❓why there is no NFTs arround Bitcoin blockchain or is there❓

14 sats \ 8 comments \ @simple 6 Aug 2022 bitcoin

65 sats \ 0 replies \ @cryptocoin 6 Aug 2022

Long before ETH was even a glimmer in Vitalik's eye there were NFTs on bitcoin. They were called "colored coins".

https://bitcoin.stackexchange.com/questions/5695/what-are-colored-coins

Then when another second layer known as CounterParty protocol was designed, that enabled NFTs,... such as Rare Pepe:

https://www.rarepepe.io https://bitcoin-takeover.com/bitcoin-nfts-on-counterparty-and-how-to-get-or-create-your-first-one

The reason you don't hear much about this is ... well bitcoin (purposely) does not have a robust enough smart contract architecture to make NFTs easy. Bitcoin is for censorship-resistant payments, not for storing hashes for jpegs. But there are other second-layer protocols that have better support for NFTs.

NFTs around Bitcoin:

Counterparty
Liquid Network (see Raretoshi.com, Infinite Fleet (game, with NFTs))
RGB
RSK
Other emerging protocols that enable tokens on Bitcoin

https://www.lopp.net/bitcoin-information/other-layers.html

https://decrypt.co/82891/bitcoin-nfts-stacks-blockchain

Tokenised Securities & NFTs on Bitcoin with Adam Back & Samson Mow — What Bitcoin Did #1941 https://www.whatbitcoindid.com/podcast/tokenised-securities-nfts-on-bitcoin-with-adam-back-samson-mow

25 sats \ 0 replies \ @TheBTCManual 6 Aug 2022

There are NFTs on bitcoin they are just not a focus on this ecosystem because they are a distraction and there are much more important things that drive bitcoin adoption than NFTs

10 sats \ 0 replies \ @tomlaies 6 Aug 2022

Bitcoin is fungible.

Before we bring something to the Bitcoin ecosystem we should first ask ourselves why.

Why does this need to be decentralized?

Money is fungible and the decentralization makes it impossible for someone to take it away from you or to censor you.

This is not the case for NFTs. Yeah, your property rights can be recorded decentralized. But when someone (e.g. the government) takes away your house it is gone - no matter if you wrote it into your shitcoin blockchain or not.

0 sats \ 3 replies \ @DarthCoin 6 Aug 2022

From so many other important questions about Bitcoin, you always ask only about shitcoins... Shitcoining is a sin and waste of time.

0 sats \ 2 replies \ @F 6 Aug 2022

NFT is not a shitcoin, it is a non-fungible token, which bitcoin can also be with 2nd layers.... You know Lightning is a 2nd layer, right? Do you hate the lightning network because it's a "shitcoin"? What are you doing here then?