Bitcoin + NFTs = ?
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This week’s featured collector: SpicyShrimpTaco
SpicyShrimpTaco’s motto is “Metaverse or bust.” They are an artist and NFT collector with a special fondness for CryptoKitties. Check out their full collection at lazy.com/spicyshrimptaco
Crypto is an ever evolving field. Want proof? Consider these two words you probably never thought you’d hear together—Bitcoin NFTs. That’s right: a clever developer has figured out how to store NFTs on the Bitcoin blockchain. The move has sparked curiosity and controversy.
Bitcoin was the first blockchain. And in the decade since its creation there have been many fierce debates on if, and how, Bitcoin should change. For example, one of the most notorious fights was over the size of the blocks in the blockchain. Ultimately, the core developers of Bitcoin adopted a conservative path: minimally updating the protocol while focusing on Bitcoin as a technology for storing and transferring value.
That is why it has come as a surprise that a 2021 update to Bitcoin known as “Taproot” has unwittingly made it possible to add NFT functionality to the Bitcoin blockchain. Now a clever developer has discovered a way to make it happen.
Bitcoin NFTs are being called “inscriptions.” The protocol for these inscriptions is called Ordinals. For a fascinating technical deep dive into how these Bitcoin NFTs work, read Illegitimate bitcoin transactions.
The growing popularity of Bitcoin NFTs is already sparking debate. While some are excited to see Bitcoin learn new tricks, others see these NFTs as a mis-use of the technology.
Isn’t it interesting that NFTs are playing the role of catalyst once again? We are keen to see how this will play out.
This week’s poll: Should Bitcoin embrace NFTs?
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