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Popular Ethereum NFTs Moving to Bitcoin

Ordinals pioneers exchange collectible tokens uploaded to Bitcoin with this protocol. Ether Rocks and Bored Ape are some NFT collections now replicating on Bitcoin.

In Short

  • The Ordinals NFT image is stored directly on Bitcoin.
  • There are more than 3,000 NFTs uploaded to Bitcoin thanks to Ordinals.
  • WeTransfer partners with layer one blockchain, Minina

 
Ether Rocks and Bored Ape are some of the most popular non-fungible tokens (NFT) in Ethereum. Thanks to Ordinals technology, some people are recording images of these collectible tokens on the Bitcoin network. The Ordinals browser shows that people uploaded 3,380 NFTs to Bitcoin using this protocol at the time of this publication. It shows that many of them belong to the collections mentioned above.

Ordinals Users

A Twitter user known as Dotta, who runs a company in the NFT industry, claimed to have spent 0.2 bitcoins (BTC) on a Bitcoin Rock. It is a bitcoiner replica of Ethereum’s Ether Rocks. These are tokenized images of rocks sold for millions of dollars.

Dotta, in his publication, explained why he made the purchase:

After saying that, Dotta jumps into the debate surrounding Ordinals. Many people are critical of the Bitcoin block space being used to host images or anything non-financial. There are even those who call for censorship of such transactions. But Dotta is clear: “Of course, for me, the fact that you cannot censor these NFTs is part of the source of their value.”

Moreover, Dotta thinks that Bitcoin Rocks are a store of value. He thinks they could increase in price considerably, just as Ether Rocks did a couple of years ago:

 

“Rocks can work as a derivative (as opposed to a CryptoPunks clone) because the whole point of a clipart rock is to be a store of value through provenance. Even if the art and idea are derivative, being Ordinals’ first collection is remarkable.“

Dotta

 Dotta also points out that acquiring these NFTs was somewhat tricky until now. Among other technical requirements, you needed to run a full Bitcoin node to use Ordinal’s tools, giving those with the knowledge and resources the advantage of getting to grips with the technology before the masses.

Ordinals Tools

With a new tool named OrdinalsBot, you upload a file to the platform and pay the corresponding transaction fees. By now, Ordinalsbot.com is a minimalist website with no distracting elements and focused solely on the ability to upload images or text files to the Bitcoin blockchain. Users upload the file by clicking on the box, “Drag and drop image or text files here, or click to select files.” You must then (optionally) enter the token destination address.

There have yet to be marketplaces for these collectible tokens, but the exchanges occur on social networks, such as Discord channels. “It feels like it was done with NFTs on Ethereum in the early days. It gives that feeling that we’ve invented something new, and it’s enjoyable.”

The novelty of Ordinals is that the files get stored directly on the blockchain and not on an external server. This property addresses the problem of how people keep NFTs on a blockchain. We previously wrote at Vantica Trading about the issue of disappearing NFTs.

 

 

WeTransfer enters NFTs

After partnering with the Minima platform, giant internet file transfer service WeTransfer has made the first leap into non-fungible tokens (NFTs). WeTransfer on Tuesday announced a partnership with blockchain platform Minima to begin implementing an NFT minting service. The partnership will allow users to generate digital collectibles directly from mobile phones.

According to a media statement, they will offer NFTs through Minima’s secure peer-to-peer network, enabling the transfer of digital assets directly between individuals without the need for intermediaries.

Founded in Switzerland, Minima is a layer-one blockchain and peer-to-peer (P2P) network optimized for mobile use. Currently, in the testing phase, the protocol intends to allow users to “run a full node build and validation,” according to its website, creating what they hope will be a fully decentralized network.

 

Walmart also jumps into NFTs

WeTransfer’s move is the latest sign of interest in NFTs among large companies in various areas. Last week we reported that eBay posted several job openings for its NFT platform, KnownOrigin. Acquired last year, Amazon Web Services (AWS) is also looking to hire staff for its Web3 efforts.

Supermarket giant Walmart is now joining the list. According to reports, Walmart subsidiary Sam’s Club recently filed several Blockchain-related patents with the US Patent and Trademark Office (USPTO).

While it is unclear what the company’s plans are within the sector, the applications refer to trademarks allowing it to sell virtual goods, deal with NFTs, and offer cryptocurrency wallet organization software. Founded in 1983, Sam’s Club is a chain of wholesale shops for customers who are members of its price club.

Walmart has shown interest in digital assets before. In early 2022, the company filed several trademark and patent applications related to digital currencies and NFT. Walmart more recently jumped into the metaverse when it unveiled new immersive and gaming experiences in partnership with Roblox last year.

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