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Bitcoin NFTs: Making the Case to Be Sole Digital Asset Protocol
Non-Fungible Tokens (NFTs) are unique identifiers stored on a blockchain which represent ownership of a particular asset in the digital or physical world. They are typically created and transferred on a smart contract platform such as Ethereum or Solana. However, NFTs have recently come to the Bitcoin blockchain, which is an exciting development for several reasons.
Advantages of Bitcoin NFTs
First, there are groups of people such as Bitcoin maximalists who believe that there should only be one protocol or network for digital assets. This leads to increased networking effects, greater ease of use for users who do not have to keep track of multiple cryptocurrencies, and lower maintenance when everyone is transacting on the same chain rather than using multiple blockchains. With the advent of the Bitcoin NFT, Bitcoin has increased its chances of becoming the sole digital asset protocol.
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