DIBA, a new marketplace meant for exchanging Bitcoin-based NFTs, went live on Thursday, the firm said in an e-mail to CoinDesk.
The marketplace will allow users to trade any asset issued on Bitcoin smart contracts on layer 2 networks, such as Lightning Network. DIBA also released a Bitcoin-only wallet – which can store music files and art – in partnership with crypto miner Hut 8 Mining (HUT).
Recently, Bitcoin-based tokens and assets have seen a frenzy of new players entering the field with new features to attract users. The most notable was the hype driven by the Ordinals Protocol and BRC-20 tokens, where developers issue tokens or art on the Bitcoin, which lead to massive transaction fees.
However, DIBA works on the “Really Good for Bitcoin” (RGB) smart contracts, which are built on layer 2 networks. The RGB protocol allows for cheaper and more private transactions, making it easier to issue tokens on Bitcoin, DIBA co-founder Gideon Nweze said in a statement.
Building on RGB may even help mitigate high fees on the Bitcoin network, Nweze added.
Some DIBA investors, such as prominent venture capitalists Tim Draper, consider the marketplace to be well-positioned for a broader rise in Bitcoin-based assets.
“The bull case for Bitcoin assets is in the ballpark of $10bn market cap over the next couple of years,” Draper said in a prepared statement. “What Gideon and the team at DIBA have built is a testament to the potential NFTs on Bitcoin.”