Interpretation of Bitmap, the first metaverse project in Bitcoin ecology

Author: ck

Proofreading: dawnxue.eth

Typesetting: MetaCat

Recently, Bitmap, the first metaverse project in the Bitcoin ecosystem, has become more popular, especially in the Chinese area. From the transaction data, Bitmap’s 30-day sales volume is 11.75 BTC (as of the time of writing), ranking first in the 30-day sales list of Bitcoin NFT. This article is the author's recent observation and thinking on Bitmap, and also talks about the construction of the Metaverse.

Data Sources:

**Enter the topic: How to treat Bitmap? **

The presentation of Bitcoin block 156447 under the Bitmap theory,

Bitmap.land is the first Metaverse project in Bitcoin ecology. The project is based on Ordinals theory (ordinal number theory) and Bitmap theory (Bitmap theory). In Universe Project: Bitmap.land, the situation of Bitmap and the preliminary judgment on Bitmap are systematically explained, so I won’t go into details here.

Recently, the attention of Bitmap in the Chinese area has increased, and some friends have consulted one after another. Since everyone has different backgrounds and concerns, it has inspired the author to think further about the value and significance of Bitmap. The general framework of thinking is: Bitmap should be considered in both Bitcoin and Metaverse ecology, and it may be narrow if you only look at a single ecology.

From the perspective of Bitcoin ecology, we analyze it from four dimensions:

Network Security: As the halving cycle approaches and block rewards decrease, the increase in transaction procedures can bring miners income other than block rewards. In the long run, block rewards will gradually tend to zero. Bitcoin ecology Naturally, it is necessary to find a new way to ensure the security of its own network. The surge in transaction volume brought about by the rise of Ordinals has made it possible for everyone to see transaction fees as a practical possibility to ensure the security of the Bitcoin network.

Capital Efficiency: Due to Bitcoin's status in the blockchain field, it has gathered the most consensus in terms of value storage, and its role has changed from "electronic cash" to "electronic gold". After the value has been accumulated, some people will naturally think about how to improve the utilization rate of funds. The DeFi Summer of the Ethereum ecosystem has provided another successful case that is close at hand. Naturally, there is also a desire to catch up.

Self-positioning: In recent years, the Ethereum ecology has developed rapidly, from DeFi Summer to encrypted art to virtual land, GameFi, PFP, and various applications. On the other hand, the relatively slow development of the Bitcoin ecosystem and few bright spots will naturally arouse the Bitcoin ecosystem’s reluctance to only be a value storage chain, and hope to explore the possibility of being an application chain.

External Factors: Bear market liquidity, scarcity of narrative, the market and the community will be degraded. The emergence of Ordinals can at least revitalize the stock funds, which is better than nothing.

It can be seen that the emergence of Ordinals (ordinal number theory), and the Bitcoin NFT (including encrypted artwork, Meme Coin, domain name, virtual land), BRC-20, BRC-30 ( Token pledge), will naturally be welcomed by the Bitcoin community.

Bitmap is currently mainly selling virtual land, which belongs to both the Bitcoin NFT category and the metaverse category. With the double blessing of NFT + Metaverse, the imagination space is naturally full. Although Bitmap’s own narrative is not full, but as a community shared A pioneering project, Bitmap is clearly needed by the Bitcoin ecosystem.

Also, one thing worth noting. Ordinals (ordinal number theory) is a theory that numbers Satoshi (Satoshi) and defines its scarcity. This theory does not depend on the consensus of the blockchain to exist, and it is an out-of-chain consensus (similar to constellations, it is an artificial agreement , not based on the inherent properties of the blockchain); Inions (inscriptions) are based on the theory of ordinal numbers, the process of writing text/pictures/videos into the Bitcoin blockchain. The Bitcoin NFT and BRC20 mentioned above are all based on Ordinals + Inions. The interpretation and presentation of the content of Bitcoin NFT and BRC20 is an off-chain action.

