exist
existBitcoin NFT "Wildfields in Progress": Ordinals Protocol, FOMO, and Controversyfirst level title
How to achieve?
The seller uses Emblem Vault to Mint a "Vault Vault" NFT, and transfers the NFT to be sold to the Bitcoin network address specified by Emblem Vault. When it is detected that the Bitcoin network address has assets deposited, the "Vault Vault" NFT will be displayed on OpenSea with the cover image and description set by the seller.
The seller uses Emblem Vault to Mint a "Vault Vault" NFT, and transfers the NFT to be sold to the Bitcoin network address specified by Emblem Vault. When it is detected that the Bitcoin network address has assets deposited, the "Vault Vault" NFT will be displayed on OpenSea with the cover image and description set by the seller.
first level title
Seller Operation Process
Required resources:
- 250$COVAL
First, enterEmblem Vault official website, Mint for the "Vault Vault" NFT.
After confirmation, click "Next" to enter the next setting page.
After confirmation, click "Next" to enter the last setting page.
After the settings are complete, click "Create Vault" to create the Vault. After the creation is complete, click "BTC/SCP/OMNI" in the options under "Deposit Addresses" to get the address specified by Emblem Vault for storing Bitcoin NFT assets.
Next, open the Sparrow wallet and transfer Bitcoin NFT to this address. Import the address of the Bitcoin NFT asset to the Sparrow wallet, and click the "UTXOs" option on the left navigation bar.
Select the UTXO of the NFT to be transferred to the Emblem Vault for safekeeping on the Ethereum mainnet. Pay attention to this step,Make sure that the selected UTXO contains NFT, and only select this one for subsequent operations!If you cannot determine whether the UTXO contains NFT, right-click to bring up the menu and select the "Output" option, then click "Copy Transaction Output" to paste the copied result toOrdinals official websiteMake an inquiry to confirm.
Then click "Send Selected". Fill in the address given by Emblem Vault for storing Bitcoin NFT assets in the "Pay To" box ("BTC Deposit Address" shown in the picture in the above setup steps), and fill in the name of the Valut NFT in the "Label" box (above "Vault Name" shown in the picture in the text setting steps), and the rest of the options do not need to be filled or modified.Here to confirm again that the transaction must be 1 Input - 1 Output! The correct transaction structure should be as shown in the red box in the figure below, with only xxxx Inscription... on the left, Send inscr... on the top of the right, and the fee prompt below.
Then click "Create Transaction"(It is still necessary to check whether the transaction structure is as shown in the above figure, otherwise it needs to be re-operated), "Finalize Transaction for Signing", "Sign" and "Broadcast Transaction" to submit the transaction.
After the transaction is submitted, go back to the Emblem Vault and find the Vault you just created under the "Not Minted" directory of "My Vaults". When Emblem Vault confirms receipt of assets, the "Balance" column will display a certain balance. Click "Mint Vault" to submit a Mint request(Mint costs 250 $COVAL), Vault NFT that can be traded on OpenSea after completing Mint.
secondary title
What is the Vault NFT I got?
secondary title
When using the Sparrow wallet for transfer transactions, don't you need extra bitcoins in the wallet as a gas fee?
unnecessary. Although the Ordinals protocol writes data into a single Satoshi to make Bitcoin have NFT attributes, in fact, Ordinals created a UTXO with 10,000 Satoshi when Mint was completed, and the Satoshi that is an NFT is ranked first in the output. When the transaction is 1 Input - 1 Output, according to the first-in-first-out principle, the satoshi that is the NFT will be assigned to 1 Output first, followed by the second, third and then until the value sent to the receiver Satoshi. That is to say, Satoshi other than the Satoshi that is an NFT will be paid as a Gas fee. Every time such a transfer occurs, the UTXO will become smaller and smaller, until in the end only other UTXO can be used to ensure that the NFT is not lost.
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Buyer Operation Process
The buyer's operation process is relatively simple. It is roughly to purchase the corresponding Vault NFT on OpenSea, perform the "open" operation on Emblem Vault to obtain the private key/mnemonic of the address where the Bitcoin NFT is stored, and transfer it to the corresponding wallet. Take Bitcoin NFT.
First, go to the Emblem Vault'sOpenSea pagePick a Bitcoin NFT here. It should be noted that you should not be confused by the fake series. The total trading volume of the real series is very high, close to 40,000 ETH, which is a relatively direct judgment indicator.
Check the BTC-related options in the filter on the left, and you can filter out the Bitcoin NFTs that are mapped to the Ethereum mainnet transaction through the Emblem Vault.
Here is another key point of anti-fraud. As the chart above shows, many Bitcoin Punks are not expensive. But in fact, the transaction price of real Bitcoin Punks is generally above 0.5 ETH. These low-priced Bitcoin Punks are not even fake pictures, but there are no Bitcoin NFTs in the vault at all.
We mentioned above that when creating a Vault NFT, its settings determine the name, cover image and description displayed on OpenSea. therefore,The Bitcoin NFT listed on OpenSea is not actually associated with the assets stored in the Vault. Even if only $1 worth of Bitcoin is deposited in the Vault, it will be displayed on OpenSea (if it is not deposited in the Vault any assets, the display will indicate that this is a Vault without any assets).
The procedure for checking is as follows. First, check whether the corresponding Bitcoin NFT is contained in the Vault. Find the "View website" option on OpenSea and click it.
After jumping over, click "BTC/SCP/OMNI" under "Deposit Addresses" to get the address where the Vault stores assets.
Next, go to the Bitcoin Punks official website to find the link of this Punk on Ordinals Explorer, and you can directly see the address where the current real Punk is stored (if it is a project without an official website, you can go to Discord to find the ID table of the series, and enter the ID into Ordinals Explorer to view).
The figure above shows that the current storage address of the real Punk is bc 1 puur..., while the storage address specified by the Vault is 15 ub..., the two are inconsistent, and the above identification on OpenSea is false.
For the Bitcoin Punks series, some enthusiastic netizens developed aQuick Screening Tool, as long as you enter the OpenSea link to query, you can tell the authenticity. Other Bitcoin NFT series can only be manually screened according to the above steps for the time being.
After the purchase is complete, you can see the Vault NFT you own on the "Locked" page of "My Vaults" on Emblem Vault. You can execute the "Claim (Crack Open Vault)" operation to obtain the private key/mnemonic that stores the corresponding Bitcoin NFT address.
epilogue
epilogue
Emblem Vault has greatly improved the liquidity of Bitcoin NFT at this stage. For sellers, being able to sell their own Bitcoin NFT on OpenSea will undoubtedly greatly improve the efficiency of transaction matching. For the buyer, trading directly on OpenSea greatly reduces the technical barrier. At the same time, Emblem Vault also solves the problem of mutual trust between buyers and sellers, reducing the risk of one of them running away with money.
Since Emblem Vault brought Bitcoin NFT transactions to Ethereum mainnet, its Vault NFT series has seen a huge increase in volume
However, the effect of Emblem Vault in lowering the technical threshold of Bitcoin NFT is still limited. There are too many issues that need to be paid attention to when transferring Bitcoin NFT, especially for collectors who want to store Bitcoin NFT in their Bitcoin wallets, various operations are simply torture.
We still look forward to Ordinals official or other developers to bring us a simple and fast lightweight wallet application in the future. Even the Emblem Vault, which is still quite complicated to use, allows us to see the consumption potential of the emerging market of Bitcoin NFT. I believe that after the implementation of various supporting "infrastructure", Bitcoin NFT will definitely be able to release greater energy.
