Bitcoin now has NFTs (non-fungible tokens) that are completely on-chain and can hold up to 4 MB of data. This makes it possible to publish short videos and other digital assets on the blockchain.
Some bitcoin developers, such as Adam Back of Blockstream, have raised concerns about the use of these NFTs for non-essential data and called for censorship.
The Ordinals platform is currently the main platform for minting these NFTs, and it stores the data in the segregated witness part of the transaction, which results in a 75% discount on transaction fees compared to Ethereum’s NFTs.
Although the NFTs benefit miners by increasing their subsidy, they are a more inefficient way to store data and have not been widely adopted.
The lack of a marketplace and the need for special software make it less likely that the NFTs will become popular.
I'm a crypto, blockchain, and tech writer. I spend my time researching and writing about cryptocurrency, NFT, AI, and new technology.
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