The Bitcoin network NFT market is rapidly rising, and the ecological infrastructure needs to be improved.

Recently, the NFT minting activities on the Bitcoin network have attracted widespread attention. The community's attitude has undergone a significant shift from initial indifference to gradual understanding and then to active participation. Data shows that there are currently 33,517 NFT collectibles minted on the Bitcoin network, with 12,102 minted in a single day on February 9.

One of the notable projects is Bitcoin Punks based on the Ordinals protocol, which completed the minting of 10,000 NFTs on February 9 at 3 PM. The project team is currently working on the collection, analysis, and verification of inscriptions, and expects to complete the final JSON mapping write within 24 hours.

Bitcoin Punks claims to be the first project to successfully migrate the original Ethereum CryptoPunks to the Bitcoin blockchain. The project team is carefully verifying the hash values of each uploaded image to ensure they match the original Punk images. The minting process is relatively complex, requiring users to create a specific type of wallet and complete the operation through official channels.

It is worth noting that, despite rumors claiming that the secondary market price of Bitcoin Punks has exceeded 1 Bitcoin, there are currently no transaction records, and the hundredfold increase is merely speculation. Investors should treat such unverified information with caution.

The development of NFTs on the Bitcoin network began in January 2023 when software engineer Casey Rodarmor released version 0.4.0 of the Ordinals protocol. This protocol supports the creation of "digital artifacts" on the Bitcoin mainnet, including various formats such as images, PDFs, videos, and audio. Since its launch, Ordinals NFTs have experienced explosive growth, particularly in image content.

In addition to Bitcoin Punks, there are several other notable Bitcoin network NFT projects:

1. Bitcoin Rock: The first NFT project issued based on the Ordinals protocol, with a total of 100 pieces. It is reported that its current transaction price has reached 1 Bitcoin.

2. Ordinal Punks: PFP collectibles minted among the first 650 inscriptions on Bitcoin, with a total of 100 pieces. It is reported that its highest transaction price has reached 9.5 Bitcoins, approximately 241,000 USD.

3. Projects like Bitcoin Shrooms and Shadow Hats have also begun preparations, but minting has not yet started.

Although the Bitcoin network NFT market is developing rapidly, its infrastructure is still in the early stages. Compared to the Ethereum network, the minting and trading processes are more complex, lacking convenient and secure trading platforms. Currently, most transactions are still conducted through over-the-counter or custodial methods, which carry certain risks.

The rise of NFTs on the Bitcoin network has also sparked controversy within the community. Supporters believe this will provide more application scenarios for Bitcoin, increasing the demand for block space, thereby raising transaction fees, which is beneficial for miners to maintain network security in the long term. Opponents, however, worry that this may deviate from Bitcoin's original intention as a peer-to-peer cash system and could lead to higher transaction fees.

In any case, the development of NFTs on the Bitcoin network provides more users with the opportunity to access and understand the Bitcoin ecosystem. As the number of users increases and competition among ecological products grows, the relevant infrastructure is expected to gradually improve. However, investors still need to be cautious, conduct thorough research, and avoid suffering losses in this emerging market.