The founder of Digital Bitcoin Art and Assets, Trevor Jones, believes that smart contracts on Bitcoin could solve the myriad problems created by Ordinals. Here are the most important points to know about this topic:
1. Ordinals are a type of non-fungible token (NFT) that have caused controversy in the art world due to their lack of transparency and potential for fraud. Jones believes that smart contracts on Bitcoin could provide a solution to these issues by ensuring that each NFT is unique and verifiable.
2. Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. These contracts can be programmed to automatically execute certain actions when specific conditions are met, such as transferring ownership of an NFT when payment is received.
3. By using smart contracts on Bitcoin, Jones believes that artists and collectors could have greater control over their NFTs and ensure that they are not subject to fraudulent activity. This could help to increase trust in the NFT market and make it more accessible to a wider range of people.
In summary, the use of smart contracts on Bitcoin could provide a solution to the problems created by Ordinals in the NFT market. By ensuring transparency and verifiability, smart contracts could help to increase trust in the market and make it more accessible to a wider range of people.
