Bitcoin NFT Auction Raises $16.5M in 24 Hours: Nifty Newsletter, 1-7 March
In this week’s newsletter, read about how Yuga Labs’ first Bitcoin-based non-fungible tokens (NFT) earned $16.5 million in 24 hours, and how the Bitcoin NFT market could reach $4.5 billion by 2025. Check find out how Binance’s artificial intelligence NFT generator hit 10,000 2.5 hours after launch and find out how the Flare blockchain got its own NFT marketplace. And don’t forget this week’s Nifty News, with Square Enix’s NFT-friendly CEO stepping down.
Yuga Labs’ first Bitcoin NFT auction brings in $16.5M in 24 hours
In the first 24 hours of Yuga Labs’ NFT auction on Bitcoin Ordinals, the firm earned 735 Bitcoin (BTC) — about $16.5 million at the time — from its “TwelveFold” collection, with 288 bidders winning a part of the Bitcoin NFT collection.
According to Yuga Labs, winners will receive their inscription within a week of the auction. However, those who did not reach the peak of 288 will have the money returned to the recipient address.
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Galaxy tips Bitcoin NFT market to reach $4.5 billion by 2025
The research arm of asset management firm Galaxy Digital predicts that the fast-growing Bitcoin NFT market will eventually reach a market value of $4.5 billion by March 2025. In a report, Galaxy researchers highlighted the potential of Bitcoin NFTs, making the estimate based on the growth . consider.
The report pointed out that the $4.5 billion estimate was due to the “rapid development” of inscription awareness, and the existing marketplace and wallet infrastructure.
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Binance’s AI-powered NFT generator hits 10K mints in 2.5 hours
Crypto exchange Binance’s artificial intelligence (AI)-powered NFT generator reached 10,000 mints in just 2.5 hours after its beta launch. Dubbed “Bicasso,” the AI can turn creative visions into NFTs, according to Binance CEO Changpeng Zhao.
Like other AI-powered image generators, users can upload images as their profile pictures and other creative questions to help the AI with a reference before generating images.
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Flare gets NFT platform to increase use cases for interoperability protocols
Ethereum Virtual Machine oracle platform Flare launched its own NFT marketplace. Sparkles launched on Flare’s layer-1 blockchain to increase the platform’s use cases for NFTs.
The NFT marketplace also aims to bring solutions to issues that exist in the space, including intellectual property rights (IP). According to Sparkles, in the future IP licensing will be linked on the chain to collections.
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Nifty News: Dan Harmon’s NFT Show Set for Season 3, NFT-Friendly Square Enix CEO Resigns & More
Square Enix CEO Yosuke Matsuda is stepping down after nearly 10 years. Matsuda is known to be very friendly towards NFTs and has taken a bullish position on Web3 games in his time at Square Enix. Under Matsuda’s leadership, the company made several moves to enter the Web3 world.
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Thank you for reading this summary of the week’s most notable developments in the NFT space. Check back next Wednesday for more reports and insights into this area of active development.
