Another Bitcoin-Based NFT Protocol Emerges

Kyle Torpey

Digital Bitcoin Art and Assets (DIBA), a Tim Draper-backed NFT marketplace, has announced the launch of what it claims to be the first Bitcoin NFT marketplace leveraging RGB smart contracts.

Digital Bitcoin Art and Assets (DIBA), a Tim Draper-backed NFT marketplace, has announced the launch of what it claims to be the first Bitcoin NFT marketplace leveraging RGB smart contracts. The platform aims to facilitate the migration of NFTs from Ethereum to Bitcoin more efficiently than Bitcoin Ordinals have done. DIBA's CEO, Gideon Nweze, sees this as a significant milestone in transitioning the internet onto Bitcoin, emphasizing the compatibility of the RGB protocol with the existing Bitcoin infrastructure.

While acknowledging the robust interest in both Ordinal NFTs and BRC-20 tokens, Nweze expressed his skepticism towards these innovations. He referred to BRC-20 tokens as the "dumbest technical experiment in crypto," criticizing their inefficiency and lack of effectiveness when trying to force Ethereum functionalities onto Bitcoin. In contrast, DIBA aims to provide enhanced security, privacy, scalability, and reduced transaction fees by leveraging RGB smart contracts.

DIBA's launch also includes the promotion of BitMask, a Bitcoin-only crypto wallet capable of holding unique digital assets (UDAs) like music and art. With the support of Draper Associates, DIBA seeks to bring Bitcoin utility to the masses and enable the exchange of UDAs. Additionally, Nweze believes that the adoption of smart contracts inheriting Bitcoin's properties could potentially be viewed favorably by regulators, as Bitcoin is not considered a security by the U.S. Securities and Exchange Commission (SEC).

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