Bitcoin Non Fungible Tokens [NFTs] are becoming a trend in the Crypto and NFT space; with this comes stimulations of different arts on the Bitcoin [BTC] Network. However, Generative XYZ is the latest addition to the Ordinals Bitcoin ecosystem, Generative is next generation art marketplace on Bitcoin network with the mission to bring generative art to every home. The burbles on Ordinals BTC NFTs feels like what NFTs on Ethereum mainnet did in 2017.
Rodarmor, a serial Blockchain Developer found a script on the Satoshi Core few weeks ago which precipitated the establishment of NFTs on the BTC Network. Basically the ERC-721 standard on Bitcoin Network allows you to “Inscribe” individual Satoshi’s with data known as the Ordinals Bitcoin NFTs.
On the 10th February, 2023 the first on-chain art platform Generative was created on the Bitcoin Network by Punk3700, thanks to Rodarmor’s Ordinals scripts. Announcing the release on Twitter Punk3700 noted that Ordinals is an amazing piece of technology.
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Some weeks ago, people created over 70,000 inscriptions; but how do people buy and sell inscriptions before the Ordinals marketplace by Generative? — this can be done via Google Sheets OTC trades and of course it’s prone to security bridge and arbitrage.
Apparently in the first few days of it’s launch, over 100 independent artists have minted their arts on the Generative Bitcoin NFT marketplace with notable collectibles like; Temple of Digital Gold, Genesis Series #0, Timechain and UmweltAI sold out mints in few days of launch. What makes Generative unique is that its enables artist showcase their NFTs freely on the Bitcoin platform with no IPFS stored on chain.
Interestingly, the first ETHEREUM project that bridged Ether NFTs “On the Edge of Oblivion” to the Bitcoin Network is blowing up on Opensea. It’s interesting to note that Generative doubles up as an artist Community and market aggregator with no fees attached on its marketplace trading.
In previous weeks, there was no marketplace for buying and selling BTC NFTs, Bitcoin NFTs were subjected to OTC trading on spreadsheets— a high form of degen trading which ensued in 2017 with the NFT burbles. Six figures transactions were sealed on Discord and on Telegram. With the establishment of Generative, it is becoming a reality that NFTs is not meant to be dominated by one chain as the Blockchain provides endless opportunities.
Sean Bonner, Misanthropologist at SBDC wrote on microblogging platform Twitter that “Over the weekend we’ve seen several ordinals marketplaces pop up. I’m watching; Generative_xyz, BitCollOrg Trygamma Ordinali and a few others which have hinted at “coming soon” – very exciting to think there were no options this time last week”.
Necessity is the mother of invention, whoever comes up with the ability to buy and sell BTC, ETH and or both Ordinals and ERC721 or ERC-1155 NFTs on same Market Aggregator will be the long term winner. Generative Arts and AI inspired inscription on the Bitcoin Network is an autonomous system one that is non human and can independently determine features of an artwork that would require decisions made directly by the artist.
A few AI artists are leveraging on the Generative platform to showcase their generative artworks on the Bitcoin Network, projects like; ONE PROMPT by Tiny Wonc, Vertigo by Josemiguel are doing great trading and mint volumes on the platform as Ren AI NFT, an Italian Paint and AI Artist noted that we are witnessing Crypto Art history while launching his first Ordinal on Generative marketplace, ‘The Calling 1/1’ AI artwork of a series will follow all the major steps of Bitcoin NFTs.