Digital Bitcoin Art and Assets (DIBA) has launched a beta of the ‘first Bitcoin-NFT marketplace’ based on RGB smart contracts RGB.
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The marketplace will allow users to trade assets issued on the Bitcoin blockchain or on layer-2 networks, such as Lightning Network.
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DIBA, in collaboration with Hut 8 Mining, has also released a standalone wallet app where users can store music files and images. The marketplace is compatible with other blockchain services as well.
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According to project founder Gideon Nveze, the RGB protocol is designed to deliver “enhanced security, privacy, scalability, and lower fees.”
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“Our launch marks an important milestone in the internet’s shift to Bitcoin. […] You can think of DIBA as a gateway to the capabilities of the Bitcoin technology,” said Nveze.
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Draper Associates, the venture capital firm of billionaire Tim Draper, is among the startup’s investors.
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The head of DIBA also added that he does not share the enthusiasm for the new technologies Ordinals and BRC-20.
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“BRC-20 is the stupidest technical experiment in the field of cryptocurrencies. […] Essentially, they are trying to turn the Bitcoin network into Ethereum. In practice this is absurd and inefficient,” he explained.
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Earlier, sales of the Bitcoin Frogs NFT collection based on the first cryptocurrency within 24 hours reached $2.24 million, beating the Bored Ape Yacht Club.
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Earlier in May, Bitcoin Core developer Luke Dash Jr. proposed applying a \”spam filter\” for BRC-20 and Ordinals tokens due to their negative impact on the blockchain. According to him, such an approach would help \”screen out\” the transactions associated with them, which Dash called \”garbage.\”