Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Markets Cryptos

Changing the rules of the game with Bitcoin NFTs

Olumide Adesina by Olumide Adesina
March 27, 2022
in Cryptos
Changing the rules of the game with Bitcoin NFTs
Share on FacebookShare on TwitterShare on Linkedin

In the blockchain universe, 2021 will probably be remembered as the year non-fungible tokens (NFTs) went mainstream as the trading volume surpassed $23 billion – a 230X increase from just $100 million in 2020, according to a report by decentralized application discovery platform, DappRadar.

It has been Ethereum’s blockchain that has been preferred for mining and trading NFTs. However, the situation is rapidly changing, as high gas fees on Ethereum is forcing many participants away, giving NFTs on other chains a competitive advantage.

RelatedPosts

Top Crypto: Bitcoin Leads Broader Altcoin Rally

Ethereum, BNB, XRP post solid gains but Bitcoin’s key support level shaky

It can also be extremely useful to use the Bitcoin blockchain here.

How likely is that to happen? NFTs, DeFi protocols, and decentralized apps are all operated using smart contracts on Ethereum and other networks. Bitcoin, however, does not support smart contracts. It does not support them natively.

  • The Blockchain secures (but does not create) NFTs “on Bitcoin.” (Like ERC721 tokens on Ethereum). The ability to issue and secure NFTs with Bitcoin is being provided by the likes of Stacks.
  • As part of Stack’s blockchain, smart contracts are run and their transactions are aggregated into Bitcoin transactions. The scaling mechanism is similar to Ethereum’s, even though it is a layer-1 blockchain.
  • In addition to enabling DeFi protocols on Ethereum based on Bitcoin, Stacks’s smart contract features can also be used to enable NFTs backed by the security and liquidity of Bitcoin.
  • Due to Stacks’ work being performed away from the Bitcoin mainnet, transactions are faster, cheaper, and more energy-efficient.
  • Redeeem NFT is one such marketplace. There are a range of rare luxury items on the site, such as luxury handbags, wallets, shoes, and art pieces.

The verified items are backed by NFTs and deposited into vaults. The NFT is paired with tokens that represent ownership of physical goods. Physical goods can be redeemed anytime with the tokens.

“Our NFTs are backed by the physical world, according to Kyle Hill, President and Head of Crypto, Troika IO. “Through integration with Stacks, a familiar platform recognized by mainstream markets, Bitcoin adoption has been accelerated.”

On the blockchain, Bitcoin transactions are settled using the Stacks Network (STX). The physical object can be authenticated and its location, origin, and authenticity can be recorded with Clarity smart contracts.

While putting NFTs on Bitcoin might seem unusual, this advantage could be very valuable. Since Bitcoin is the dominant cryptocurrency on the market, its most ardent supporters reject all other crypto-assets and their networks.

With Stacks’ scalable technology, it might help these NFTs stand out in a market that is becoming increasingly crowded.

Related

Tags: BitcoinNFTs

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Hot forex
Cornerstone
Mega Millions
Polaris Bank
Access Bank
Bankers Committee
First bank


FCMB
Ikeja Electrics




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Buhari Confers GCON title on Justice Tanko, ex-CJN
    • Share price of company that filed for Bankruptcy rallies over 300% in a week
    • Nigerians react as MTN drags 18 banks to court over N22.3 billion ‘erroneous’ transfer

    Follow us on social media:

    Recent News

    Justice Ibrahim Tanko Mohammed

    Buhari Confers GCON title on Justice Tanko, ex-CJN

    June 27, 2022
    Nigerian Consumer Goods stocks have posted the best returns this year; these are the top gainers

    Share price of company that filed for Bankruptcy rallies over 300% in a week

    June 27, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com