Cryptocurrency Q&A
How do NFTS work on Bitcoin?
How do NFTS work on Bitcoin?
CherryBlossomFalling
Fri Jul 05 2024
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5 answers
880
Could you elaborate on how NFTs operate on the Bitcoin blockchain? As Bitcoin is primarily known for its use as a decentralized digital currency, I'm curious about the mechanics and implications of integrating non-fungible tokens, or NFTs, into this network. Does Bitcoin natively support NFTs, or do they rely on secondary layers or sidechains? What are the key differences in functionality and usage between NFTs on Bitcoin and other blockchains that have been designed specifically for NFTs? Understanding this integration could provide valuable insights into the future of NFTs and their applications across various blockchain ecosystems.
5 answers
EnchantedMoon
Sun Jul 07 2024
This achievement echoes a similar move Metagood made in 2021, when it transferred its original Ethereum-based NFT collection using a similar method.
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HallyuHype
Sun Jul 07 2024
Metagood, the innovative startup responsible for the renowned OnChain Monkey project, has announced a remarkable feat.
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SsamziegangSerenadeMelodyHarmony
Sun Jul 07 2024
The company has successfully transferred all 10,000 of its Non-Fungible Tokens (NFTs) onto the Bitcoin blockchain utilizing the Ordinals protocol in a single transaction.
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Daniele
Sat Jul 06 2024
The Ordinals protocol, a cutting-edge technology, allows for the efficient and secure storage of NFTs on the Bitcoin blockchain, providing an alternative to the more traditional Ethereum-based solutions.
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Bianca
Sat Jul 06 2024
Metagood's decision to utilize Bitcoin for its NFTs reflects the growing popularity and trust in the Bitcoin network. The company believes that this move will provide its users with enhanced security and long-term value.
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