Chainspace – Bitcoin NFTs have become the hottest topic in the Web3 space as the Ordinals project sparks a new wave of creativity.
Among the most popular projects today is Chainspace, an experimental project connecting Bitcoin and Ethereum via lo-fi video rendering from an app linked to the two chains.
Chainspace comes courtesy of pseudonymous co-creators Timshel and el-ranye, who have touted it as a digital object that “emits infinite art.”
The project spans 800 total on-chain apps.
Each web app functions similar to a Snapchat filter, manipulating the image from the computer or mobile device’s camera.
The app also lives on the Bitcoin blockchain through an Ordinals inscription.
Chainspace takes detailed selfie camera footage to render the image into ASCII art.
The result uses letters and symbols to create a real-time video view of the user in an abstract style.
Chainspace portals are unique and create different effects, with some being inspired by Web3 projects like Loot and Terraforms.
A sense of community
Co-creator Timshel is a key figure in the developing Lootverse gaming community, often participating in on-chain publishing efforts.
He said Chainspace creates a way for Web3 users to share a part of their humanity with communities without entirely putting themselves out there.
Timshel illustrated his point with a Chainspace-derived screen users shared in its Discord.
“This is beautiful because this ‘GM’ [good morning] is much more essential and resonant and human than [a] random Pepe emoji,” said the co-creator.
“There’s something really cool and special to see how people are using this, sharing their feelings, their selves, and their faces.”
The NFT/inscription isn’t an “access pass” to experiences hosted in other blockchains.
Due to Ordinals’ capability of holding more on-chain data than Ethereum NFTs, the complete web app is inscribed on the Bitcoin blockchain.
Each Chainspace portal acts as its own Ordinals inscription that are transferable among owners.
“The Ordinals innovation and the idea of inscribing up to now 4MB of content onto a single Satoshi on Bitcoin – it just immediately clicked to me,” said Timshel.
“It opened up a whole blossom of ideas in my head about things you can do that are higher fidelity that what’s possible on ETH, but still create a token on ETH that’s tradable and ownable.”
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Timshel’s comments hint at Chainspace equation’s Ethereum component.
However, the implication appears to be riddled with layers.
The Thursday NFT mint is set to occur on Ethereum.
Each portal is represented by an Ethereum NFT that’s mintable through Zora and can be traded via major marketplaces.
The Ethereum NFT is linked to the Bitcoin-based Ordinal on-chain via smart contract.
The smart contract holds the code powering decentralized apps and NFT projects, developed by Iain Nash, a software engineer from Zora.
The Ethereum artworks seen on marketplaces like OpenSea are really screenshots generated from the Ordinal inscription.
However, the NFT/Inscriptions are paired so NFT buyers can choose to trade in Ethereum and take custody of the Bitcoin Ordinal.
There is currently a manual process that Timshel and el-ranye can handle.
However, they are looking to make an easier automated process when more Ordinals infrastructures go live.
Furthermore, Timshel said Chainspace is “200% on-chains,” which means the experience is intertwined on Bitcoin and Ethereum.
However, the swap of the Ethereum NFT for the custody of the Bitcoin Ordinal is one-way.
It doesn’t allow users to swap back and forth or hold the two versions simultaneously.
Timshel also warned that the ability to swap partly depends on the state of Ordinals, which has proven to be contentious for some Bitcoin aficionados.
Chainspace portals are accessible to the public to clarify that NFT collectors aren’t buying an exclusive pass.
Anyone can use any of the portals to capture a still image from the video feed and do whatever they want with the images.
Timshel and el-ranye will put 620 NFTs on sale on Thursday, giving active Discord users priority on the allowlist.
They will then be able to mint an Ethereum NFT for 0.33 ETH ($550) while another 100 NFT will be airdropped to Web3 builders who participated or influenced Chainspace.
Meanwhile, 60 NFTs are reserved exclusively for the team.
Image source: Capital