NFT Marketplace DIBA Goes Live on ‘Really Good for Bitcoin’ Smart Contracts
NFT
www.coindesk.com
19 Could 2023 07:58, UTC
Studying time: ~2 m
DIBA, a brand new market meant for exchanging Bitcoin-based NFTs, went stay on Thursday, the agency mentioned in an e-mail to CoinDesk.
{The marketplace} will enable customers to commerce any asset issued on Bitcoin sensible contracts on layer 2 networks, corresponding to Lightning Community. DIBA additionally launched a Bitcoin-only pockets – which might retailer music recordsdata and artwork – in partnership with crypto miner Hut 8 Mining (HUT).
Not too long ago, Bitcoin-based tokens and property have seen a frenzy of latest gamers getting into the sector with new options to draw customers. Probably the most notable was the hype pushed by the Ordinals Protocol and BRC-20 tokens, the place builders problem tokens or artwork on the Bitcoin, which result in large transaction charges.
Learn extra: Bitcoin’s Frenzy of Exercise Pushes Common Transaction Charge Over $7, Practically 2-Yr Excessive
Nonetheless, DIBA works on the “Actually Good for Bitcoin” (RGB) sensible contracts, that are constructed on layer 2 networks. The RGB protocol permits for cheaper and extra personal transactions, making it simpler to problem tokens on Bitcoin, DIBA co-founder Gideon Nweze mentioned in an announcement.
Constructing on RGB could even assist mitigate excessive charges on the Bitcoin community, Nweze added.
Some DIBA buyers, corresponding to distinguished enterprise capitalists Tim Draper, take into account {the marketplace} to be well-positioned for a broader rise in Bitcoin-based property.
“The bull case for Bitcoin property is within the ballpark of $10bn market cap over the following couple of years,” Draper mentioned in a ready assertion. “What Gideon and the staff at DIBA have constructed is a testomony to the potential NFTs on Bitcoin.”
