arifrhman27 (@arifrhman27) • Hey
arifrhman27 (@arifrhman27) • Hey
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- How to create a wallet, receive, buy, and mint your own Bitcoin Oridnals NFTs.
💵 A punk NFT on bitcoin recently sold for 9.5 $BTC ($214,000).
At the time of writing, just over 101K NFTs have been minted on the bitcoin network.
🧵 This could be a degen opportunity...
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Before starting, note that this is a relatively new tech, so multiple risks are involved.
As there is no proper marketplace available, OTC is the only trade option and this increases the risk of scams.
So proceed with caution. After all, it's a degen play...
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Now to be simple, Bitcoin Ordinals are NFTs on bitcoin.
But, the creator of this protocol @rodarmor likes to call it "inscriptions" rather than NFTs.
It's like storing an NFT or data on each satoshi.
Bitcoin Ordinals consist of 2 concepts:
🔢 Ordinals
🎨 Inscriptions
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🔢 Ordinals are based on the ordinals theory, which is a way of numbering a sequence of things.
In the case of bitcoin, 1 BTC = 100,000,000 satoshi.
Each of these sats is tracked or numbered using the ordinals theory, the ordinal here is a UTXO for a specific Sats.
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An unspent transaction output (UTXO) refers to a specific unit of Bitcoin that has not yet been spent.
Each UTXO is associated with a specific amount of Bitcoin and a unique identifier that represents the transaction that created it.
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🎨Inscriptions: By inscribing sats with arbitrary content, inscriptions can create unique digital artifacts that are native to the Bitcoin ecosystem, which is often referred to as NFTs.
Now there are many differences between NFT on ethereum and bitcoin.
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For example, the data such as images for ethereum NFTs are stored on IPFS (off-chain), whereas for bitcoin the data is stored on-chain.
Once an inscription has been created, neither the creator nor the owner can modify it in any way.
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You can not only store images but also many more things.
Inscription 466 consists of a game: http://bit.ly/3lAH92a
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Let's move on to the guide...
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1. Creating a wallet for receiving NFTs
• Download the standalone wallet file for your system: https://sparrowwallet.com/download/
• Check this detailed step-by-step guide for creating an ord compatible wallet with Sparrow Wallet: https://bit.ly/3Yz4L5H
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2. Creating/Minting your own NFT on bitcoin
U need to run a full bitcoin core node for minting, and it's a tough task to do. But there is a simple way (using this service)
• Open: https://ordinalsbot.com/
• Select your file.
• Enter the BTC address
• Select the speed and pay.
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Now, don't try to make any transactions on the bitcoin wallet where you received the NFT.
As any transaction might move that specific sat out of your wallet resulting in the loss of that NFT.
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You need a per-coin control-supported wallet for that.
And I suggest you wait for the launch of @ordinalswallet which will be launched soon. As it's a bit of a complex process using a sparrow wallet.
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3. Buying NFTs
Now for buying NFTs there is a single way as of now.
Through OTC "inscription-trading" channel on the ordinal's discord channel: https://discord.gg/ordinals
*Now there are risks involved with this, always try to trade only through escrow with the admins.
I mentioned bitcoin NFTs (ordinals) a week ago in my newsletter.
There are many more early-stage alphas you can get through it, so don't forget to subscribe, I will be posting an explosive new letter this Sunday, don't miss it out: https://alpharush.substack.com/
- Under the moon 🌝
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