Post
Topic
Board Development & Technical Discussion
Merits 6 from 3 users
Re: Can't NFTs work on Bitcoin?
by
n0nce
on 18/12/2021, 03:30:38 UTC
⭐ Merited by BlackHatCoiner (2) ,ETFbitcoin (2) ,d5000 (2)
I haven't yet read up enough on NFTs to confidently answer your question, but I'm pretty sure that they work a bit different from what you described.
Also, I already came across 'Bitcoin NFTs', which are sold on https://raretoshi.com/. While it's 'on BTC', it actually uses the Liquid sidechain.

But it is definitely possible to implement NFT directly on Bitcoin; simply through using a coloured coin.
To be honest, we have these for years and they can directly act as an NFT without any modification to the spec.

Digital collectibles

Decentralized management of digital assets. Just like art collectors buy and sell original copies of famous paintings for millions of dollars today, colored coins allow us to do the same with purely digital objects, such as songs, movies, e-books and software, as well, by storing the current ownership of the work as a colored coin on the blockchain.