OKX Paves the Way for Bitcoin NFTs with Launch of BTCNFT Collection
The OKXNFT marketplace has launched the first ever Bitcoin Ordinal NFT collection. The new collection allows users to use ETH or other ERC20 tokens to place orders or trade BTCNFT.
OKX, a trusted name in the cryptocurrency world, has verified the authenticity of BTCNFT listed on the platform, which can be withdrawn to the BTC wallet through EmblemVault.
This latest development comes as a breath of fresh air for the NFT market, which has seen a surge in popularity in recent months. With the launch of the BTCNFT collection, OKXNFT expands the scope of the NFT market to include Bitcoin.
Users can buy BTCNFT on the OKXNFT marketplace using ETH or other ERC20 tokens. Once purchased, BTCNFT can be withdrawn to the user’s BTC wallet through EmblemVault, a secure and reliable digital asset storage and management platform.
However, the launch of the BTCNFT collection has been met with widespread excitement in the cryptocurrency community, with many predicting that it will drive further adoption of NFTs.
Bitcoin vs. Ethereum NFT Supremacy
Yuga Labs, a leading NFT creator, announced the auction of its latest collection, “The TwelveFold,” on the Bitcoin blockchain network. The generative art collectibles have been designed using the limited-edition Bitcoin blockchain network and went up for auction on March 5th, ending within 24 hours.
The move comes as competition between the Bitcoin and Ethereum blockchains intensifies in the NFT ecosystem. However, a recent report from Galaxy highlights similarities and differences in the design of Bitcoin and Ethereum blockchains.
Most Ethereum NFTs contain a pointer to an off-chain image, while the opposite is true on Bitcoin. Galaxy Research projects a Total Addressable Market (TAM) for Inscriptions by triangulating possible market sizes based on market capitalization and total NFT trading volume.
The report estimates a bear case TAM of $1.5 billion, which is only 13% of the total Ethereum NFT market. Base case TAM for inscriptions is $4.5 billion, assuming inscriptions expand into mainstream NFT cultures such as PFPs, memes, and utility projects.
The bull-case scenario extends the base case by increasing the number of projects in each category by 33% and adding new categories, such as real-world assets. The projections assume that the marketplace and wallet infrastructure are developed.
The report also states that infrastructure development will be a key factor in the bear, base and bull scenarios. The sum of the market values for each NFT category on Ethereum will be the baseline for deriving the bear, base and bullcase estimates for Bitcoin’s NFT market value.
Although the auction of Yuga Labs “The TwelveFold” on the Bitcoin blockchain network is expected to generate significant interest and bids. In addition, the Galaxy report suggests that Bitcoin’s inscription NFTs could create a large market by expanding the existing NFT market and taking share from other chains.
Related Reading | The rise of Bitcoin NFTs: paving the way for a $4.5 billion market cap in the next two years
