What is Bitcoin NFT? Is Bitcoin NFT a good investment?
In recent years, Bitcoin has been referred to as “digital gold,” it’s a type of digital currency that operates outside of a central bank. All transactions are recorded, and new units of bitcoin are generated by a competitive mining process. It’s a decentralized operation in which individuals are rewarded (by receiving new bitcoin) for their time and services through helping secure the network and processing transactions on the platform. Bitcoin owners store their assets in a digital wallet through an app on a computer or smartphone, and bitcoins can be sent to others or used for online transactions. Most importantly, every transaction is publicly recorded in a decentralized database called blockchain.
Now that we’ve established a brief overview of bitcoin, let’s expand onto NFTs. Non-fungible tokens (NFTs) are unique, digital objects that are one-of-a-kind. Unlike bitcoin which is fungible, meaning that one bitcoin can be traded for another and it would equal the exact same thing, NFTs can’t be replaced with anything else. Again, NFTs are part of the blockchain and are often referred to as “digital collective cards.” Over the course of the last year, there has been an explosion in NFTs and a market that is being fueled by digital art and collectibles. As the public becomes more informed about the excitement surrounding technology to sell digital art, NFTs have sold for extraordinary sums of money. Take the musician and artist Grimes for example, she recently raked in millions of dollars from selling her own NFTS. Many in the art world see this movement as an evolution of fine art collecting, where digital artwork will reign supreme.
However, there’s an ongoing and universal debate as to reports over whether regulators will try to ban bitcoin. As governments and banking institutions across the world become increasingly concerned by bitcoin and cryptocurrency, many fear that it will be outlawed all together.
This is where Bitcoin NFT comes in. Bitcoin NFT cannot be outlawed because regulators will not be able to make it illegal for individuals to own art. Bitcoin NFT originated from the desire to create a digital asset that could operate independently of regulators. In essence, it’s a collage of 1,000 unique artworks made anonymously by artists globally. It was inspired by Satoshi Nakamoto’s original vision of bitcoin which was created on October 31, 2008. Similarly, Bitcoin NFT was created on October 31, 2019 by pioneers within the bitcoin community. What makes Bitcoin NFT unique is that the artwork contains a hidden key, and if individuals are able to find the private key, they’ll be able to collect the bitcoins in return. With only 21,000,000 Bitcoin NFTs available, this exciting new venture is an opportunity for the public to participate in one of the largest art projects in history.