In this article, we will provide a detailed overview of Bitcoin NFTs and how to use their wallets.
In this article, we will provide a detailed overview of Bitcoin NFTs and how to use their wallets.
What is a Bitcoin NFT?
Bitcoin NFTs, also known as Non-Fungible Tokens, differ from the NFTs widely known as Ethereum-based tokens. They are specifically referred to as Ordinal NFTs or Bitcoin Ordinals. The introduction of “Inscriptions” on the Bitcoin mainnet in January 2023 enabled the creation of Ordinal NFTs.
Ordinal NFTs utilize the Ordinal theory through the Ordinal protocol and rely on Inscriptions. The Ordinal protocol aims to “assign individual identifiers to Satoshis (the smallest unit of Bitcoin), track and transfer them, and give them meaning.”
Essentially, the Ordinal protocol assigns sequential numbers to each Satoshi, and once assigned, each Satoshi is described (Inscribed) with data such as images, text, or videos through Bitcoin transactions.
Once the transaction is mined, the associated data becomes a permanent part of the Bitcoin blockchain and can be viewed through Ordinal-enabled Bitcoin wallets or online Ordinal viewers.
The main difference between Ordinal NFTs and other NFTs lies in the way data is stored. Many NFTs are created using the Ethereum blockchain and adhere to the ERC-721 Non-Fungible Token Standard, which outlines how NFTs are created to be recognized within the Ethereum ecosystem.
However, Bitcoin’s Ordinal NFTs differ in that they lack a separate file for referenceable metadata describing the NFT. Instead, all data files exist within the witness signature field of the Bitcoin transaction. This means that the entire Ordinal NFT “lives” on the blockchain.
What wallet supports Bitcoin NFTs?
To create and trade Bitcoin NFTs, you need a wallet that supports Bitcoin NFTs. One such wallet is “Sparrow Wallet.”
The usage of Sparrow Wallet is as follows:
1. Download and install Sparrow Wallet.
2. Send Bitcoin to the wallet by clicking on the “Receive” tab and selecting “New Address”. Send the Bitcoin to the address displayed.
3. Create a new transaction by clicking on the “Send” tab and creating a new transaction.
However, I was unable to confirm some of the specific steps. Therefore, I recommend referring to the official documentation of Sparrow Wallet for detailed instructions.
Above is the basic information about wallets that support Bitcoin NFTs. I hope this information is helpful to your understanding.
※Reference 1: [CoinDesk – Bitcoin NFTs: What Are Ordinal NFTs and How Do You Mint One?]
※Reference 2: [Sparrow Wallet]
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