NFT and inscription

NFT, or non-fungible token, is a unique and irreplaceable digital asset. The Inscription BRC20 is an NFT based on the Bitcoin blockchain that attaches unique data to Bitcoin’s satoshi unit. Each inscribed BRC20 has a unique serial number, which determines its rarity and value.

Inscription BRC20 has the following characteristics of NFT:

Uniqueness: Each inscription BRC20 is unique and cannot be copied or replaced.

Irreplaceability: Each Inscription BRC20 has a different value and cannot be exchanged for other Inscription BRC20.

Traceable ownership: The ownership record of Inscription BRC20 can be traced on the blockchain.

Therefore, the inscription BRC20 meets the definition of NFT and belongs to NFT.

It should be noted that there are some differences between Inscription BRC20 and NFTs on other blockchains such as Ethereum. The data for Inscription BRC20 is stored on Bitcoin’s satoshi units, while the data for NFTs on Ethereum is stored on-chain. In addition, the serial number of the inscription BRC20 is generated by the miner, while the serial number of the NFT on Ethereum is generated by the smart contract.