The world of NFTs has been making major strides this week, with Bitcoin NFTs gaining momentum and taking the second spot in terms of sales per blockchain, right after Ethereum, according to data from CryptoSlam. The recent growth in popularity of Bitcoin NFTs has been fueled by the introduction of inscriptions on the Bitcoin mainnet in January 2023.
One of the most prominent Bitcoin-based NFT collections, “Space Pepes,” has become a sensation with over $7.3 million worth of the collection traded, becoming the most traded NFTs over a seven-day period. This shows the growing interest in NFTs from the market, as creators and collectors experiment with new platforms and formats for their digital artwork.
In other NFT news, Nike’s .SWOOSH platform released its first collection of digital sneakers called Our Force 1, which has already surpassed $1 million in sales. However, the road to success was not without its challenges, as numerous delays and technical difficulties plagued the mint process, leaving many eager buyers frustrated.
Interestingly, NFT lending is becoming a trending market segment, with platforms Blur‘s Blend and Binance‘s NFT Loan Service gaining traction quickly. Blend has already managed to capture 82% of the NFT lending market share, while Binance is offering digital asset holders the option to secure ETH loans using their NFTs as collateral. Astaria, co-founded by the former CTO of DeFi protocol SushiSwap, is another platform that offers NFT holders the opportunity to lease their assets to other users.
However, these NFT lending platforms also come with their share of skepticism. Users who are considering putting their NFTs in these lending protocols must understand how they work and the full range of options available for making money off their NFTs without selling them.
As more players enter this space, the competition will heat up, and it remains to be seen how the various offerings will fare in the market.
Looking at the recent developments, it’s evident that NFTs, particularly the ones on Bitcoin, are becoming a force to be reckoned with in the crypto space. As more companies and platforms tap into the market, we can expect to see new and innovative ways in which NFTs can be used, traded, or monetized. Despite the challenges and uncertainties surrounding this new technology, the growth prospects are undeniably promising.
Source: Coindesk
