The demand For Bitcoin-Backed NFTs Is Growing

May

14

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Although being all the craze for the past couple of years, NFTs are hardly connected with Bitcoin or viewed in the same light, as the majority of NFTs lead to substantial competitor networks such as Ethereum and Solana.

NFTs, on the other side, have eventually made it into the Bitcoin blockchain. The Bitcoin network can now handle NFTs, DeFi, and other smart contract-powered products and services success can be attributed to the smart contract capacity introduced during the latest Taproot upgrade.

Regardless of the fact that NFTs “on Bitcoin” does not reside only on the Bitcoin blockchain (like ERC721 tokens do on Ethereum), they are regulated by it. Counterparty, Stacks, and Liquid Network, all Bitcoin-based projects, do provide additional technical stacks that authorize NFTs to be created and secured using Bitcoin.

NFTs regulated by the Bitcoin network uses the legacy chain’s inherent potential to confirm the integrity and supply of NFTs, as Bitcoin is the most liquid of crypto assets and is known for its unsurpassed security.

Unlocking Bitcoin’s True Potential

To that aim, a number of projects have attempted to rely on Bitcoin’s intrinsic liquidity by increasing the overall UX (user experience) to develop solutions that allow Bitcoin wallets to immediately acquire (and transfer) NFTs on the Bitcoin blockchain. For example, Stacks, Bitcoin’s layer-1 scaling solution, now lets people acquire and trade NFTs straight through Bitcoin-based transactions, as well as mint these NFTs on Bitcoin’s blocks using a variety of smart contracts.

Many alternative NFT ecosystems have arisen across several blockchain networks as a result of Ethereum’s escalating concerns with gas prices and slower transaction processing. In this scenario, the Bitcoin NFT ecosystem is demonstrating promising signals of growth and acceptance, notwithstanding its youth. More than seven NFT marketplaces have been created on the Stacks blockchain to date, leading in over 14,000 mints and a market value of USD $20 million for Bitcoin NFT.

Stacks, unlike layer-2 solutions and sidechains, use a consensus process to make sure that distributed apps (dApps) and smart contracts have accessibility to Bitcoin’s liquidity and security. Stacks can enable significantly faster transaction throughput while also depending on the Bitcoin network’s existing consensus and security capabilities to effectively deliver advanced capabilities for Bitcoin-powered dApps, DeFi, NFTs, and much more.

Accelerating The Growth Of Bitcoin-Secured NFTs

STXNFT, one of the quickest Bitcoin NFT markets built on the Stacks chain, is pushing the Bitcoin network’s growth into the NFT sector. STXNFT, which integrates the security of Bitcoin with the scalability of Ethereum, has become a nice location to mint and trade Bitcoin-secured NFTs.

STXNFT, which was established less than a year ago, is boosting Bitcoin NFT acceptance to greater levels, with more than five of its listed projects generating more than USD 100,000 through mints. More than 200 unique NFT collections are currently listed on the STXNFT platform, according to the most recent data released by StacksOnChain. At the same time, secondary sales for several other NFT projects listed on STXNFT have surpassed USD 2 million.

The STXNFT team just built Gamma.io, a Web3 social information processing hub powered by NFTs, to further its development. Gamma.io is composed of three main parts: a user-centric community marketplace, a creator-centric launchpad, and a social network.

Gamma seems to want to be home for collectors, makers, and investors engaged in trading, finding, and exhibiting outstanding NFTs inside the Bitcoin ecosystem. The Gamma team is offering it “Together with Gamma” NFT collection, which includes original artworks from artists and makers, to celebrate the debut of its creator-first platform. The list contains a dozen digital collectibles in diverse designs that symbolize people coming together around Bitcoin and Web3, with all profits and royalties going to the creators.

Hundreds of NFT collections are currently covered by Gamma, with almost 500 of them delivered via its no-code gateway. The marketplace has processed millions of dollars in transactions in less than six months and provides the most NFT contracts of any Bitcoin-based platform.

 

About the author, Awi Khan

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