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Will NFTs on Bitcoin Support the Community Growth?

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The debate about NFTs on Bitcoin is heating up. The community is divided over whether Non-Fungible Tokens (NFTs) will fit into the Bitcoin network.

Ethereum, the most used blockchain network among altcoins, shaped the web3 ecosystem. Ethereum paved the way for blockchain utilities like DeFi, NFTs and smart contracts.

Bitcoin is well known for its immutability, security and decentralization. Developers are working to introduce Ethereum-like utilities on Bitcoin.

On Jan 21, Casey Rodarmor, a Bitcoin developer, announced inscriptions and NFTs on Bitcoin. He tweeted, “Inscriptions are already really cool! They are fully on chain, with content stored in transaction witness.”

As per the blog post, these digital artifacts can comprise JPEG images, PDFs and audio formats.

The debate over NFTs on Bitcoin

The argument for NFT protocol on the Bitcoin mainnet is that digital artifacts will credit economic growth for Bitcoin and increase demand for block space. In contrast, some say it is against the creator of Bitcoin, Satoshi Nakamoto’s vision of a peer-to-peer cash system.

Dan Held, Bitcoin educator and marketing advisor, tweeted, “Bitcoin is permissionless. Can’t stop anyone from building it anyway.” He said NFTs on Bitcoin will help to bring more financial support to Bitcoin and “drives more demand for block space.”

Adam Back, Bitcoin core developer and Blockstream CEO, was unsatisfied with the new changes trying to introduce on Bitcoin. He tweeted, “Bitcoin is designed to be censor resistant. Otherwise it’s another proof of block-space thingy.”

Bitcoin lost its green streak in the past 24 hours

According to CoinMarketCap, the total crypto market value has been $57.30 billion over the last 24 hours, which makes a 14.34% increase. At press time, the dominance of Bitcoin was 42.37%, a decrease of 0.14%.

Over the past few weeks, Bitcoin experienced a 10% growth rate in its value. On January 31, the BTC market opened at $22,879 and fell by 3.39% in the past 24 hours. It has increased by more than 1.5% from the past week. Ethereum is currently trading at $1570.47, down by 3.65% in the last 24 hrs.

According to the IntoTheBlock report, the price of Bitcoin in the first month of 2023 had profited 64% of Bitcoin investors.

Recently, the second largest investment bank Goldman Sachs called Bitcoin the “world’s best-performing asset of 2023.”

Nancy J. Allen

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