Stacks (STX) Take Back $1 as First DeGods Ordinal NFT Mints for 3.2 BTC
A young boy dressed as a businessman with a big pile of money. There are $100 bills and money bags full of cash on his desk.
Stacks (STX) has resumed its rally again as Bitcoin Ordinals make their way to the mainstream. This time it is as a result of DeGods, the largest NFT collection on the Solana blockchain (which later moved to Polygon), announcing its very own Bitcoin Ordinals NFT collection.
DeGod’s NFT Auctions for 3.2 BTC
The DeGods team seems to have gone in the same direction as Yuga Lab’s Bitcoin Ordinals NFT collection, opting to use the auction method that Yuga used. However, unlike Yuga, the DeGods Ordinals collection consists of 535 never-released and very rare NFTs from the OG collection that are entered on Bitcoin block 776408.
The first auction was ‘The Original Frank’ NFT used by Frank, one of DeGods’ founders. NFT sold a total of $44,256 DUST, which translates to 3.2 BTC with the registration number #77238. This is over 700% higher than the original price of 0.44 BTC previously set for the collections, but the auction system allows NFTs to sell for even more than the price set for them.
The first BTC DeGod auction has just ended.
Final price: 44,256 $DUST. pic.twitter.com/6St403Vsve
— DeGods III (@DeGodsNFT) March 17, 2023
To put this into perspective, the 3.2 BTC price tag on NFT translated to around $84,000 at the time of purchase. That is roughly equivalent to 48 ETH or 4000 SOL at current prices. With the DeGods collection on a 560 SOL floor at the time of writing, the first DeGods Ordinals NFT sold for over 600% higher than the current floor price.
Currently, there is no NFT marketplace where these Ordinals NFTs are available for trading, but the DeGods team maintains a OTC spreadsheetwhich is the way these NFTs have traded since they became popular.
Stacks (STX) Top List of Crypto Winners
After the success of DeGod’s Bitcoin Ordinals NFT coin, the price of Stacks (STX) has done incredibly well. In the last 24 hours, the coin has emerged as the best performer, rising over 16% in one day to regain the $1 level.
STX price rallies toward March 15 peak | Source: STXUSD on TradingView.com
Interestingly, STX trading volume has fallen by 34% in the last day, but this has not stopped the big buys from coming in. Increasing buying pressure has pushed the digital asset close to breaking the March 15 peak of $1.09.
Related reading: Cardano vs Solana: Which is the best investment for the next bull market?
However, the price increase on STX does not seem to be done and one thing that could push it further is when there is an official platform to trade Bitcoin Ordinals NFT. Solana NFT marketplace, Magic Eden, is allegedly developing a platform to trade BTC NFTs but there is no official release date yet.
