NFTs are usually created on blockchains like Ethereum, Polygon, Solana, and Binance Smart Chain, but the Bitcoin blockchain can now support NFTs through Bitcoin Ordinals.
What distinguishes Bitcoin Ordinals from traditional NFTs?
Unlike NFTs on blockchains such as Ethereum, Solana, and Binance Smart Chain, which are created using smart contracts and hosted elsewhere, Ordinals are directly inscribed onto individual Satoshis. These Satoshis are then included in blocks on the Bitcoin blockchain, which means that Ordinals do not require a separate token as they exist entirely on the blockchain. This grants ordinal inscriptions the simplicity, immutability, security, and durability of the Bitcoin network - the most secure blockchain network.
Furthermore, Bitcoin Ordinals are flexible in nature, allowing them to be fungible or non-fungible, depending on whether the owner wants to preserve the individual Satoshi. If a Bitcoin user is indifferent to the data associated with an ordinal, it can be used like any other Bitcoin, such as to pay network fees or send as payment, with the data still attached. However, Ethereum NFTs cannot function as a fungible token in the same way because the Ethereum blockchain treats each token type differently.
Our app is available on iOS and Android, start trading crypto today!