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The Bitcoin network's NFTs are rising rapidly: Bitcoin Punks lead the trend, infrastructure still needs improvement.
The Rise of Bitcoin Network NFT Projects: Opportunities and Challenges Coexist
Recently, the NFT minting activities on the Bitcoin network have attracted widespread attention. From initial indifference to active participation now, the community's attitude has undergone a significant change. Data shows that 33,517 NFT collectibles have been minted on the Bitcoin network, with 12,102 NFT collectibles born on a single day, 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. Bitcoin Punks claims to be the first project to successfully upload the original Ethereum CryptoPunks to the Bitcoin blockchain. Currently, the team is verifying the inscription information for each Punk and expects to complete the final JSON mapping within 24 hours.
The minting process of Bitcoin Punks is relatively complex, requiring users to create a specific type of wallet and upload images through a full node Bot. The minting cost is approximately $25, but due to the nature of the Bitcoin network, it is possible for multiple people to pay while only one successfully mints, which can lead to losses for some users.
Despite rumors of soaring prices in the Bitcoin Punks secondary market, there are currently no transaction records, so this price increase information should be treated with caution. Investors should carefully verify the information to avoid being misled.
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. Since then, several NFT projects have been launched on the Bitcoin network, such as Bitcoin Rock and Ordinal Punks. These projects have sparked enthusiastic interest from investors, with some collectibles selling for hundreds of thousands of dollars.
However, the infrastructure for Bitcoin network NFTs is still in its early stages. Compared to the Ethereum network, the minting and trading process is more complicated, and there is a lack of convenient and secure trading platforms. These limitations may affect user experience and market development.
The emergence of the Ordinals protocol has also sparked controversy within the Bitcoin community. Supporters believe it will provide more financial use cases for Bitcoin and drive demand for block space; opponents worry that it may deviate from Bitcoin's original intention as a peer-to-peer cash system and could potentially raise transaction fees.
In any case, the emergence of the Ordinals protocol and related NFT projects undoubtedly increases the application scenarios of the Bitcoin network, attracting more users to understand and use the Bitcoin ecosystem. With the increase in user numbers and competition among ecosystem products, the relevant infrastructure is expected to gradually improve.
For investors, the NFT projects on the Bitcoin network are still in their early stages, with opportunities and risks coexisting. When participating in these projects, it is necessary to conduct thorough research and risk assessment to avoid unnecessary losses. At the same time, keeping a close eye on the development trends of the Bitcoin network ecosystem may help uncover new investment opportunities.