<p><span style="font-weight: 400;">With interest in tokenized assets on Bitcoin at an all-time high amid massive growth in both the trading volume of Ordinals and BRC-20 tokens market capitalization, a Tim Draper-backed NFT marketplace has announced its launch.</span><span style="font-weight: 400;"><br /> </span><span style="font-weight: 400;"><br /> </span><span style="font-weight: 400;">U.S.-based DIBA, an acronym for </span><span style="font-weight: 400;">Digital Bitcoin Art and Assets,</span><span style="font-weight: 400;"> said it's rolling out what it calls “the first Bitcoin NFT marketplace” to leverage RGB smart contracts. The RGB protocol is designed to </span><span style="font-weight: 400;">provide “enhanced security, privacy, scalability, and reduced transaction fees” while making it easier to tokenize assets on Bitcoin, said DIBA’s founder and CEO </span><span style="font-weight: 400;">Gideon Nweze.</span><span style="font-weight: 400;"><br /> </span><span style="font-weight: 400;"><br /> </span><span style="font-weight: 400;">“This marks a major milestone in the transition of the internet onto Bitcoin,” Nweze said. “T</span><span style="font-weight: 400;">his will revolutionize Bitcoin since it is highly compatible with existing Bitcoin infrastructure. You can think of DIBA as a gateway to what's possible on Bitcoin.”</span><span style="font-weight: 400;"><br /> </span><span style="font-weight: 400;"><br /> </span><span style="font-weight: 400;">Nweze, although bullish on Bitcoin's potential, hasn’t been thrilled by recent innovations like Ordinals and BRC-20 tokens, though they </span><span style="font-weight: 400;">demonstrate “there is demand for such assets” on the popular blockchain, he said.</span><span style="font-weight: 400;"><br /> </span><span style="font-weight: 400;"><br /> </span><span style="font-weight: 400;">“BRC-20 is the dumbest technical experiment in crypto, and I have been around for some time,” said </span><span style="font-weight: 400;">Nweze. “</span><span style="font-weight: 400;">Ordinals and BRC-20 tokens are basically trying to force Ethereum on Bitcoin. In practice, it's inefficient, clunky, and not as effective as it could be.”</span><span style="font-weight: 400;"><br /> </span><span style="font-weight: 400;"><br /> </span><span style="font-weight: 400;">DIBA’s launch includes promoting BitMask, a “Bitcoin-only” crypto wallet that can “</span><span style="font-weight: 400;">hold music and art unique digital assets,” or UDAs, the company said in a statement. With the backing of </span><span style="font-weight: 400;">Draper Associates, a venture capital firm, one of DIBA's missions is “to bring Bitcoin utility to the masses through enabling the exchange of UDAs,” the company also said.</span><span style="font-weight: 400;"><br /> </span><span style="font-weight: 400;"><br /> </span><span style="font-weight: 400;">Another of </span><span style="font-weight: 400;">Nweze’s main goals includes fostering a mass migration of tokenized assets like NFTs from </span><span style="font-weight: 400;">Ethereum to Bitcoin. He also thinks the move could help avoid regulatory complications in the U.S.</span><span style="font-weight: 400;"><br /> </span><span style="font-weight: 400;"><br /> </span>“Bitcoin is the only asset considered not a security by the SEC, and smart contracts that inherit Bitcoin's properties might be viewed favorably by the regulators,” he said.</p><br /><span class="copyright"><p>© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.</p> </span>