The rapid rise in popularity of Bitcoin-NFTs on the Ordinals protocol could elevate Blockstack’s Stacks Network to the level of an ecosystem with a multi-billion-dollar market capitalisation, Matrixport researchers said.
? The newest hype in the #crypto space: #ordinal #NFTs #Minted directly on the #Bitcoin #blockchain! ?
? Learn how this multi-billion dollar #token is offering greater security, transparency, and use cases??
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— Matrixport (@realMatrixport) February 22, 2023
They noted that since its appearance in late January the number of collectible assets issued on Ordinals has already exceeded 100 000.
Unlike traditional NFTs, these tokens do not rely on standards of interaction with the network like ERC-721, and are issued directly on the blockchain, ensuring immutability. Experts called Bitcoin-NFTs “digital artifacts”, because smart-contract developers cannot change anything in them.
4/10 ? The merging of #NFTs and the #Bitcoin network offers greater security, transparency, and traceability, opening up more use cases and rekindling interest around NFTs. Just last week, the number of newly #minted #ordinalNFTs on the Bitcoin #blockchain surpassed 100,000!
— Matrixport (@realMatrixport) February 22, 2023
“The merging of NFTs and the Bitcoin network provides heightened security, transparency and traceability, opening up more use cases and rekindling interest in assets”, Matrixport researchers said.
The researchers noted that the concept of NFTs on the blockchain of the first cryptocurrency is not new — proposed by developers of protocols such as Counterparty and Stacks. This has drawn increased attention to the projects and affected the price of their tokens, according to Matrixport’s experts.
Over the last 30 days, Stacks (STX) quotes have risen by more than 100% (CoinGecko). The coin’s market capitalisation has topped $1 billion.
Stacks Network — second-layer network, which offers Bitcoin-compatible smart contracts and uses the security of the first cryptocurrency’s blockchain to settle transactions.
The platform enables users to participate in staking STX, earning rewards in Bitcoin. In Matrixport’s view, Stacks is “well positioned” to develop Bitcoin DeFi in the digital-gold ecosystem.
10/10 ? With its ability to leverage the #Bitcoin #blockchain‘s security for settlement of transactions, #Stacks is well-positioned to develop Bitcoin #DeFi. As the full potential of the #StacksNetwork is recognized, it may fuel the #STX #token #rally even further. #crypto
— Matrixport (@realMatrixport) February 22, 2023
“As the full potential of the Stacks Network is realised, this could further fuel the token’s rally,” the researchers concluded.
In an exclusive ForkLog interview, the co-founder and CEO of the Blockstack protocol Munib Ali explained how STX ended up as the first registered SEC token, why Bitcoin is the foundation of Web3 and much more.