Home NFT Bioniq, a Bitcoin NFT marketplace, aims to address network congestion with ambitious goals

Bioniq, a Bitcoin NFT marketplace, aims to address network congestion with ambitious goals

by Joseph Mack

**New Bitcoin NFT Marketplace to Reduce Network Fees with ICP**

A new Bitcoin nonfungible token (NFT) marketplace called Bioniq is set to revolutionize the industry by tapping into the Internet Computer Protocol (ICP) to reduce network fees associated with Bitcoin Ordinals inscriptions.

**Development Off The Back of Bitcoin Ordinals Creation**

Bioniq was developed following the creation of Bitcoin Ordinals in early 2023 and operates on the ICP using its native Bitcoin integration to facilitate the trade of Bitcoin-based Ordinals inscriptions.

**Rise of BRC-20 Tokens and Network Congestion**

The Bioniq team stressed the growth in the market capitalization of BRC-20 tokens since their inception in January 2023, with over 42.6 million Ordinals minted to date. This increase has led to network congestion and a spike in Bitcoin transaction fees, prompting the need for a solution.

**Features of Bioniq’s Platform**

The Bioniq platform boasts a smart wallet for users to manage private keys using Web3Auth, allowing users to log in using conventional Web2 Google accounts while maintaining noncustodial control of their wallets and assets. Additionally, it uses partially signed Bitcoin transactions (PSBTs) through the ICP’s Bitcoin network integration, eliminating the need for centralized cross-chain bridges.

**ICP as a “Fantastic Bitcoin Sidechain”**

Building on ICP allows Bioniq to claim transaction finality times below two seconds and zero gas or network fees, with optimized storage costs averaging around $5 per gigabyte of data stored annually.

**Bitcoin Users and Trust Assumptions**

While Bioniq’s wrapping process may present a potential barrier for users, the platform is addressing the issue by integrating open Nostr PSBT listings into their system. However, wrapping to ICP involves “trust assumptions” on both protocols, which may deter some Bitcoin users.

**Banking on Bitcoin’s Value Proposition**

Despite the existence of other NFT marketplaces offering Bitcoin Ordinals auctions and trading, Bioniq aims to provide a dedicated Bitcoin Ordinals marketplace built for Bitcoin users, capitalizing on the massive demand for Bitcoin NFTs.

**Looking Forward**

Bioniq represents a shift towards specialized Bitcoin-only NFT marketplaces and joins the ranks of other platforms like Ordinals Market and Gamma. However, the potential for Bioniq to evolve into a Bitcoin sovereign rollup on ICP, with no additional trust assumptions, could cement its position in the growing Bitcoin NFT market.

In conclusion, Bioniq’s use of the Internet Computer Protocol to reduce network fees and its dedication to serving the Bitcoin community position it as an innovative player in the NFT marketplace industry.

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