Raretoshi: NFTs On Liquid Bitcoin Sidechain

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Raretoshi, a new non-fungible token (NFT) and physical art marketplace built on the Liquid Bitcoin sidechain, has been announced today by Blockstream, according to a press release sent to Bitcoin Magazine.

“Raretoshi provides all the tools necessary for Bitcoin artists to list their digital or physical art projects for auction or instant purchase,” reads the release. “Art, in the form of images or even videos in MP4 format, can be uploaded to Raretoshi and a corresponding NFT will be minted seamlessly using Liquid’s native asset issuance feature.”

An NFT is a unique token on a blockchain. This is unlike fungible tokens like bitcoin, which are interchangeable — every satoshi is equivalent to every other satoshi. NTFs certify the uniqueness of a digital asset, which can represent items such as photos, videos and audio files. Access to copies of the NFT is not restricted, but the original owner can prove their rightful ownership of the original asset.

Raretoshi brings NFTs to Bitcoin by leveraging the Bitcoin sidechain Liquid network, which allows for lower-fee artwork minting and gives the artists the option to receive royalties for the resale of their art.

“Potential buyers can bid on an auction or instantly purchase the art with Liquid Bitcoin (L-BTC) or other Liquid-based stablecoins like USDt and L-CAD,” according to the release. “Transactions on Raretoshi take advantage of Liquid’s atomic swap features — the exchange of Liquid assets and NFTs is completed in the same on-chain transaction, minimizing trust on either side of the trade.”


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