There’s a growing demand for Bitcoin-based NFT projects despite the majority of non-fungible tokens happening on competing networks like Ethereum or the Solana blockchain. The smart contract feature, which came about in the recent Taproot upgrade, has boosted the Bitcoin blockchain. As such, it is now equipped to accommodate DeFi, NFTs, and other smart contract-powered products and services.
Though few, there are some noted Bitcoin-based projects like Stacks, Counterparty, and Liquid Network. It supports additional technical stakes that enable non-fungible tokens to be issued and secured using the popular Bitcoin. The layer-1 scaling solution for Bitcoin, Stacks, allows users to buy and transfer NFTs directly through Bitcoin-based transactions. The users can mint the NFTs on Bitcoin’s blocks through its diverse range of smart contracts.
The emergence of new NFT ecosystems across other blockchain networks is attributed to Ethereum blockchain’s increasing problems related to gas fees and slow transaction throughput. Compared to Solana, Bitcoin’s NFT ecosystem is quite young. But it is showing promising signs of growth and popularity. Over seven NFT marketplaces have been launched on the Stacks blockchain. It has over 14,000 mints and is pushing the overall Bitcoin NFT market capitalization well past $20 million. Stacks is different as it uses a consensus algorithm between two independent blockchains. It ensures decentralized apps and smart contracts have access to Bitcoin’s liquidity and security.
Stacks provide higher transaction throughput and also rely on the Bitcoin network’s established capabilities for consensus and security to efficiently deliver new functionality. STXNFT is one of the fastest-growing Bitcoin NFT marketplaces – established on the Stacks chain. It is a popular destination to mint and trade Bitcoin-secured NFTs. Furthermore, STXNFT is driving the adoption of Bitcoin NFTs to greater heights. It has raised over USD 100,000 through mints.