The NFT projects on the Bitcoin network are thriving, but the infrastructure still needs improvement.

Recently, the NFT minting on the Bitcoin network has attracted wide attention, with the community's attitude shifting from initial indifference to gradually understanding and actively participating. Data shows that there are currently 33,517 NFT collectibles minted on the Bitcoin network, with a single-day minting volume of 12,102 on February 9.

Among them, the Bitcoin Punks project based on the Ordinals protocol completed the minting of 10,000 NFTs on February 9. The project team is currently collecting and analyzing existing inscriptions and verifying the first upload nodes of each Punks, with the final JSON mapping to be written into the protocol within 24 hours. Bitcoin Punks claims to be the first project to successfully upload the original Ethereum CryptoPunks to the Bitcoin blockchain.

The minting process of Bitcoin Punks requires creating a specific type of wallet, selecting unminted Punks numbers from the official website, downloading the corresponding images, and then uploading them through a full node Bot while paying the fees. The minting cost is about 25 USD, but due to the slower payment speed of the Bitcoin network, it may result in multiple users successfully paying, but only the earliest confirmed transaction can obtain the Punks, causing some users to incur losses.

Despite rumors that the secondary market price of Bitcoin Punks has reached over 1 Bit, there are currently no transaction records to support this claim. Such assertions of a hundredfold increase are purely rumors. Investors should carefully discern information to avoid being misled.

Current Development Status of NFTs on the Bitcoin Network

In January 2023, the Ordinals protocol version 0.4.0 was released, officially introducing NFTs to the Bitcoin mainnet. This protocol supports the creation of "digital artifacts" in various formats, including images, PDFs, videos, and audio on the Bitcoin network. Since its launch, the number of NFT projects based on Ordinals has surged, primarily focusing on image-based content.

Several projects worth paying attention to include:

1. Bitcoin Rock: The first Bitcoin network NFT project issued based on the Ordinals protocol, with a circulation of 100. It is reported that its current transaction price has reached 1 Bitcoin.

2. Ordinal Punks: PFP collectibles minted from the first 650 inscriptions on Bitcoin, with an issuance of 100 pieces. The minting price is 0.01 Bitcoin, and the current highest transaction price has reached 9.5 Bitcoin (approximately 241,000 USD).

3. Bitcoin Shrooms and Shadow Hats: These projects have opened official accounts and websites, but have not started minting yet.

In addition, some Ethereum NFT projects promising to cross-chain to the Bitcoin network have also attracted attention, reflecting the market's enthusiasm for Bitcoin network NFTs.

Current Status of Bitcoin Network NFT Infrastructure

The NFT infrastructure on the Bitcoin network is still in its early stages, and there are many inconveniences compared to mature ecosystems like Ethereum:

1. The minting process is complex: it requires creating a specific wallet, understanding different payment methods, and syncing the Bitcoin full node.

2. Inconvenient transactions: Lacking secure trading platforms similar to OpenSea, primarily relying on over-the-counter trading or escrow.

3. Full node synchronization takes a long time: Although the community-developed full node Bot has simplified the process, there are still many issues.

4. Block space usage: Ordinals inscriptions are consuming about 50% of Bitcoin block space, causing controversy in the community.

There are divergences within the community regarding the issuance of NFTs on the Bitcoin network through the Ordinals protocol. Supporters believe it will provide more financial use cases for Bitcoin and drive demand for block space; opponents argue that it deviates from Bitcoin's original intent as a peer-to-peer cash system and may increase transaction fees.

In any case, the emergence of the Ordinals protocol and related NFT projects has indeed attracted more users' attention and prompted them to start using the Bitcoin ecosystem. As the number of users increases and competition within the ecosystem grows, the related infrastructure is expected to gradually improve.

However, investors need to be aware that the current NFT projects on the Bitcoin network are still in a chaotic state, with high risks. When looking for investment opportunities, it is essential to be cautious and conduct thorough due diligence to avoid asset losses.