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The Weekly Stack: Prioritizing user safety
Welcome to Gamma's weekly newsletter, where we bring you all the latest news and alpha around Bitcoin NFTs. Subscribe and share so you never miss an issue!
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Why are off-chain unlistings without network fees dangerous?
Recently, a lot of you have been asking why Gamma handles inscription unlistings on-chain, which requires a network or gas fee. In order to make a truly trustless marketplace, we’ve thoughtfully designed Gamma’s tools in a way that puts user safety first and insures that our solutions will remain trustless over time.
Please be cautious when using platforms that offer gassless unlistings. Improper handling of off-chain PSBTs, such as gasless unlistings, results in "forever listings" that can theoretically be fulfilled at any time.
For example, you might initially agree to sell Inscription #123 for 1 BTC but later unlist it to sell for 10 BTC next year. With gasless unlistings, you merely instruct the platform to delete your PSBT from their centralized database, which is a trusted solution. In this example, despite wanting to then receive 10 BTC for your inscription, your listing could be fulfilled for the original price of 1 BTC at any point into the future.
By avoiding the pitfalls of gasless unlist and promoting trustless solutions, we can ensure that users can confidently participate in decentralized exchanges without compromising their assets. To learn more, check out our blog post below 👇
Additionally, check out some of the other changes we’ve made in order to prioritize user safety:
Have you registered for the Ordinals Conference yet?
Don’t forget to get your Ordinals 2023 ticket today and join us Miami Beach on May 18th. Use code ORDS23GAMMA for a discount!
Resources & education ✏️
New to Ordinals? You’ll need a wallet specially designed to handle Ordinal inscriptions on Bitcoin — otherwise, your rare inscription may be lost to a miner fee. Here’s an intro to Ordinals wallets and how you can get started.
In order to inscribe and keep Ordinals, you will need a Bitcoin Ordinal wallet with a taproot wallet address. That wallet will need "coin control" capabilities, in order to avoid spending your Ordinal NFT satoshis on transaction fees.
It's a good idea to use a new and unused ordinals address to receive your inscription. This way, you will know for sure that the ordinal containing your inscription will be the only satoshi associated with that address, because Ordinals are sent using bitcoin transactions. This will help to ensure your wallet is "forward-compatible" with new developments for managing ordinal inscriptions.
Featured creators and NFT collections 🎨
From Gamma’s resident artist Grace Hye(who will be featured at our NFTNYC event!) comes a unique new poetry collection called the Ordinal Amulets. Modeled after her original Amulets collection on Stacks, each Amulet is a short poem with a lucky SHA-256 hash — perfect for inscribing onto Bitcoin.
This collection is being released as a special event in partnership with Gamma and NeoSwap, with the first inscription collection going live on Gamma tomorrow and a few exclusive STX based smart auctions going live this Saturday on Neoswap. Keep an eye out for more collaborative mints in the future!
P.S. If you’re in Paris for blockchain week, stop by the OpenScreens Expo to see Grace’s gallery work on display!
We are bitcoin miners, and this collection is dedicated to all different types of miners and types of energy. It's meant to demystify our industry and help people better understand the world of Bitcoin mining through art and community.
Bitcoin Frogs are 10,000 pure digital collectibles that will remain on Bitcoin forever. No more will ever be created. Rarities of all traits within each layer are equal, allowing subjective appreciation of aesthetics and Satoshi-based rarities to emerge.
Thanks for tuning in, we’ll see you next week!