Production Art NFT Project ChainFaces will be migrated to Bitcoin Network
It is reported that Nate Alex, founder of ChainFaces Arena, a production art NFT project, announced on social media that it would migrate to the Bitcoin network. ChainFaces Arena is an NFT metadata on-chain game using Chainlink VRF technology. According to the plan, the project will open deposits on February 27 after deploying the locking contract on the main network, close deposits on March 13, and Ordinals will transfer to the Bitcoin wallet of the original NFT holder on March 14.
Interpretation of this information:
The founder of ChainFaces Arena, Nate Alex, announced on social media that the production art NFT project will be migrating to the Bitcoin network. ChainFaces Arena is a game that uses Chainlink VRF technology for NFT metadata on-chain. As per the project’s plan, it will deploy the locking contract on the main network and open up deposits on February 27. These deposits will be closed on March 13 and the Ordinals, or the NFT holders, will receive transfers to their Bitcoin wallets on March 14.
The migration of ChainFaces Arena to the Bitcoin network is a significant step for the project. By moving to Bitcoin, the project aims to provide a more efficient and secure transaction system for its users. Given the growing demand for NFTs, especially the ones that are curated through artistic efforts, having a secure network is crucial to safeguard the value of these unique digital assets.
The use of Chainlink VRF technology further enhances ChainFaces Arena’s value proposition. VRF, or Verifiable Random Function, is a cryptographic protocol that provides randomness to smart contracts. The use of this technology ensures that NFTs created on ChainFaces Arena are unique and not manipulated, thereby enhancing the trust between buyers and sellers.
The project’s timeline for opening up deposits and closing them within two weeks indicates a sense of urgency to migrate quickly to the Bitcoin network. This urgency is understandable given that NFTs are rapidly gaining popularity, and the project needs to keep up with the trend to stay relevant.
Overall, the migration of ChainFaces Arena to the Bitcoin network is a positive development for the project and its users. It provides a more efficient and secure system for NFT transactions and ensures the uniqueness and security of its assets through the use of Chainlink VRF technology.
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