Founded in 2009 under the name Satoshi Nakamoto, Bitcoin has primarily existed as a decentralized, peer-to-peer digital currency, but we could see this change this year. A new protocol called Ordinals was launched by Casey Rodarmor at the end of January 2023, allowing NFTs to be stored and traded on the Bitcoin blockchain.
Despite NFTs being the main driving force behind the rising popularity of Ethereum, this news has sparked much debate among the crypto and NFT community, with some believing the addition of digital assets is a much-needed and fresh development, and others feeling concerned about straying too far from the original currency network and that a new rush of volume may hinder the usual processing of financial transactions.
Bitcoin NFTs are going to look incredibly different from those we have grown used to seeing on popular chains such as Solana or Ethereum, which are currently written into smart contracts which reside on top of a certain blockchain as a separate asset. Bitcoin NFTs, however, are digital artworks that will be literally written into the actual blockchain, with developers using new technology to add NFT data blocks to a blockchain that could previously only hold transaction data.
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