Overview of Bitcoin NFT Ecosystem Utility Tools
Yuga Labs' decision to launch the TwelveFold series of NFTs has once again sparked a craze for NFTs on the Bitcoin network.Source: Rhythm Blockbeats
On February 28, Yuga Labs announced that it will launch the NFT series TwelveFold based on the Ordinal protocol on the Bitcoin blockchain later this week. This series will include 300 limited edition generative artworks. Yuga Labs co-founder Greg Solano specifically emphasized that the decision to launch TwelveFold, although contrary to Yuga Labs' expectations, reflects the company's excitement about Ordinal inscriptions and the future of Bitcoin digital art.
As the most influential studio in the Ethereum NFT ecosystem, Yuga Labs' decision has once again sparked a wave of interest in Bitcoin network NFTs. To help everyone better participate in the Bitcoin NFT ecosystem, BlockBeats has compiled the main tools currently available in the Bitcoin NFT ecosystem, including wallets, minting, and trading platforms.
Ecosystem Wallets
Ordinals Wallet
The Ordinals Wallet is an ecosystem wallet specifically developed for the Ordinals protocol, featuring a web wallet and inscription browser. In addition to basic wallet functions, it also supports Bitcoin NFT inscription browsing, retrieval, and collection uploads, with a high level of completion and ongoing updates.
Additionally, Ordinals Wallet recently conducted an NFT airdrop called "Pixel Pepes," totaling 1,563 pieces. Users only needed to make one transaction in the wallet to receive the airdrop, but this airdrop has now ended.
Hiro Wallet
Hiro Wallet is a wallet application built on Bitcoin that currently supports Ordinals but does not support the Lightning Network.
Notably, as a Bitcoin ecosystem wallet, Hiro Wallet has many convenient built-in features. Users can directly use credit cards, debit cards, or even bank transfers to purchase STX within Hiro Wallet and then participate in staking directly from the wallet.
Currently, the wallet supports browser extension versions for Chrome, Firefox, and Brave, as well as desktop versions for MacOS, Windows, and Linux.
Xverse
Xverse is a non-custodial Bitcoin wallet based on Stacks, which has now added support for displaying Ordinal inscriptions. Additionally, Xverse has implemented support for transferring Ordinals in its update yesterday, and according to official account information, related features are still being improved.
Minting Tools
Gamma.io
The NFT marketplace Gamma on Stacks was formerly known as STXNFT and announced its rebranding on April 27, 2022. Gamma is the third letter of the Greek alphabet, representing the third phase of the web: Web 1.0, Web 2.0, and now Web3.
The platform aims to bring together collectors, creators, and investors to explore, trade, and showcase NFTs within the Bitcoin ecosystem. The Gamma platform consists of three core products: an NFT marketplace, a launchpad, and a social platform. Gamma.io supports both primary and secondary markets for Bitcoin NFTs.
Users can mint their unique digital works using the Gamma bot, collect, or sell them. Users can create Bitcoin NFTs using a no-code creation tool in just a few minutes. Gamma.io addresses the pain points of creating NFTs on the Bitcoin network, which is often technically complex, complicated, and time-consuming. However, the secondary market still accounts for the majority of sales on the platform. Each sale includes artist royalties and market commissions, with percentages varying by artist and collector.
Ordinals Bot
Ordinals Bot is a tool for minting Bitcoin NFTs on the Ordinals protocol, created by the @satoshibles team. This tool allows users to mint Bitcoin NFTs without running a Bitcoin node.
Minting process:
- Users visit the official website, upload files [jpg, .webp, .png, .gif, .txt, .mp3, .mp4(h264), etc.], and click submit.
- Pay the minting fee via the Lightning Network or regular network. The fee is 0.00025 BTC per file + 10% network fee, which the user must also pay.
- Once the transfer is complete, minting occurs.
- If the user provides an NFT receiving address, the NFT will be automatically sent to the user.
Note: If the user does not provide an NFT receiving address, Ordinals Bot will hold the inscription until the user sets it up. Once the user sets up the wallet, they can simply visit the order check tool to add the address and receive the NFT.
