Bitcoin halving will spur ‘surge’ in NFT volume
The upcoming Bitcoin halving has generated significant anticipation among professionals in the nonfungible token (NFT) space, with many predicting positive impacts on the NFT ecosystem. Zach Burks, the founder of NFT marketplace Mintable, suggests that an increase in Bitcoin's price could lead to a surge in NFT trading volume, particularly if the halving boosts user engagement. Burks highlights the potential for an uptrend in NFT prices as a result.
Oscar Franklin Tan, the CFO of Atlas Development, a core contributor to the NFT platform Enjin, shares a similar sentiment, anticipating a surge in NFT prices post-halving. Tan explains that historically, interest in Bitcoin has spilled over into other ecosystems like NFTs, especially those integrated within altcoin ecosystems. These NFTs, which may receive token airdrops or digital collectibles, could see increased attention.
Additionally, Burks suggests that Bitcoin Ordinals, which represent fractions of Bitcoin, may benefit from upward BTC price movements. He believes that holders of these fractions, who may not have been actively participating in the Bitcoin ecosystem for years, could see increased engagement.
Jimmy Zhao, a senior solution architect at BNB Chain, notes that the halving could underscore the importance of Ordinals in helping miners generate revenue as BTC rewards decrease. Zhao emphasizes that Ordinals have already generated substantial transaction fees for miners and could see further growth post-halving.
Furthermore, Zhao suggests that the halving could contribute to broader NFT adoption by drawing attention to NFT utility in mainstream media coverage. With increased exposure to NFTs, more people may come to understand their use cases and potential benefits.
Tan also believes that the halving could spur the emergence of new NFTs or marketplaces focusing on digital collectibles. As Bitcoin becomes increasingly intertwined with NFTs, the adoption of NFTs may closely follow as Bitcoin gains prominence.
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