NFT
DIBA, a new marketplace intended for exchanging Bitcoin-based NFTs, went live Thursday, the company said in an email to CoinDesk.
The marketplace allows users to trade all assets issued on Bitcoin smart contracts on Layer 2 networks, such as Lightning Network. DIBA has also released a Bitcoin-only wallet — which can store music files and art — in partnership with cryptominer Hut 8 Mining (HUT).
Recently, Bitcoin-based tokens and assets have seen a frenzy of new players entering the field with new features to attract users. Most notable was the hype fueled by the Ordinals protocol and BRC-20 tokens, with developers issuing tokens or art on the Bitcoin, leading to huge transaction fees.
Read more: Bitcoin’s frenzy of activity pushes average transaction fees to over $7, a nearly 2-year high
However, DIBA is working on the “Really Good for Bitcoin” (RGB) smart contracts, which are built on Layer 2 networks. The RGB protocol allows for cheaper and more private transactions, making it easier to spend tokens on Bitcoin, DIBA co-founder Gideon Nweze said in a statement.
Building on RGB could even help reduce high costs on the Bitcoin network, Nweze added.
Some DIBA investors, such as prominent venture capitalists Tim Draper, see the market as well positioned for a broader rise in Bitcoin-based assets.
“The bull case for Bitcoin assets is in the ballpark of $10 billion market cap over the next few years,” Draper said in a prepared statement. “What Gideon and the team at DIBA have built is a testament to the potential NFTs on Bitcoin.”