NFT Marketplace DIBA Goes Live on ‘Really Good for Bitcoin’ Smart Contracts

NFT

DIBA, a brand new market meant for exchanging Bitcoin-based NFTs, went dwell on Thursday, the agency mentioned in an e-mail to CoinDesk.

{The marketplace} will enable customers to commerce any asset issued on Bitcoin good contracts on layer 2 networks, resembling Lightning Community. DIBA additionally launched a Bitcoin-only pockets – which might retailer music information and artwork – in partnership with crypto miner Hut 8 Mining (HUT).

Just lately, Bitcoin-based tokens and property have seen a frenzy of latest gamers coming into the sphere 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 difficulty tokens or artwork on the Bitcoin, which result in huge transaction charges.

Learn extra: Bitcoin’s Frenzy of Exercise Pushes Common Transaction Price Over $7, Almost 2-12 months Excessive

Nevertheless, DIBA works on the “Actually Good for Bitcoin” (RGB) good contracts, that are constructed on layer 2 networks. The RGB protocol permits for cheaper and extra personal transactions, making it simpler to difficulty tokens on Bitcoin, DIBA co-founder Gideon Nweze mentioned in a press release.

Constructing on RGB could even assist mitigate excessive charges on the Bitcoin community, Nweze added.

Some DIBA buyers, resembling distinguished enterprise capitalists Tim Draper, think about {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 subsequent couple of years,” Draper mentioned in a ready assertion. “What Gideon and the crew at DIBA have constructed is a testomony to the potential NFTs on Bitcoin.”