Bitcoin NFT Launches With 1000 Anonymous Global Artists
When it comes to Bitcoin NFT and its recent launch, there are plenty of questions. This guide has all the details.
Bitcoin NFT is the brainchild of an unnamed founder who sought out 1,000 artists around the world for a new project. All worked anonymously to create one-of-a-kind digital collages. To make the math simple, each work carries a price tag of $1,000.
The works were released this past month.
The main idea behind Bitcoin originally focused on a currency for everyone; Bitcoin NFT maintains the same objective. People often ask if there is a limited quantity – while it is certainly not unlimited by any means, the rush to get it is moving at an even pace.
Bitcoin NFT can be purchased from bitcoinnft.org. After that, it can be sold or traded on any marketplace.
How Does Bitcoin NFT Work?
The premise is fairly straightforward: each unique collage purchase allows the user to zoom in on the artwork to see each piece for itself. This is what bitcoinnft.org is all about.
The world’s biggest NFT project to date, Bitcoin NFT is now being referred to as not only a “digital asset” but also as “the new kind of art.” It could motivate revisions in the art history books in fact since Bitcoin NFT is making waves as both digital gold and digital art.
With Bitcoin, regulation impeded growth and movement in some ways. One of the workarounds to the problem brought Bitcoin NFT to life – artwork sales are regulated differently and require a greater amount of respect in general for their independent operation within the market.
In other words, Bitcoin NFT stemmed from the need for a digital asset that could exist without excessive external regulation.
In fact, this move makes sense as rumors of regulations brew around the globe regarding the possibility of outlawing Bitcoin altogether. History buffs point to the Gold Reserve Act of 1934 which allowed the United States government to make private gold bar ownership illegal.
On the other hand, Bitcoin NFT cannot be outlawed with a swift and decisive swipe of a pen. This is because regulators cannot make it “illegal” for consumers to purchase, own, and save any type of artwork. The fact that it is digital is irrelevant.
This train of thought marks a revolutionary distortion of art, blurring the lines between art for art’s sake, capitalism and economics, and the developing space that is cryptocurrency. For the everyday Joe, launches like Bitcoin NFT provide an opportune occasion to get in on the action.
The very inclusion of non-art-world people in the mix of the art world’s fast-moving market is already a shakeup. It adds up, though; Bitcoin NFT is following in the successful footsteps of its predecessor in pioneering digital assets, Bitcoin.
Digital assets were first made popular by Bitcoin. The original momentum transformed the way the world looked at the new and innovative assets.
What Is Cryptocurrency Again?
We hear about cryptocurrency all the time; it seems to be flooding our social media feeds when headlines erupt now and then. It’s a form of digital money that’s currently worth roughly $60,000 per coin. There are others in the field as well. Cardano and Dogecoin may be familiar names.
The short of it is that a network of computers relies on a type of tech known as the blockchain. In the process, computers work to document financial transactions as they occur in real-time in whatever type of cryptocurrency is being used.
It offers a new option for those who want to move away from centralized banking where these transactions are computed privately.
Some question the need for computers to run 24/7 for this to work correctly. Those who make a business of it are in the market for “mining.” They seek ways to keep the energy usage down to profit.
The coins aren’t officially backed by the government (unlike money or public company stocks). The value of it depends entirely on the confidence individuals have in the market. Everything from social media to government regulations and policies can have an impact.
This technology was brought to life in 2008 with a lot of buzz around how it was nearly impenetrable in terms of identity theft, fraud, and manipulation.
Fun fact: Estonia was an early adopter of blockchain technology by 2019. In the country, medical records are maintained in a digital wallet, and taxes are filed in a snap using it. The only services left for IRL processing are marriages, divorces, and real estate transactions.
Now, society is searching for how bitcoin, blockchain, cryptocurrency, and Bitcoin NFTs all fit into the larger picture.
What Is a Non-Fungible Token (NFT)?
NFT stands for non-fungible tokens which are digital objects created on the blockchain. The unique digital objects are kind of a fun thing to own; many people even profit off of purchasing and trading them with others who are invested in the concept.
They’re kind of like trading cards! In fact, the NFT market is powered by a general fanfare around digital art and collectibles, so the pairing is logical.
Since the digital objects are rare, cool, interesting, and carry a bit of a backstory, and a unique identifier, they make great collectible items. Exchange for money is common. One NFT recently sold at a whopping $69 million.
The rifts between 21st-century art and cryptocurrency are just now beginning to open and the NFT is the carrier of the movement. The NFT can be purchased with MetaMask or even a regular old credit or debit card, making it easier and easier for people to get on board.
To get started, all one needs to do is log on to bitcoinnnft.org.
What Does Somebody Do With a Bitcoin NFT?
The esteemed owner of a Bitcoin NFT has the power to do whatever they wish with it. This might include putting the artwork on display with a digital device such as a computer, laptop, cell phone, or frame. A high-res image in a gallery is always an option.
There are new opportunities arising within the NFT ecosystem. For instance, there is the ability to buy, sell, and trade artwork. As this world expands, some folks believe, the room for additional activities will grow as well.
If you’re looking to resell your Bitcoin NFT, there is no problem. Bitcoin NFTs can be resoled on marketplaces such as OpenSea or Raible.
How Much Does Bitcoin NFT Cost?
The purchase of Bitcoin NFT is made at bitcoininft.org; each Bitcoin NFT currently has a cost of 0.3 ETH or $1,000 USD. It can be purchased with a credit card, debit card, or MetaMask.
How Do I Buy Bitcoin NFT With MetaMask?
The process of buying Bitcoin NFT with MetaMask may sound daunting at first, but it’s more it appears a lot more approachable once the details are laid out on the table.
For starters, MetaMask is an extension within the browser (or a cloud-based application). It allows people to use cryptocurrencies as well as transact and hold NFTs. It is actually integrated on bitcoinnft.org so that purchasing using Ethererum is no problem at all.
To set up MetaMask, one needs to use the Chrome browser to visit https://metamask.io/. From there, the next step is to download and install MetaMask for Chrome. Then, click “Add Extension.”
The MetaMask Wallet allows users to either buy Etherum through the platform itself (see: “buy” button) or transfer Etherrum from a secondary location.
Finally, purchase Bitcoin NFT on bitcoinnft.org by clicking “Get Yours with MetaMask.”
If that sounds a little tricky, the “use a credit card link” provides an easy out on the bitcoinnft.org website. The e-commerce cart (powered by Stripe) allows the quantity to be selected, the credit card details to be entered, and the bill to be paid.
Is Bitcoin NFT a Scam?
No, Bitcoin NFT is not at all a scam. Scams are better left to con artists – this is simply a new way of thinking about money and doing business (as well as trading collectible art pieces which are now quite trendy).
Here’s the 411: Bitcoin NFTs are minted on the world’s most well-known NFT blockchain, the Ethereum blockchain. Due to this fact, every single Bitcoin NFT can be traced, including past transactions pertaining to the token. It’s kind of like a title on a car or house – a true record.
This leads to a process that provides both transparency and security. Fraudulent items, counterfeit digs, and other issues should not be an issue.
Bitcoin NFTs are Cool
The bottom line is that this process is fascinating from many perspectives. From the economic perspective, it is a test of government regulation, control, and profitability. From the art world side, it poses the questions of “what is art” and “does art have to be “tangible” to have value?”
No matter to which philosophy one may subscribe, where this Bitcoin NFT is going is certainly worth keeping tabs on.
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