Tutorial | how to through the Emblem Vault to let the currency NFT flow in the etheric fang?
Writing: Cookie, Beat BlockBeats
inBitcoin NFT 'in progress' : Ordinals protocol, FOMO and debateIn this article, I introduce to you the current trading problem of Bitcoin NFT -- there is no trading market, only OTC. This time, Emblem Vault brings Bitcoin NFT to the Ethereum main network by encapsulating it, enabling Bitcoin NFT to be traded directly over OpenSea.
How to do that?
Emblem Vault assumed the role of "custodian" -- handing them bitcoin NFT, obtaining custody certificates that could be traded on Ethereum's main network, against which the corresponding NFT was claimed.
The seller used Emblem Vault to Mint a "Vault Vault" NFT and transfer the NFT to be sold to a Bitcoin network address designated by Emblem Vault. The "Vault Vault" NFT will be displayed on OpenSea with a cover image and description set by the vendor when an asset is detected to be deposited at the Bitcoin network address.
Upon Buyer's purchase of a "Vault Vault" NFT on OpenSea, Seller loses control of such "Vault Vault" NFT. Buyers can choose to proceed with the sale at OpenSea, or go to the official website of Emblem Vault to "open" the "Vault Vault" NFT. Once the "open" operation is performed, the "Vault Vault" NFT will be removed from OpenSea and destroyed, and the private key of the Bitcoin network address that holds the corresponding NFT asset will be given to the "open" operator.
Seller's operating process
Resources required:
- 250 PCS$COVAL
First of all, enterEmblem Vault official websiteTo carry out the "Vault Vault" NFT Mint.
Click "Next" to enter the next setting page.
Click "Next" to enter the last setting page.
Once the setup is complete, click "Create Vault" to create the Vault. After the installation is complete, select BTC/SCP/OMNI from the option below Deposit Addresses to obtain the address specified by Emblem Vault for storing Bitcoin NFT assets.
Next, open Sparrow's wallet and transfer bitcoin NFT to that address. Import the address of the Bitcoin NFT asset into the Sparrow wallet and click the 'UTXOs' option in the left navigation bar.
Select the UTXO to which Emblem Vault owns the NFT to be transferred to for safeholding for circulation on Ethereum's main network.Be careful in this step to ensure that the selected UTXO contains NFT and that only this one is selected for subsequent operations!If you cannot determine whether the UTXO contains NFT, right-click the menu and select the "Output" option. Then click "Copy Transaction Output" and paste the copy result into theOrdinals websiteQuery and confirm.
Then click "Send Selected." In the "Pay To" box, fill in the Address used for storing Bitcoin NFT assets given by Emblem Vault (" BTC Deposit Address "shown in the picture above in the setup step). Enter the Name of Valut NFT in the "Label" box (" Vault Name "as shown in the picture above). You do not need to enter or modify other options.It is here to confirm again that the transaction must be 1 Input-1 Output! The correct transaction structure should be shown in the red box below, with and only xxxx Inscription... , the upper right must be Send inscr... , followed by the cost tips.
And I'm gonna go ahead and click Create Transaction(Here again, check whether the transaction structure is as shown in the figure above, otherwise you need to redo the operation)"Finalize Transaction for Signing", "Sign", and "Broadcast Transaction" to submit the transaction.
After the transaction is submitted, return to the Emblem Vault and locate the Vault you just created under the "Not Minted" directory under "My Vaults." After Emblem Vault confirms receipt of the money, the "Balance" column displays a certain amount. Click on "Mint Vault" to submit the Mint request(Mint costs 250 $COVAL)Vault NFT can be traded on OpenSea after completing Mint.
Here you may have two doubts:
What is the Vault NFT that I get?
The Vault NFT you receive from Emblem Vault is a "certificate of custody" given to you. Since the Bitcoin NFT has been hosted to the wallet specified by Emblem Vault, whoever owns the Vault NFT will be able to obtain the private key/mnemonic to unlock the wallet to gain control of the NFT. You cannot obtain the wallet's private key/mnemonic in advance because the corresponding Vault NFT will be removed immediately and destroyed.
Don't you need extra bitcoins in your wallet for Gas when using a Sparrow wallet for transfer transactions?
