The Weekly Stack: What makes Bitcoin NFTs different?
The Weekly Stack: What makes Bitcoin NFTs different?
Welcome to Gamma's weekly newsletter, where we share all the latest news and alpha on Bitcoin NFTs. Subscribe so you never miss an issue!
Ordinal inscriptions vs other NFTs
Since the rise of Ordinal inscriptions, loads of creators from other ecosystems have flocked to Bitcoin to launch their next big project. But beyond just being the flashy new NFT ecosystem, Bitcoin has a lot of unique features that sets it apart from NFTs on other blockchains. Let’s explore what makes Bitcoin NFTs different.
For starters, unlike most NFTs which are stored on decentralized storage systems, assets on Bitcoin are written directly on individual satoshis. This means that any inscription you create on Bitcoin is truly, immutably permanent. Once your text, image, art, video, code file, or whatever else you want to create is secured on the Bitcoin blockchain, there is no way to remove it.
Non-fungible tokens, such as Ethereum NFTs or Stacks NFTs, generally point to off-chain data such as an image. This data can be kept on IPFS, a decentralized file storage system that can be changed using dynamic metadata, as well as other file storage systems, each with unique counterparty risk trade-offs. Metadata can be refreshed on NFT marketplaces such as Gamma.io and OpenSea, which makes NFTs "incomplete" for Ordinals creator Casey Rodarmor.
Ordinal inscriptions, however, are "complete" because all the data is inscribed directly on-chain. They are intended to reflect what NFTs should be: true digital artifacts. NFTs also often have creator royalties attached to them, as is the case on NFT marketplaces such as Gamma.io, whereas digital artifacts don't necessarily. Gamma.io is one of the few Ordinals marketplaces to implement opt-in creator earnings on secondary sales.
To explore and trade Ordinal inscriptions, you can head over to Gamma.io's trustless Ordinals marketplace.
Navigating rocky market conditions
If you’ve been active in the Bitcoin NFT space for a while, you might feel like market conditions lately have been rocky. Whether or not this is true, it can be hard to keep up morale during uncertain times. Here are some tips to keep yourself going, no matter what the market looks like.
Remember why you’re creating: The most successful, impressive projects aren’t based on how much money can be generated from a mint — rather, they’re the ones created thoughtfully and purposefully. Remember why you’re creating!
Build through the bear: When markets are down, it’s a good time to focus on building. Think about how you can do something unique to level up your project, whether it’s a creative technical implementation or a fun social initiative to help your community reconnect.
Chat with other creators: Sometimes, talking to other creators can be the most helpful way to get through a rough patch. Many creators have likely been where you’ve been, and could offer helpful advice. Don’t be a stranger!
Orange Pilled with Doc Hollywood 🟧
Tune in on weekdays at 2pm EST on Twitter Spaces to learn about Bitcoin with Doc Hollywood! Listen to the most recent spaces recording here.
The Gamma Curated Series 🎨
The Gamma Curation Series will be a periodic showcase of handpicked Ordinal inscriptions available for purchase on the Gamma platform. Spanning across an array of artistic styles and genres, these collections will spotlight not only up-and-coming artists but also headline auctions and more.
While our in-house team will primarily reach out to artists for this curation endeavor, we also encourage proactive submissions through our ongoing open call. To learn more about the Gamma Curation Series, catch up on our latest blog post.
Looking for exclusive art on Bitcoin?
Check out some of the art from the curated Ordinal Foundry collection!
Thanks for tuning in, we’ll see you next week!