Why Art on Bitcoin?
Art by A-Merk
Introduction:
The Resilient Hive of Bitcoin
In the ever-evolving world of digital assets, Bitcoin reigns supreme.
Michael Saylor, CEO of Fortune 500 company Microstrategy, said enthusiastically: “Bitcoin is a swarm of cyber hornets serving the goddess of wisdom, feeding on the fire of truth, exponentially growing ever smarter, faster, and stronger behind a wall of encrypted energy.”
It's a network that regularly flirts with calamity, emerging stronger every time. Bitcoin has shown itself to be more than a technology–it's an ethos, an economic life raft, and a fundamental bedrock of blockchain.
But there’s a paradox that lies at the heart of Bitcoin.
If this network is such a monolithic cornerstone for blockchain, why does Ethereum dominate the world of NFTs?
As we peel back the layers, we discover that Bitcoin is far from an outdated relic lacking capability. Ordinals now allow anyone to inscribe timeless works of art onto the world’s oldest blockchain by giving individual identities to "satoshis,” the smallest denomination of Bitcoin.
The Bitcoin network holds vast, untapped potential for non-fungible assets—a potential that could redefine how we think about digital art. Every Ordinal is on chain, meaning it’s intrinsically immutable and cannot be changed by administrators or smart contracts.
Bitcoin may yet prove our most powerful tool for storing, curating, and preserving priceless collections that stand the test of time.
Prepare to see the blockchain's original masterpiece in a new light.
The Social Gravity: Network Effect
Bitcoin’s social gravity is undeniable. It’s pulled in everyone from cypherpunks to Wall Street analysts.
No other asset in history has gone from a novel tool built by an anonymous creator to a global financial instrument in under 15 years.
While software and electricity are Bitcoin’s bones, its lifeblood is the collective belief that Bitcoin will do something. Whether electronic money, digital gold, or something in between, Bitcoin embodies humanity’s desire and aspirations to create something greater for tomorrow.
This tenacity helps explain why Bitcoin persists against all odds.
Rumors of its demise are regularly over-exaggerated.
The social gravity it’s built makes Bitcoin evergreen and gives it value beyond its token's utility.
Yet, when it comes to digital art, Ethereum steals the spotlight. It’s become the go-to playground for creators and collectors, often boasting NFT transaction volume over ten times that of Bitcoin.
Taking this hustle and bustle at face value paints a picture of a potentially Ethereum-dominated future for blockchain art.
However, Bitcoin is an untapped digital goldmine for NFTs, boasting unique qualities that only it can bring to the world of digital art.
The network commands over 99% of all energy given to the industry, making it the de facto tether between the digital reality of blockchain and the physical world in which we live. This tether imbues the Bitcoin network with an intrinsic value rooted in physical reality.
It transforms Bitcoin from something that simply lives on the internet to a decentralized organism that lives alongside humanity. An organism that empowers individuals to contribute to the evolving story of the network, mirroring the evolution of society itself.
Suppose Ethereum today is a relatively new, bustling marketplace. In contrast, Bitcoin is the quiet, discerning Roman art gallery, standing since time immemorable and delicately yet firmly dangling the masterpieces of humanity upon its digital walls.
Bitcoin's latent NFT frontier might not be the first, but it is as preeminent as Bitcoin itself.
The Fort Knox of Blockchains: Immutability
Immutability is a highly sought-after yet elusive quality in both art and blockchain. It means something that remains unchanged over time–more precisely, something that cannot be changed over time.
Bitcoin is the gold standard for blockchain immutability.
It’s a stronghold of security backed up by more energy than your average nation-state can muster. This unyielding security informs the beauty of Bitcoin NFTs: they’re fortified artifacts forever inscribed on the world’s oldest and battle-tested blockchain. Every NFT minted on Bitcoin is backed by the network itself and hedged behind walls of cryptographic energy.
Ethereum is the world’s computer–a genius network where smart contracts allow you to build your own digital wonderland.
However, this customizability is a double-edged sword. Smart contracts are built using code, which is susceptible to bugs, exploits, and human error. Whether by design or unfortunate error, Bored Ape Yacht Club could become Silly Goose Gacha Squad overnight without asset owners' say.
This stark contrast raises a serious, open-ended question for creators and collectors: How much immutability are you willing to sacrifice when it comes to your on-chain art?
