Hi dear community,
inspired by the crazy NFT boom and unfortunately enormous ETH gas prices I was wondering if IPFS and Bitcoin, or other crypto currencies can be used as alternative NFTs instead of classic ETH based NFTs.
My idea would be the following. An asset creator uploads his digital works to IPFS and uses the four or five first characters, after the Q from the CID for a Bitcoin Vanity generator to obtain a BTC address which starts with the same four or five values after the 1 (classic BTC address). Once this is done the creator sends some Satoshi to his BTC Vanity address and then does with the IPSF Networks BTC address (which would be needed) a very small transaction with the Vanity address, so that the asset it officially in the BTC Blockchain and fees, for selling goods, are paid to ipfs.io. When the transaction is done the creator uploads a second asset (document) to IPFS which includes the Vanity BTC address for purchasing the creators asset, a description, authorship etc. and most important the transaction details for the IPFS Bitcoin address, to make this a valid asset. Putting the CID of the asset is mandatory if this is an unlimited supply, or in case he likes to regulate the distribution (amount which can be sold) leave it out and gives his email contact address, to that the purchaser will then receive the assets CID.
Once these three steps are done, creating the asset, the BTC address and the document, the creator then only needs to provide the documents CID and BTC address publicity, so that potential customers could purchase the goods.
Because I like IPFS very much and prefer Bitcoin over other crypto currencies, due to it’s popularity, I hope that this topic can lead to a fruitful discussion to promote IPFS and help creators, artists etc. to avoid enormous ETH gas costs.
Regards
Stefan