BTC Ordinals vs. Avalanche NFTs: Understanding the Differences

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There's a lot of hype around $BTC Ordinals, also called "The NFTs of Bitcoin". But if you make some research, you will realize that these are extremely different than the common NFTs. However, on Avalanche, we have $BTC.b: a token that allows BTC to interact with NFTs 🧵

The differences between BTC Ordinals and Avalanche NFTs are plenty. The first one, is that BTC Ordinals are not even smart contracts. They're inscriptions of metadata in each satoshi (0.00000001 BTC).

What makes NFTs possible in Bitcoin, is that each satoshi is unique. Each satoshi is numbered in the order they were mined. This means that the first satoshi ever mined has the number "0" assigned, the second one, "1", and so on.

Then, the data of the collectible is inscribed and that's how you get unique, "non-fungible tokens" on BTC. It does not run in a smart contract, but it certainly meets the requirement of it being unique. Infographic: @its_airdrop

Nonetheless, the Bitcoin network and developers would struggle to match the same functions of EVM NFTs, due to the nature of Bitcoin's code. So, why don't we use already existing Bitcoin in a blazingly fast and cost-efficient chain, such as @avax? 🤔

With $BTC.b (Avalanche Bridged Bitcoin), there is a vast world of possibilities to use your Bitcoins in smart contracts, since you are literally using the same BTC, but as an ERC-20/ERC-1155 token.

Here's a technical overview on how Avalanche's Bitcoin Bridge works, provided by Michael Kaplan for an Medium article from @avax. medium.com/avalancheavax/bridging-bitcoin-to-avalanche-a-technical-overview-2535e7088b8

This means that you can use your Bitcoin to provide liquidity, stake it, lend it, borrow it, and so on. Just to set one example, you can use $BTC.b as a collateral to borrow $USDC on the Avalanche Network.

Even though there are no projects doing this, it is possible to mint NFTs using $BTC.b We could even have a subnet that uses $BTC.b as gas in a future 🤔 The fact that $BTC.b exists just expanded BTC's utility range in ways never seen before. The market just hasn't realized yet

Do you want to know how to bridge your $BTC from the Bitcoin network to Avalanche? Just follow this quick tutorial ✅ youtube.com/watch?v=Z1CE--9jB7s

If you want to learn more about Avalanche and blockchain technology without being a tech-savvy, don't forget to hit the follow button 😉