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name in the world of cryptocurrency, has verified the authenticity of the BTCNFT listed on its platform, which can be withdrawn to the BTC wallet through EmblemVault.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 over the past few months. With the launch of the BTCNFT collection, OKXNFT is expanding the scope of the NFT market to include Bitcoin.

Users can purchase BTCNFT on the OKXNFT marketplace using ETH or other ERC20 tokens. Once purchased, the BTCNFT can be withdrawn to the user’s BTC wallet through EmblemVault, a secure and reliable platform for storing and managing digital assets.

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 started up for auction on March 5th, concluding within 24 hours. 

The move comes as the competition between Bitcoin and Ethereum blockchains intensifies in the NFT ecosystem. However, a recent report by 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 $1.5bn, which is only 13% of the total Ethereum NFT market. The base case TAM for inscriptions is $4.5bn, assuming that inscriptions expand to mainstream NFT cultures like PFPs, memes, and utility projects. 

The bull case scenario expands 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 is developed.

The report also states that infrastructure development will be a key factor in the bear, base, and bull case scenarios. The sum of the market caps for each NFT category on Ethereum will be the baseline to derive the bear, base, and bull case estimates for Bitcoin’s NFT market cap.

Although the auction of Yuga Lab’s “The TwelveFold” on the Bitcoin blockchain network is expected to generate significant interest and bids. Additionally, the Galaxy report suggests that Bitcoin’s inscription NFTs can create a large market by expanding the existing NFT market and taking share from other chains.

Related Reading | Rise Of Bitcoin NFTs: Paving The Way To A $4.5B Market Cap In Next Two Years