Bitcoin BTC/USD introduced NFTs that are stored entirely on its blockchain.
These NFTs can hold up to 4MB of data, enabling the storage of short videos and even the Satoshi whitepaper on the blockchain.
This has the potential to make Bitcoin a competitor to Ethereum ETH/USD, which currently dominates the NFT market, Trustnodes reported.
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Adam Back, CEO of Blockstream (which employs many Bitcoin developers), sparked controversy when he called for censorship in a now-deleted tweet: “It’s also fair game for miners to censor the crap as a form of discouragement,” Back stated. He later retracted his statement, saying, “I retracted/deleted that as it was stupid and getting misinterpreted.”
Instead, he suggested, “We can educate and encourage developers who care about Bitcoin’s use-case to either not do that, or do it in a prunable space-efficient, e.g., time-stamp way.”
The current method used by Ordinals is to store the NFT data in the part of the transaction that holds segregated witnesses,…