How to Create and List Bitcoin NFTs?
While Non Fungible Tokens have been a popular digital asset for a while now, these NFTs have usually been associated with just the Ethereum blockchain network. However recently there has been a growth in the development of Bitcoin NFTs which is very exciting for the industry.
During the inaugural month of 2023, an innovative and distinctive protocol called “Ordinals” was introduced to the world. This pioneering system was devised by Casey Rodarmor, a distinguished past member of the esteemed Bitcoin Core team. He ingeniously exploited the Bitcoin Taproot upgrade from 2021, which significantly enhanced the potential of the cryptocurrency. With this advancement, Rodarmor successfully established on-chain NFTs that were natively integrated with Bitcoin, amplifying its functionality to a whole new level.
Also Read: Ordinals NFTs Rapidly Growing on the Bitcoin Blockchain
In the second month of the year 2023, Yuga Labs, the world’s most prominent NFT issuer, made an exciting announcement. The company introduced their latest creation – a stunning collection of non-fungible tokens named “TwelveFold.” This extraordinary set of NFTs was crafted using the reliable Bitcoin infrastructure as the basis, which undoubtedly strengthened the credibility of Bitcoin NFTs. The release of this collection attested to the growing interest in Bitcoin NFTs and the incredible opportunities they present for success.
In this article, we will talk about how you can create as well as sell Bitcoin NFTs without any hassle.
What is The Ordinal Ecosystem?
Ordinals are a sophisticated numbering system designed specifically for the purpose of tracking and transmitting unique satoshis, which happen to be the smallest units of Bitcoin. These satoshis were named after Bitcoin’s mysterious creator, Satoshi Nakamoto, and in fact, 100 million satoshis equate to a single Bitcoin. Due to their smaller denominations, satoshis are frequently utilized for the purpose of spending on goods and services, and the Ordinals system is an ideal way to keep track of these transactions.
The Ordinals non-fungible tokens boast a pair of crucial elements that differentiate them from the rest. Firstly, they are comprised of on-chain data, signifying that the NFT’s genuine picture is kept directly on the blockchain, rather than being connected to an outside website as is typical of the majority of Ethereum-based NFTs. The second characteristic of Ordinals NFTs is that they are tethered to specific satoshis, which is unlike Ethereum NFTs that have their distinct tokens. This creates a direct link between the NFT and the underlying Bitcoin asset, further enhancing the NFT’s significance and value.
You can learn more about this through our article on: Ordinals Bitcoin NFTs: What are they and how do they work?
Creating a Bitcoin NFT
At present, the Ordinals ecosystem is in a phase of continuous development, and while it has two main channels for creating ordinal NFTs, there are still some limitations to its accessibility. The two methods are as follows
The initial method of producing Bitcoin Ordinals involves possessing technical expertise, setting up and operating a complete Bitcoin node, and then installing Ord onto this node to engrave satoshis into an Ordinals wallet. Following this, one can then proceed to create Bitcoin Ordinals NFTs.
To process Ordinals through Bitcoin wallets, there are only two available options, and both must satisfy certain requirements. Specifically, these wallets must support Taproot compatibility and have a built-in “coin control” capability to bypass any unintended expenditure of Ordinal satoshis in the form of network charges or their accidental transmission in some different transaction. These are your two options:
- Sparrow Wallet: It is important to note that utilizing the Sparrow wallet is only recommended for receiving Ordinals, to prevent the unintended sending of Ordinal satoshis. The significant advantage of using this wallet is that one need not run a complete node to do so, making it a convenient option for those seeking to receive Ordinals.
- Orb Wallet: To utilize an Ord wallet, it is imperative to operate a complete node with a minimum capacity of 500GB. Notably, the Ord wallet provides a distinct advantage over the Sparrow wallet, as it enables the inscription and subsequent freezing of satoshis, effectively eliminating the possibility of accidental expenditure. This additional layer of security ensures that one’s assets remain safeguarded, providing an added level of reassurance and protection.
Irrespective of the wallet being used, it is crucial to have a sufficient amount of Bitcoin to cover the transaction fee.
If you are looking for a less complex method to create your unique ordinal NFT, there is a viable alternative. This entails utilizing an easy-to-use no-code tool for example Gamma or Ordinalsbot.com. By using one of these platforms, you can effortlessly inscribe your ordinal NFT without requiring any prior programming knowledge. To get started with creating your very own Ordinal using Gamma, simply follow the step-by-step guide below:
- If you’re planning to mint your own unique Bitcoin NFT, the first step is to select the appropriate file format.
- Once you’ve made your choice, simply upload the required file from your computer to proceed.
- After that, it’s time to set up the transaction fee, taking into consideration how quickly you’d like your Ordinal to be minted.
- Next, carefully copy and paste the Bitcoin address, making sure that it is either an Ordinal-compatible address or a Taproot address, in order to send the digital artifact to its intended recipient.
- Once you’ve done that, all that’s left is to wait for your NFT to be minted. The length of the wait will depend on the fee paid for the process, and could take anywhere from a few hours to several days. You’ll get an email with a link that can help you in tracking the minting status.
- Finally, once your minted Ordinal is ready, you can view it very easily using the OrdinalsViewer.
How to List a Bitcoin NFT?
- To list a Bitcoin NFT, you’ll first need to select and download a Bitcoin wallet that is compatible with Taproot.
- Begin by creating an account and taking the necessary steps to secure your seed phrase.
- Once you’ve done that, you can proceed to upload your inscription. The fee required for this process will be dependent on the size of the file as well as how quickly you would want the completion of the transaction.
- After your file has been successfully inscribed onto the blockchain, you’ll be able to view it on the inscriptions page of the Ordinals.com website. It’s worth noting that it’s possible to freeze your Ordinals to prevent accidental spending.
- If you’re looking to sell your inscription, you’ll need to use a peer-to-peer OTC market, with the Bitcoin Ordinals Discord server being a popular option for this purpose.
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