The NFT memorabilia and proposed substitution of the unspendable BTC.
The Genesis Bitcoin NFT represents not only the greatest event of the crypto history, but also the ownership of the very first bitcoin mined by Satoshi Nakamoto himself on 3 January 2009.
Why also ownership?
The original genesis bitcoin can not be spent (transferred to someone) because the genesis block is hardcoded in the software — thus not a part of the blockchain database itself. This makes it invisible for processing while being counted in the total bitcoin supply.
Genesis Bitcoin NFT reclaims the value of the unspendable genesis bitcoin which is in unreachable territory in the manner of Terra nullius. So the genesis bitcoin can be spend vicariously through selling this Genesis Bitcoin NFT memorabilia.
Each of the 50 interchangeable BTC from genesis block has its own representation as a single Genesis Bitcoin Non-Fungible Token. Therefore the full price of one Genesis Bitcoin NFT is 1 BTC increased by the memorabilia added value. The real value is based on consensus.
Genesis bitcoin will forever sit on the genesis address 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa
You can look into the very first bitcoin transaction ever.
The actual value lies in the NFT token behind this picture; the picture itself is just like the ink on a banknote.
Creator of the Genesis Bitcoin NFT is not claiming to be Satoshi Nakamoto, nor owns the genesis address private key, which is in this case useless. That’s the whole point of this NFT anyway.
Verification of authenticity: The Genesis Bitcoin NFT originates only from this smart contract.
Genesis Bitcoin NFT is at the very beginning of a new era.