Can you use Bitcoins for NFT?
Bitcoin is probably the one cryptocurrency that brought about the decentralized finance revolution.
And if that is the case, NFTs are likely responsible for the digital art revolution, But before we get started, let’s take a look at what NFTs are all about.
What are NFTs?
NFTs or non-fungible tokens are digital art pieces minted on the blockchain. An NFT can consist of just about anything with the most common being digital paintings, photographs, short video clips, or even music. The difference here is that the blockchain has made the concept of digital ownership possible.
In the past, digital art posted on sites such as DeviantArt could easily be copied and stolen by just about anyone. And the original creator usually could not do anything. But for tokens minted on the blockchain, it is possible to view who has the rights to said item.
How Do You Store NFTs?
NFTs like their crypto cousins are stored online by specialized services known as digital wallets. Some of the best NFT wallet apps in 2022 are compatible with both crypto and non-fungible tokens. This gives their owners the convenience of storing both items on a single platform with no fuss at all.
But if you do intend to tap into the world of NFTs, I would advise you to be careful and only use wallets from trusted sources. This is because there have been countless incidents of users being robbed of both NFTs and cryptocurrencies. In fact, reports show that more than $100 million worth of NFTs have been stolen in 2021 alone.
But despite all of its risks, NFTs have become one of the most exciting assets to come around in recent times. Besides their impressive investment potential, NFTs allow artists to monetize their talents in the digital space. And this is why a growing number of experts believe that NFTs can bring about a crypto art revolution.
Can You Use Bitcoin For NFTs?
No, you cannot mint NFTs on the Bitcoin blockchain. This is because BTC lacks the smart contract capabilities that Ethereum supports. Although it is possible to mint NFTs on Bitcoin-powered blockchains or Layer-2s, this isn’t a popular option. But given the saturated NFT market conditions, this option isn’t the most popular.
Blockchains That Support NFTs
So with that in mind, sit back, relax and download your favorite NFT wallet apps as we take a look at the top 5 blockchains available that currently support NFTs.
The one that started it all, Ethereum is widely-regarded as the best blockchain for NFTs. First of all, it’s the network that truly got the NFT revolution started. And because of this, it hosts most of the popular pieces of work that have gone on to achieve huge recognition.
Besides that, celebrities and influential figures who have gotten aboard the crypto band wagon often use the Ethereum network to host their NFTs. Which is another strong case for the blockchain’s current popularity. Plus, when you look at it from a technical standpoint, Ethereum is often praised for its decentralization capabilities and strong security features.
Solana first gained recognition for being more environmentally-friendly than Ethereum. This is due to the blockchain’s PoS consensus mechanism which requires less processing power than that of Ethereum. Which consequently results in lower emissions and a smaller carbon footprint; something prized by more conscious NFT enthusiasts.
All of this has allowed Solana to become the second most popular NFT blockchain available. And when you factor in the lower gas fees and faster transaction rates, it’s easy to see why. For this reason, many newcomers often turn to Solana for their first NFTs.
Tezos was first developed as an eco-friendly alternative to Ethereum blockchain NFTs. Like Solana, transactions are validated via a PoS consensus mechanism. Something which allows the blockchain to process transactions faster with less computational power.
All of this makes it possible for Tezos to offer lower transaction fees and be much more efficient than Ethereum. It’s also often used by those looking to mint large quantities of NFTs quickly with minimal costs. You can shop for Tezos-powered NFTs on the marketplace known as Objkt.
Cryptocurrencies and NFTs are likely set to change the world as we know it. Whether it’s a new approach to money or a crypto art revolution, we are in for some exciting times. Just remember that the market is decentralized and highly volatile, so do proceed with caution. And only use the best NFT wallet apps to safeguard your digital assets.