An experimental NFT project that started from a couple of what if’s and a love of waves.

• What if, fractions of BTC traded as individual units?

• What if, NFTs were backed by a real floor?

BiTS tackles all 3 - An ERC 721 compatible project with a Bank, a Mint, and pseudo-random waves.

LifeCycle of a BiT

Minting - Deposit fractions of WBTC with the Bank and the Mint mints a fully on-chain BiT, backed by your deposit. All metadata associated with the BiT is on-chain. There is a one-time variable minting premium capped at 10%.

Life - The minted BiT can then be held forever, traded, gifted, or transferred. There are no royalties except during mint for the life of a BiT.

Redemption - Current owner of a BiT can redeem it anytime, during redemption the Bank will transfer the mint deposit to the owner’s wallet and instruct the Mint to burn the BiT.

Traits of a BiT

Types - There are 5 units of BiTS. They each represent the deposit amount backing the BiT.

• MILLI - 0.001 WBTC

• CENTI - 0.01 WBTC

• DECI - 0.1 WBTC

• ONE - 1 WBTC

• DECA - 10 WBTC

Message - During the minting process, the requester gets to print a message on the BiT. Messages are case-insensitive and unique. So a sequence of characters already used on a BiT cannot be duplicated. However, upon redemption, the message string becomes available for future mints.

Waves Background - We love waves. Each BiT also gets a unique pseudo-randomly generated waves background during the minting process. These are unique to every BiT as well.

Flex - Higher denominations have a higher character limit. ONE and DECA units also get seals.

Release

Coming soon! Check out our test net (Goerli testnet) release at https://test.bitsnft.xyz

For the Goerli testnet USDC is used as the backing deposit instead of WBTC.