Art on Bitcoin
Non-Fungible Tokens (NFTs) and blockchain technology have left their mark on the art world. For a long time, Ethereum was the go-to blockchain for NFTs due to its smart contract functionality and large number of available art collections. In this article we will discuss art on the mother chain, the Bitcoin blockchain.
The early stages of the NFT art movement
NFTs, unique digital assets on the blockchain, allow artists to tokenize their work and provide proof of authenticity and ownership. Unlike traditional cryptocurrencies like Bitcoin and ETH, an NFT is non-fungible: one is not the same as the other, where 1 BTC is equal to 1 BTC.
Crypto art has gained momentum over the past few years, with 2017 seeing the rise of collections such as CryptoPunks and CryptoKitties, and the Bored Ape Yacht Club collection launching in 2021. As artists explore new art forms and possibilities, traditional auction houses like Christie's and Sotheby's have embraced the digital shift, conducting auctions for high-profile NFT collections. Notable works, such as Beeple's "Everydays: The First 5000 Days" (sold on auction with Christie's New York for an impressive $69M USD) have fetched millions in the crypto art market. World-wide events such as Art Basel have also included NFT artwork to their exhibits, bridging traditional and digital.
Art marketplaces like OpenSea, Nifty Gateway, SuperRare and Rarible facilitate the buying and selling of digital assets and NFT collections on the Ethereum blockchain. However, while Ethereum remains a force in the NFT space, Bitcoin took the stage in 2023 with Ordinals Inscriptions and hasn't left it since.
Bitcoin NFTs
The first Bitcoin NFT collection ever released on Bitcoin was Rare Pepes. Crafted in September 2016, Rare Pepes predates the term "NFT" and the surge in digital collectible frenzy. These tokenized assets were generated using Counterparty, an open-source protocol situated on the Bitcoin blockchain. During that period, Counterparty stood as one of the limited platforms available for NFT creation. However, its scripting language constraints imparted less flexibility and functionality to Rare Pepes compared to contemporary non-fungible tokens. Bitcoin, in its inherent structure, is meant to be a peer-to-peer payment system and cryptocurrency, and lacks the native capacity to autonomously generate non-fungible tokens. The fundamental protocol of Bitcoin is notably straightforward, fostering a high level of decentralization, security, and stability. However, this simplicity comes at the expense of overall programmability. Notably, the Bitcoin blockchain lacks intricate smart contracts, thereby lacking the inherent capability to produce non-fungible tokens.
Bitcoin Ordinal Inscriptions
In 2023, a major shift took place on the Bitcoin blockchain with the inception of Bitcoin Ordinal Inscriptions. These allow users to inscribe data --- JPEGs, GIFs, text and other formats --- directly onto satoshis, the smallest unit of Bitcoin. With inscriptions, creators can inscribe their digital artwork directly on-chain, removing the need for services such as IPFS.
Ordinals have become a pivotal player in the art market, with crypto artists joining the mother chain. Artists leverage social media platforms to showcase their work, fostering a direct connection with their audience and potential buyers in the digital art ecosystem.
Gamma.io has positioned itself as one of the leading Bitcoin fine art NFT marketplaces and has developed tools for creators allowing them to inscribe and sell their work directly on the Bitcoin blockchain. Through the Gamma Partner Program and features such as Prints --- which lets artists create digital prints of an original inscription, in the form of open or limited editions --- Gamma expands the boundaries of the traditional art world. Gamma is the de-facto home to Bitcoin artists, showcasing art ranging from fine art photography to generative art, and helping crypto artists flourish in this new digital landscape, navigating uncharted territories and shaping the future of the art world.
Inscribing their work directly on Bitcoin allows digital artists to preserve their legacy forever and elevate each art piece to a level of exclusivity --- all they need is a compatible wallet and to pay gas fees to inscribe their work, and that's it.
Shaping the future
The digital ecosystem is ever-evolving, with concepts like the metaverse gaining traction, more and more DeFi platforms being built, and NFT collections soaring. Ordinals are reshaping the landscape of the blockchain art industry and while inscriptions have contributed to significant Mempool congestion, reaching historic peaks in recent months, the impact extends beyond improved functionality. This technological advancement has not only surged the number of non-zero Bitcoin addresses to unprecedented levels but also represents a pivotal moment in Bitcoin's history. This innovation is propelling network engagement beyond traditional purposes such as investing and money transfers.