Bitcoin Network NFT Boom: Project Progress and Infrastructure Status

Recently, the NFT minting on the Bitcoin network has attracted widespread attention, with the community's attitude gradually shifting from initial indifference to active participation. According to data, there are currently 33,517 NFT collectibles minted on the Bitcoin network, with a single-day minting volume of 12,102 on February 9.

The NFT project Bitcoin Punks based on the Ordinals protocol completed the minting of 10,000 collectibles on February 9. The project claims to be the first to successfully upload the original Ethereum CryptoPunks to the Bitcoin blockchain. Currently, the team is verifying the upload nodes for each Punks, and the final JSON mapping will be written to the Ordinals protocol within 24 hours.

The minting process of Bitcoin Punks is relatively complex, requiring the creation of a specific type of wallet and following a series of steps. The minting cost is approximately 25 dollars, but due to the slow payment speed of the Bitcoin network, it may result in multiple users successfully making payments at the same time, with only one person receiving the collectible. Although there are rumors of soaring secondary market prices, in reality, there are currently no transaction records, and the claim of hundredfold increases is purely a rumor.

Bitcoin Network NFT Development Overview

In January 2023, the release of the Ordinals protocol officially introduced NFTs to the Bitcoin mainnet. Since then, several NFT projects have been launched one after another:

1. Bitcoin Rock: The first Bitcoin network NFT project based on the Ordinals protocol, with an issuance of 100 pieces.
2. Ordinal Punks: PFP collectibles minted among the first 650 inscriptions on Bitcoin, with an issuance of 100 pieces. The initial transaction price was 0.07 BTC, and the highest transaction price reached 9.5 BTC.
3. Other projects: such as Bitcoin Shrooms and Shadow Hats are in preparation.

It is worth noting that some Ethereum NFT projects that promised to cross-chain to the Bitcoin network have also received much attention, reflecting the market's high interest in Bitcoin network NFTs.

Current Status of Bitcoin Network NFT Infrastructure

The NFT-related infrastructure of the Bitcoin network is still in its early stages, and there are many inconveniences compared to the Ethereum network:

1. The minting process is complex and requires learning to create different types of wallets.
2. Lack of convenient and secure trading tools, relying heavily on over-the-counter trading or custody.
3. Synchronizing a Bitcoin full node takes a long time, affecting participation.
4. There are issues with the minting method, which may result in users paying fees but not receiving the collectibles.

The launch of the Ordinals protocol has led to a three-year high in the average daily block size of Bitcoin, sparking discussions in the community about the utilization of block space and transaction fees. Supporters believe this will promote the financial use cases of Bitcoin, while opponents worry it deviates from Bitcoin's original intention as a peer-to-peer cash system.

Despite the controversies, the emergence of the Ordinals protocol and related NFT projects has undoubtedly increased the use cases of the Bitcoin network, attracting more users to understand and utilize the Bitcoin ecosystem. With the growth in user numbers and competition among ecological products, the relevant infrastructure is expected to gradually improve.

However, investors should be cautious about the current NFT projects on the Bitcoin network. As most projects are still in their infancy and the market conditions are quite chaotic, participants should conduct thorough research to avoid potential asset losses.