No need. Although the Ordinals protocol was writing data to a single cong to make bitcoin NFT, Ordinals actually created a UTXO with 10,000 Cong when Mint was complete, and the Cong that was the NFT ranked first in the output. When the transaction is 1 Input-1 Output, according to the first-in first-out principle, the one that is the NFT will be assigned to 1 Output first, followed by the one that sort the second, third and then the value sent to the receiver. That is to say, the one other than the NFT will be paid as Gas. Each time such a transfer occurs, the UTXO gets smaller and smaller, until eventually other UTXOs have to be used to ensure that the NFT is not lost.
Since the NFT of Bitcoin in the market is very new, the transfer under the transaction structure of 1 Input-1 Output can basically ensure that the NFT is not lost.Again, you must make sure that you transfer only one bitcoin NFT at a time, that the transaction is an Input-1 Output, and that the transaction structure is "with and only xxxx Inscription on the left... and always Send inscr at the top of the right..." . A combination of Bitcoin Full Node +Ordinals Wallet is strongly recommended to make sure nothing goes wrong.
Buyer's operating process
The operation procedure for the buyer is relatively simple, which is roughly to purchase corresponding Vault NFT on OpenSea, execute an "open" operation on the Emblem Vault to obtain the private key/mnemonic of the address where the Bitcoin NFT is stored, and then transfer the Bitcoin NFT to the corresponding wallet.
First, to Emblem VaultOpenSea pagePick Bitcoin NFT. It should be noted that do not be confused by the fake series, the total turnover of the real series is very high, with close to 40,000 ETH, which is a relatively direct judgment index.
Check the BTCS related options on the filter on the left to screen out Bitcoin NFT mapped to Ethereum mainnet transactions through Emblem Vault.
Here's another important point about fraud prevention. As the chart above shows, many Bitcoin Punks are inexpensive. In fact, real Bitcoin Punks are trading above 0.5 ETH. These low price Bitcoin Punks aren't even fakes, they just don't have any Bitcoin NFT in the Vault.
As mentioned above, when creating Vault NFT, its Settings determine the name, cover art, and description that will be displayed on OpenSea.Therefore, the Bitcoin NFT listed on OpenSea is not actually related to the assets stored in the Vault, and even $1 worth of bitcoin stored in the Vault will be displayed on OpenSea. (If no assets are deposited in the Vault, The display will indicate that this is a Vault with no assets).
The check procedure is as follows. First, check whether the Vault contains the corresponding Bitcoin NFT. Find the "View website" option on OpenSea and click.
After the jump, click BTC/SCP/OMNI in Deposit Addresses to obtain the address for storing assets in the Vault.
Then, go to Bitcoin Punks and find the Punk's link on the Ordinals Explorer to see where the real Punk is currently housed. (If you don't have an official website, go to Discord and find the series ID. Enter the ID into Ordinals Explorer for view).
As shown in the figure above, the current storage address of the true Punk is bc1puur... And Vault has been assigned 15ub... , the two are inconsistent, the object on OpenSea is identified as false.
For Bitcoin Punks series, there are enthusiastic users to develop aRapid screening tool, just enter the OpenSea link for query to identify the true and false. For the time being, other bitcoin NFT series can only be manually screened according to the above steps.
After the Emblem Vault is purchased, you can see your Vault NFT on the "My Vaults" "Locked" page. You can perform the "Claim(Crack Open Vault)" operation to obtain the private key/mnemonic that holds the corresponding bitcoin NFT address.
Finally, import the wallet and transfer the Bitcoin NFT.
conclusion
Emblem Vault has greatly improved the liquidity of Bitcoin NFT at this stage. For sellers, being able to sell their Bitcoin NFT on OpenSea undoubtedly greatly improves the efficiency of transaction matching. For buyers, trading directly on OpenSea greatly lowers the technical barrier. At the same time, Emblem Vault solves problems of mutual trust between buyers and sellers, reducing the risk of one of them running away with their money.
Since Emblem Vault brought Bitcoin NFT trading to Ethereum's main network, its Vault NFT series has seen a sharp rise in turnover
Still, the effectiveness of Emblem Vault in lowering the technical threshold for Bitcoin's NFT is limited. There are so many problems with transferring bitcoin NFT that it can be an ordeal, especially for collectors who want to store them in their bitcoin wallets.
We're still expecting Ordinals or some other developer to bring us a quick and easy lightweight wallet app in the future. Even Emblem Vault, still rather sophisticated to use, gives us a glimpse of the consumption potential of bitcoin's emerging market, the NFT. Believe in a variety of supporting "infrastructure" landing, bitcoin NFT must be able to release greater energy.
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