Bitcoin sidesteps this question elegantly. It doesn’t use smart contracts—just a steadfast set of rules that govern the blockchain. Once your digital assets are submitted to the network, nothing can invalidate their existence.
Bitcoin is the ultimate digital artistic canvas, medium, and gallery.
The Mona Lisa doesn't change. Why should its digital counterpart?
Bitcoin offers an immutable stage for masterpieces that demand nothing less than the epitome of security.
Future generations deserve a reliable picture of our place in time in an increasingly inconsistent world – Bitcoin delivers.
Pay to Play: Network Costs
The process of creating art is not without costs. Whether it’s the value of your time or the cost of materials, we don’t get something for nothing.
The same rule holds true when it comes to blockchain. Network fees are the price we pay to attest data to our blockchain of choice.
Bitcoin and Ethereum share the characteristic of costing money to attest data to their respective networks. Every minting of an NFT or trade of a token comes at a cost.
While financially inconvenient, these costs are economically necessary. They are the glue that holds decentralized networks together, keeping digital art accessible and secure. Money makes the world go ‘round, whether digital or physical.
Bitcoin boasts an overall more predictable fee structure. While day-to-day transaction costs vary, a limited number of types of transactions can be submitted to the Bitcoin blockchain. This limitation means more predictability, like the two or three fuel options we see at stations. As long as network fees are low, putting your data on the Bitcoin blockchain is an affordable experience.
Contrast this with Ethereum, where smart contract flexibility can mean paying less than a dollar for a simple token transfer or over a hundred dollars for complex on-chain executions. It’s like pulling up to a fuel station with hundreds of options - analysis paralysis isn’t uncommon. With Ethereum, tracking projected network fees for your specific type of transaction is crucial. It's easier to use than ever, but more potential financial pitfalls exist than with Bitcoin.
So, while Ethereum may offer a dazzling world of customizability, it may come with some unexpected heartache for your wallet. Bitcoin, on the other hand, offers unprecedented security and an increasingly similar experience with more predictable fees.
And when it comes to safeguarding timeless masterpieces, predictability and security go a long way.
Implications: The Art of Choosing Your Canvas
If the blockchain landscape is an artistic canvas, not all brush strokes are created equal. As with any artistic expression, variance and contrast can help underpin the beauty of the complete picture.
Whether you’re a diehard collector or just getting involved with digital art, choosing a blockchain to host, build, and curate your collections is more than just a technical exercise. It’s a statement about your preferences and artistic ethos.
Ethereum’s flexibility allows NFTs to evolve over time, mirroring how the implications of timeless pieces evolve alongside humanity. Dante’s Inferno today is less political and more cultural and historical.
Ethereum allows additional layers to be placed upon non-fungible assets, changing their state and enabling applications ranging from concert tickets to digital art galleries.
But what if your work is intended to be fixed at a point in time–a freezing of a moment, intended to stand the test of time? After all, Dante’s Inferno may have different implications, but the work itself remains unchanged.
Enter Bitcoin: its immutable nature makes it the de facto canvas for art unchanged through the ages. On Bitcoin, Mona Lisa’s smile would never waver, just as da Vinci intended. Untarnished and unfazed by the minutes, hours, and decades.
If Bitcoin is digital gold, then the Bitcoin network is the gold standard for art—a singular, unalterable repository, crystallized for eternity.
Just as no two artists use the same brush strokes, no two NFTs should be confined to a one-size-fits-all blockchain. Ordinal Theory transforms every satoshi into a unique canvas capable of containing inscribed art, giving each one a new layer of meaning and uniqueness.
Your art, your choice. Choose wisely.
Conclusion: The Frontier Awaits
While Bitcoin remains the premium brand for blockchain worldwide, it currently lags behind when it comes to non-fungible tokens. This narrative is changing quickly, and presents an immense opportunity for artists and collectors.
As the base layer in the world of cryptocurrency, Bitcoin is the unyielding foundation on which to build the future of digital art.
Timeless masterpieces are rare, and artists have already begun to use Ordinals to migrate their art to Bitcoin.
The trend has just begun. Every time Bitcoin is challenged, it emerges stronger than ever before. The story of Bitcoin NFTs is no different.
Humanity needs a definitive record of what we’ve done, what we produce, and who we are. That record is Bitcoin.
In a world where everything seems fleeting, some things should last forever.