Additionally, a new batch .sats name inscription tool was recently launched: https://ordinalsbot.com/sats-names. Users only need to add one name per line, and Ordinals Bot will add the necessary attributes for them.
Trading Platforms
generative.xyz
Generative.xyz is a generative art NFT platform on the Bitcoin chain, similar to its counterparts on Ethereum. The website is visually stunning and, although established recently, has already listed numerous AI works by artists, available for minting using BTC and ETH.
The native protocol Generative protocol testnet launched on January 31, along with the testnet ERC-20 Token GEN. The team claims that this token can be converted into a future mainnet token, and users can earn GEN rewards by uploading artworks, finding bugs, and helping with promotion.
openordex.org
Openordex is a decentralized trading platform for Ordinals, created by community developer Oren Yomtov as a geek project. The UI style is very hardcore, and basic functions such as collection display have been gradually developed. Notably, openordex's centralized order book is based on the previously popular Web3 communication protocol Nostr.
The current version of openordex only supports buying and selling operations via the Bitcoin CLI client (node client command line window) and the Sparrow Wallet client (the wallet officially endorsed by Ordinals).
Emblem Vault
Emblem Vault is a Web3 tool that brings Bitcoin NFTs to the Ethereum mainnet by encapsulating them, allowing Bitcoin NFTs to be traded directly on OpenSea.
In simple terms, Emblem Vault acts as a "custodian"—users hand over their Bitcoin NFTs to receive a custodial certificate that can be traded on the Ethereum mainnet, allowing them to claim the corresponding NFTs based on the custodial certificate.
Sellers use Emblem Vault to mint a "Vault NFT" and transfer the NFTs they wish to sell to the Bitcoin network address specified by Emblem Vault. When assets are detected in that Bitcoin network address, the "Vault NFT" will be displayed on OpenSea with the cover image and description set by the seller.
Currently, Emblem Vault can use assets from Bitcoin, Ethereum, XDai, Polygon, and BSC networks.
Ordswap
Ordswap is a marketplace and wallet built on the Bitcoin network for Ordinals, allowing users to mint, buy, and sell Ordinals inscriptions.
The overall UI and user experience of Ordswap are not significantly different from existing mature NFT markets in the Ethereum ecosystem. Given the current limited activity of digital artworks on the BTC network and the high price of BTC, there are currently very few digital artworks on the Ordswap market that have transaction prices exceeding 0.1 BTC.
Scarce.City
Scarce.City is a digital goods auction trading platform that uses BTC for bidding, initiated by Chris Tramount and Aryan Jabbari with the help of honorary founder Chiefmonkey.
Scarce.City facilitates bidding, auctions, and payments through the instant, anonymous, low-fee Lightning Network and the Bitcoin main chain. The types of goods traded are diverse, including digital artworks, virtual land, virtual items, NFTs, and more.
Participants need to bid by increasing the price during the auction, with the highest bidder winning the auction. The platform holds 5% of the bid as a stake, thereby holding auction participants accountable.
User Process:
Bidders deposit a small portion of their bid as collateral.
The winning bidder must pay their final bid within 5 minutes after the auction ends. If the winning bidder does not pay within 5 minutes, they will lose their deposit, and the next highest bidder will have the opportunity to pay their highest bid.
After the final bid payment is completed, the platform will refund the deposits to the remaining participants.
Ordyswap
Ordyswap was also created to facilitate the trading of Bitcoin Ordinal NFTs. Specifically, Ordyswap allows anyone to submit bids for specific Ordinal NFTs. To create a bid, the submitter needs to lock enough STX tokens and specify the Bitcoin address of the NFT they wish to purchase with a specific serial number.
If the holder of the Ordinal NFT accepts the bid, the Ordinal NFT will be automatically sent to the bidder, while the STX will be automatically paid to the seller of the NFT. The entire process is completely based on on-chain transactions, without any centralized custodial process.
Currently, Ordyswap is still in the proof-of-concept stage, and the trading experience of the project is quite primitive, existing more as an experimental project. However, the emergence of Ordyswap signifies the strong development potential of the Bitcoin community.
