The Bitcoin network NFT projects are thriving, and the infrastructure needs to be improved.

Recently, the NFT minting and issuance on the Bitcoin network has attracted widespread attention, with the community's attitude gradually shifting from initial indifference to active participation. Data shows that there are currently 33,517 NFT collectibles minted on the Bitcoin network, with 12,102 NFT collectibles born on a single day, February 9.

Among them, the NFT project Bitcoin Punks based on the Ordinals protocol completed the minting of 10,000 collectibles on February 9 at 15:00. The project team is currently working on inscription collection, parsing, and verification, and expects to complete the writing of the final JSON mapping within 24 hours.

Bitcoin Punks claims to be the first project to successfully migrate the original Ethereum CryptoPunks to the Bitcoin blockchain. To ensure authenticity, the team is verifying the hash values of the uploaded images against the original Punk images one by one. The minting process requires users to create a specific type of wallet and complete the operation through the official website and full node Bot.

It is worth noting that although there are rumors that the Bitcoin Punks secondary market price has soared to over 1 Bitcoin, there are currently no transaction records. Investors should remain cautious to avoid being misled.

Bitcoin Network NFT Ecosystem Overview

Since the release of the Ordinals protocol version 0.4.0 on January 21, 2023, NFT projects on the Bitcoin network have emerged like mushrooms after rain. Data shows that since February, Ordinals NFTs have experienced explosive growth, primarily consisting of image content.

Several typical projects include:

1. Bitcoin Rock: The first NFT project on the Bitcoin network based on the Ordinals protocol, with an issuance of 100 pieces. Reports indicate that its current transaction price has reached 1 Bitcoin.

2. Ordinal Punks: A PFP collection with a total issuance of 100 pieces, minted within a day. Reportedly, its highest transaction price has reached 9.5 Bitcoin (approximately $241,000).

3. Projects like Bitcoin Shrooms and Shadow Hats: Official accounts and websites have been opened, but minting has not yet started.

In addition, there are some cross-chain NFT projects, such as On the Edge of Oblivion, which are issued from the Ethereum network and promise to cross-chain to the Bitcoin network, currently with high trading activity.

Current Status of Bitcoin Network NFT Infrastructure

The infrastructure related to Bitcoin network NFTs is currently in the very early stages, with a significant gap compared to more mature ecosystems like Ethereum.

1. The minting process is complex: users need to learn to create different types of wallets, distinguish between different payment methods, and may even need to synchronize a Bitcoin full node.

2. Inconvenient transactions: There is a lack of convenient and secure trading platforms similar to OpenSea, mainly relying on over-the-counter trading or custody.

3. Full node synchronization takes a long time: Personal synchronization of a Bitcoin full node requires a lot of time. Although the community-developed full node Bot has improved efficiency, there are still some issues.

4. Block space usage: The use of the Ordinals protocol has significantly increased Bitcoin block space utilization, causing controversy within the community.

Despite the controversies, the emergence of new applications such as NFT has also brought new development opportunities to the Bitcoin network. With the increase in users and ecological competition, the relevant infrastructure is expected to gradually improve. However, investors still need to be cautious about the current NFT projects on the Bitcoin network, as most projects are still in the early stages and carry high risks.