee rate selection.
5. Next, specify the bitcoin address to which the Ordinal NFT will be sent. This address must be a Taproot address or an Ordinal compatible address.
6. send the specified amount of bitcoin to the specified address to pay the Ordinal NFT mint fee. Note that this address must begin with “bc1p”. It is very important to be careful; we recommend that you do not send this payment bitcoin from the wallet that will receive the Ordinal NFT, but from another wallet. If you are not careful, you may accidentally send the described satoshi you own and lose access to that NFT.
7. depending on the fee rate, this may take several days. You will receive a link to check the status of your mint.
8. enjoy your NFT in the Ordinal viewer.
It is important to be cautious about what you do on Bitcoin at any time, Ordinal is new and can be difficult to handle at times. And everything you do on Bitcoin can be easily tracked. Therefore, it is important to be aware that what you do can possibly be linked to yourself.
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