How to Buy Bitcoin NFTs
Bitcoin NFTs are NFTs created and traded on the Bitcoin blockchain. The major marketplaces for purchasing Bitcoin NFTs include Gamma.io, OpenSea, GameStop, and Rarible.
Below are the steps to purchase Bitcoin NFTs, using Gamma.io as an example.
1. first purchase the cryptocurrency
To purchase Bitcoin NFTs, you must first acquire cryptocurrency by creating a wallet on a cryptocurrency exchange such as Binance or Coinbase and converting your fiat (regular legal tender) into cryptocurrency. (STX) cryptocurrency to purchase NFTs.
2. install a wallet extension
Next, install a browser extension for your wallet; Gamma.io recommends a wallet extension called Hiro. This is the equivalent of Ethereum’s MetaMask and can be downloaded from Hiro.so/wallet.
3. connect your wallet to the marketplace
Once you have set up your wallet, the next step is to go to the Gamma NFT Marketplace and connect your browser extension for supported digital wallets to Gamma. You will then be given permission to use the cryptocurrency in your wallet for NFT purchases.
4. purchase of NFTs
The above allows for the purchase of NFTs. When you list an item for sale, a transaction with details of the sale and the commission will be presented to the Wallet Extension. The digital wallet will submit that transaction instead.
It is important to note that the commission will only be charged if the NFT sells. In other words, if the NFT does not sell, no commission will be charged. As a buyer, since the listed price includes all marketplace fees, your final cost will be only the listed price plus the actual transaction fee charged by the network to secure and confirm the transaction.
Note that Bitcoin NFT is enabled by Bitcoin upgrades Taproot and Segwit. This makes it possible to embed arbitrary data into satoshis (the smallest unit of Bitcoin), which can then be transferred using Bitcoin transactions.
Since Bitcoin NFTs are recorded directly on the blockchain, the data is permanently stored, but there has been criticism that the introduction of the file may slow down transaction confirmation times and increase transaction costs.
Trends in Bitcoin NFTs
Since February 2023, the number of Ordinal inscriptions or NFTs created on the Bitcoin blockchain has increased significantly, reaching 161,562 as of February. This is in response to the popularity of newly created protocols, with 20,000 NFTs created in a single day on February 9.
In addition, total fees spent to create NFTs in Bitcoin reached over $1.1 million as of February 2023. These trends suggest that Bitcoin NFTs may continue to grow and their use may expand.
※Reference URL①:12 Best Bitcoin NFT Marketplaces To Buy Bitcoin NFTs In 2023
※Reference URL②:What is an NFT Marketplace?
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