This is very different from the ERC20 and ERC721 of the Ethereum ecosystem. The latter is mainly realized through smart contracts on the blockchain, except that metadata relies on external resources such as IPFS and Arweave.

Of course, it is difficult to draw conclusions about the advantages of Bitcoin NFT and Ethereum NFT based on this alone, but obviously these differences in fundamentals will have a profound impact on the development of NFT in the two ecosystems. Another material for thinking is: Bitcoin Coin UTXO model vs Ethereum adopts account model.

From the perspective of metaverse ecology, the following two issues are mainly considered:

**1. What does the Metaverse currently need? **

From Second Life in the Web1.0 era, to Roblox and Fortnite in the Web2.0 era, to Decentraland and Voxels in the Web3.0 era, the metaverse is moving towards more decentralization, better experience, and more users The evolution of the direction of autonomy. When the metaverse meets NFT, the virtual land becomes the protagonist of the story.

**Let us first look at the virtual land in the realm of the metaverse. **

In the past cycle, the Metaverse project party took the sale of virtual land as its core business model, and a large number of metaverse projects emerged, resulting in an oversupply of virtual land and incompatibility between metaverse projects, making ** interoperability a The primary problem that needs to be solved urgently in the metaverse field. It should be pointed out that Interoperability issues will exist for a long time along with the development of the metaverse field and need to be continuously resolved, but this problem is more significant at the current stage**.

On the other hand, when the project party ** sells virtual land, it essentially packs the right to use the 3D scene editor and the right to distribute scene traffic into the virtual land, and uses this to construct a pricing right**. However, after two or three years of development, 3D scene editors have gradually become standardized and open source. A typical case is the metaverse project hyperfy.io released in July 2022, which provides users with excellent web pages at a nearly free price. End 3D scene editor. As a commodity, virtual land, which constitutes a very important part of its intrinsic value, no longer exists.

3D scene editor for hyperfy.io

**Let's look at the virtual land again in the NFT field. **

In the past cycle, the metaverse virtual land existed in the form of NFT, which is also an important use case in the development of NFT. From the perspective of NFT's own development, it can be summarized as: Iron NFT, the use case of flowing water.

At each stage of NFT development, there is often only one type of use case as the core value carrier of NFT phases. These value carriers used to be: encrypted art, GameFi, virtual land, and PFP. But everything changes and everything flows. When new use cases become mainstream, old use cases, no matter how brilliant they were, will fade and become obsolete. Who remembers CryptoKitties, Async art, Axie Infinity, LOOT? Obviously, Virtual land, as the core value bearer of NFT, has become a thing of the past.

To sum up, neither the current metaverse nor the NFT field requires virtual land to play a central role. For the metaverse project party, the most important thing right now is to solve the interoperability problem. This is an analysis from the supply side. From the demand side, the core problem is the lack of implementation of application scenarios. This problem has been particularly prominent in the past two or three years. For the project side, blindly thinking from the supply side can easily fall into the vicious circle of looking for nails with a hammer.

**2. What can Bitmap provide for the development of the Metaverse? **

Bitmap is currently mainly for sale on the primary market of virtual land, 3D scene editor, scene traffic distribution, and Avatar are not involved, and it does not match the needs of specific scenes. It can be seen that For the current development needs of the Metaverse, Bitmap cannot provide effective value for the time being. If we insist on value provision, the issuance of virtual land based on the Bitmap theory provides a relatively fair purchase mechanism for buyers, as well as a "reasonable" additional issuance mechanism.

Bitmap official website:

The above is a series of thoughts developed by the author from Bitmap. It is inevitable that it is biased. Welcome to correct me.

related articles:

A comprehensive analysis of the first metaverse project in Bitcoin ecology: Bitmap.land

Exploration of Bitcoin Metaverse (not investment advice)

Simple Tutorial on Finding and Inscribing .Bitmap Addresses (Not Investment Advice)

Ten Questions about the Soul of the Metaverse

Ordinals vs. NFTs: What's the Difference?