A new brand of NFTs is stemming from the bitcoin blockchain, and things are going quite well for the series.
Bitcoin NFTs Are Getting Bigger and Bigger
The news is unique in that most of the time, NFTs (pixelated art tokens) are built atop the Ethereum blockchain. ETH has long been the most popular network for developers looking to utilize the network’s smart contract capabilities to establish applications, new coins, and other products.
However, bitcoin – while remaining the world’s largest digital currency by market cap – is widely seen as more of an investment tool and, in certain instances, a digital method of payment, though the latter is certainly a lesser viewpoint. Despite its size, stamina, and strength, bitcoin doesn’t quite have the same audience Ethereum has.
However, this may be changing soon given this new breed of NFTs called Twelve Fold. The units included in the series are small colored balls that contain a wide array of 3D images within square grids. They are being developed and delivered through Yuga Labs, the same enterprise that created the Bored Ape Yacht Club, arguably one of the largest and most prominent NFT series around.
Alex Miller – CEO of bitcoin developer network Hiro – expressed his enthusiasm for the series in a recent interview, commenting the move could take bitcoin in an entirely new direction. He commented:
I think this is really the start of a fundamental shift in what you can do with bitcoin.
Despite what many consider to be a powerful step forward – and one that will make BTC more competitive with the likes of ETH – there are several complaints being emitted by bitcoin purists at the time of writing who believe bitcoin should be used solely as a method of payment and nothing else.
Among these purists are Cory Klippsten, the CEO of bitcoin-focused financial services firm Swan Bitcoin. In a statement, he mentioned:
We want transactions to remain as inexpensive as possible so people around the world can run businesses and send money.
Brendon Sedo – a developer at the Core DAO blockchain – also threw his two cents into the mix and expressed disappointment with the recent move involving bitcoin NFTs, stating:
Ordinals have brought some more eyes to the network, but NFTs on bitcoin are a distraction from the network’s core purpose, which is to serve as a permissionless network that is globally available, 24/7, and non-censorable.
Payments Aren’t Mainstream Yet
The problem with things like payments is that while bitcoin may have been designed to push checks and credit cards aside, this is certainly not a mainstream activity. At least not yet…
So long as stores and retailers continue to turn their backs on crypto payments, the idea of a BTC-based spending system is a long way into the future.
