An overview of the NFT space from the burning and moving of NFTs to Bitcoin’s network to NFTs popping up on Monero.
The NFT community is moving to BTC, where Ordinals have brought true scarcity to collectibles.
I forever inscribed “The Blonde Don” BAYC #1626 on the world's scarcest and most secure chain burning him off ETH forever using TeleBurn.
It's done. Over. Not coming back to ETH. pic.twitter.com/jmKpSSPybm
— Jason A. Williams (@GoingParabolic) February 12, 2023
With the current NFT hype ravaging the crypto space, these assets can range from art and collectibles to virtual real estate and virtual currency.
However, another recent hype created by the Ordinals NFT on the Bitcoin network allows users to move their ETH NFTs over to the Bitcoin network, noting the scarcity of NFTs currently on Bitcoin and the fact that BTC can now get some of the NFT action.
The Bitcoin network has long been considered the backbone of the cryptocurrency world and is seen as more secure and reliable than other blockchain networks. It is also more scalable, with the ability to process more transactions per second than Ethereum.
However, NFTs on the Bitcoin network is a different thing altogether. Unlike NFTs on Ethereum, they lack the transparency and decentralization that make NFTs so appealing. This is because the Bitcoin network is yet to be optimized for NFTs.
And while others are arguing the validity of art on Bitcoin’s network, @Bitcoin_apex announced his Bitcoin Artwork Inspired by Michelangelo.
— Bitcoin_apex (@bitcoin__apex) February 13, 2023
According to the piece, God is trying to touch Adam with great enthusiasm and effort to breathe life into him. On the other hand, Adam is not as enthusiastic. Reclining and raising his hands with indifference, without effort.
To create a connection with God, all Adam had to do was lift his finger. In like manner, many BTC enthusiasts are driven to do something good and important for the world. Spending countless hours to push the Blockchain space to the point it is today.
Similar to Adam’s depiction, If BTC skeptics were to accommodate the efforts of Bitcoiners. With a little more openness, interest, and open-mindedness, Bitcoin and Blockchain tech would go a long way to solve world problems like the fatal nature of Fiat’s debt system.
Yet Bitcoin isn’t the only project embracing NFTs.
— Anon Shop 📦 (@AnonShopApp) February 13, 2023
You can now build NFTs on Monero. First, every user will be required to hash a picture, then that hash will be embedded into the blockchain, and finally, a rule and platform will need to be established to track the hashed image along the chain.
Because Monero forbids anyone from monitoring real currencies, keeping track of your NFTs on its blockchain would be difficult. However, this restriction may be circumvented by establishing certain rules, and tracking is done using Feather Wallet.
By using the In proof as well as the other proofs that are available in Feather wallet, Monero can demonstrate ownership of addresses as well as the NFT outputs associated with those addresses.