As non-fungible tokens (NFTs) continue to dominate headlines, Stacks, an NFT platform leveraging the security of Bitcoin and the scalability of Ethereum, quietly made history. Its ‘Satoshibles‘ collection is officially the first to bridge between BTC and ETH.
Bitcoin-Backed NFTs
‘Satoshibles’ describes itself as the “NFT for Bitcoin” and comprises 5,000 algorithmically generated NFTs, each unique and hand illustrated. The collection is inspired by a photograph of Dorian Nakamoto, the man incorrectly alleged to be Satoshi Nakamoto in 2014.
Satoshibles developers chose to create the collection on Stacks, saying:
It was only right to create the NFTs on a platform that honoured Satoshi’s legacy.
Brian Laughlan, creator of ‘Satoshibles’
However, in an effort not to split the crypto community, they decided to build a cross-chain bridge, StacksBridge, to allow Satoshibles holders to move NFTs between Ethereum-based platforms and Stacks.
How StacksBridge Works
To move NFTs between chains, Satoshibles NFT holders must simply connect to the bridge with a MetaMask Ethereum wallet and Hiro Stacks wallet. Thereafter, they need to pay transaction fees to execute the movement from one chain to the other.
Importantly, NFTs can only be active on one blockchain at a time, with access being locked on the other. Initially, to optimise security, the bridge is employing a model based on trust, however they are exploring a trustless version that runs on automated smart contracts.
The response to the news was overwhelmingly positive, typified by one Twitter user’s comment:
Although they’re mostly old and crusty, I think #Bitcoin investors secretly want to start dabbling in the NFT space. Love the @satoshibles vision of bringing NFTs to a space where there currently is none. First mover advantage is HUGE.
At the time of publication, Satoshible #4043 is the most expensive available for purchase, at 35,000 STX (approximately US$60,000).
If you’re an NFT enthusiast keen to get involved, head over to Stacks, connect your Stacks wallet, and make your pick. Unlike CryptoPunks and Bored Apes, Satoshibles are still somewhat affordable.
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