**New Bitcoin NFT Marketplace Launches to Tackle Network Fees**
**Bioniq: Leveraging ICP for Bitcoin Ordinals Inscriptions**
A new Bitcoin nonfungible token (NFT) marketplace, Bioniq, is aiming to address the network fees associated with the advent of Bitcoin Ordinals inscriptions by tapping into the Internet Computer Protocol (ICP).
**Origin and Development of Bioniq**
Developed following the creation of Bitcoin Ordinals in early 2023, Bioniq operates on the ICP and utilizes its native Bitcoin integration to facilitate the trade of Bitcoin-based Ordinals inscriptions. According to Bioniq CEO and co-founder Bob Bodily, the project has been in development since February 2023, with a focus on creating a marketplace featuring Ordinals smart contracts auctions, a complete cross-chain wallet between Bitcoin and the ICP, and an inscription tool.
**Market Impact and Platform Features**
The rise in the market capitalization of BRC-20 tokens since their inception in January 2023 has led to over 42.6 million Ordinals being minted to date, impacting Bitcoin network congestion and leading to spikes in Bitcoin transaction fees. Bioniq’s platform features a smart wallet for users to manage private keys using Web3Auth, as well as the use of partially signed Bitcoin transactions (PSBTs) through the ICP’s Bitcoin network integration to unlock smart contract capabilities for Bitcoin, without the need for centralized cross-chain bridges.
**ICP as a “Fantastic Bitcoin Sidechain”**
Building on ICP allows Bioniq to achieve transaction finality times below two seconds, with zero gas or network fees. Bodily explained that ICP is a fantastic Bitcoin sidechain, offering fast transaction speeds and low storage costs.
**Bitcoin Users and Trust Assumptions**
Bodily addressed potential barriers for users, acknowledging that the wrapping process could create trust assumptions on both Bitcoin and the ICP. Bioniq is taking steps to address these issues by integrating open Nostr PSBT listings into its platform, removing the need to wrap Bitcoin transactions.
**Banking on Bitcoin’s Value Proposition**
Despite other platforms offering Bitcoin Ordinals auctions and trading, Bioniq’s focus on providing a dedicated Bitcoin Ordinals marketplace, built for Bitcoin users natively, aims to offer a user-friendly and streamlined experience. Bodily highlighted the continued demand for Bitcoin NFTs, citing the broad awareness of Bitcoin and its dominant market position.
Bioniq joins the ranks of other Bitcoin-only Ordinals marketplaces, aiming to bring a unique and user-friendly approach to the growing industry.
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