The sharp rise in the popularity of Bitcoin-NFT on the Ordinals protocol could bring the Stacks Network project from Blockstack to the level of an ecosystem with a multibillion-dollar capitalization, researchers from Matrixport admitted.
🔥 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 the introduction in late January, the number of collectible assets released on Ordinals has already exceeded 100,000.
Unlike traditional NFTs, these tokens do not rely on network interaction standards like ERC-721, but are issued directly on the blockchain, which ensures immutability. Experts called bitcoin-NFT “digital artifacts” because the developers of smart contracts 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 reigniting 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 merger of NFT and the Bitcoin network provides increased security, transparency and traceability, opening up more use cases and renewed interest in assets,” Matrixport said.
The researchers recalled that the concept of NFT on the blockchain of the first cryptocurrency is not new – it was proposed by the developers of such protocols as Counterparty and Stacks. This led to increased attention to the projects and affected the price of their tokens, according to Matrixport experts.
Over the past 30 days, Stacks (STX) quotes have increased by more than 100% (CoinGecko). The capitalization of the coin exceeded $1 billion.
Stacks Network is a second-tier network that offers Bitcoin-compatible smart contracts and uses the security of the blockchain of the first cryptocurrency to conduct transactions.
The platform allows users to participate in STX staking, receiving rewards in bitcoin. According to Matrixport experts, Stacks is “well positioned” for the development of 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
“When the full potential of the Stacks Network is realized, this can further fuel the growth of the network token,” the researchers concluded.
Recall that the co-founder and CEO behind the development of the Blockstack protocol, Muneeb Ali, in an exclusive interview with Cryplogger, told how STX was the first registered SEC token, why bitcoin is the foundation of Web3, and much more.
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