The recent surge in Bitcoin NFTs has added a captivating dimension to the NFT ecosystem. However, navigating this nascent scene can be perplexing. This guide aims to simplify the process, providing a step-by-step approach to minting your Bitcoin NFT effortlessly.
A Novice’s Handbook to Bitcoin NFT Minting
In a recent Metaversal article, the inception and flourishing of the Bitcoin NFT scene were discussed extensively.
The journey of Bitcoin NFTs began back in 2014 with the introduction of Counterparty, a network built on Bitcoin for custom tokens. However, Counterparty struggled to gain significant traction and eventually faded into obscurity with the rise of Ethereum’s smart contracts, triggering multiple NFT booms.
The dynamics changed dramatically with the advent of Ordinals, a revolutionary protocol capable of inscribing metadata over individual satoshis, the smallest BTC denomination. So, what sparked this sudden surge, and what distinguishes today from 2014?
Firstly, the present cryptoeconomy boasts a robust NFT ecosystem, adept at navigating diverse chains. This time, the community is well-prepared.
Secondly, Ordinals-style NFTs represent an innovative breakthrough, enabling the on-chain minting of NFTs directly onto Bitcoin. In this context, “totally onchain” implies that the metadata, such as an NFT’s art, can be indefinitely retrieved from the Bitcoin blockchain, eliminating the need for private storage servers or networks like Arweave, Filecoin, and IPFS.
However, like all NFT approaches, Ordinals-style NFTs come with their set of advantages and disadvantages.
Pros
– Robust permanence guarantees.
– Cost-effective on-chain storage.
Cons
– Lack of composability and expressive possibilities offered by smart contracts.
– Potential pruning by Bitcoin nodes in the future.
Nevertheless, the Bitcoin NFT scene is gaining traction, ushering in a wave of Ordinals-friendly wallets and minting services. Several projects have emerged to provide streamlined Bitcoin NFT tools, simplifying the process that initially required running a personal Bitcoin node.
Initiating Bitcoin NFT Creation
Suppose you’re keen to try your hand at crafting a Bitcoin NFT but prefer a user-friendly minting flow over setting up your node. In that case, you have options. To embark on this journey, ensure you have:
1. Some BTC
2. An Ordinals-compatible wallet
Similar to minting an NFT on Ethereum requiring ETH for gas, BTC is used to complete Bitcoin NFT minting transactions. As of this post, the normal minting fee on gamma.io is around ~50,000 sats, approximately ₿0.0005 or $13 USD. This fee is subject to fluctuation based on demand.
For wallet setup, opt for a reliable solution. Xverse, a Stacks and Bitcoin wallet available as a Chrome extension or mobile app for Android and iOS, is one such option.
Wallet Setup
1. Download Xverse.
2. Create a new wallet, set up a password, and secure your account.
Once your Xverse wallet is funded with BTC, you’re ready to mint. Gamma.io is a straightforward Ordinals-style minting resource recommended for Bitcoin NFT beginners.
Minting Process on Gamma.io
1. Visit gamma.io after receiving BTC in your Xverse wallet.
2. Click “Ordinals” and select “Create Inscription.”
3. Upload your desired file, choose the fee level, and input your Ordinal recipient address (not the BTC address in Xverse).
After confirming on Gamma, agree to terms and pay for your minting transaction. The wait begins. The inscription may take hours or days, depending on your transaction fee and network demand. Gamma provides a waiting page to monitor your mint’s status.
Once completed, review your mint transaction on Gamma or in your Xverse wallet. To sell your NFT, request a collection listing on Gamma or explore other Ordinals marketplaces.
Minting NFTs on Bitcoin requires dedication, but services like Xverse and Gamma simplify the process compared to more advanced methods. The future trajectory of Bitcoin NFTs remains uncertain, but the allure of satoshi inscriptions’ permanence and onchain possibilities is undeniable. Bitcoin’s role as a leading onchain storage option awaits further developments in this evolving ecosystem.
