Bitcoin NFTs and the Cryptobear Market: A New Phenomenon?
It is reported that Jameson Lopp, chief technical officer of Casa, a Bitcoin custody company, said that the rise of Bitcoin NFT was caused by the cryptobear ma…
It is reported that Jameson Lopp, chief technical officer of Casa, a Bitcoin custody company, said that the rise of Bitcoin NFT was caused by the cryptobear market. Since the price of Bitcoin has been at a low level, the price of Bitcoin blockspace is low. If in a bull market, the expensive transaction fee will make the Ordinals agreement pay thousands of dollars to cast Bitcoin NFT, so more people will choose to give up. Jameson Lopp also said that NFT art is quite stupid and has never issued the value of modern monetization art, and is not willing to spend tens of thousands of dollars to buy things. （decrypt）
Chief technical officer of Casa: The rise of Bitcoin NFT art is caused by the low price of block space caused by the cryptobear market
Interpretation of the news:
Jameson Lopp, the CTO of Casa, has recently commented on the rise of Bitcoin NFTs, attributing it to the current state of the market. The market, according to Lopp, is currently experiencing a downward trend or what is commonly referred to as the “cryptobear market.” During these times, the price of Bitcoin blockspace drops significantly. This drop has made it easier and more affordable for people to cast Bitcoin NFTs.
In a bull market, Lopp argues that the opposite is likely to happen. When the price of Bitcoin skyrockets, the transaction fees will become expensive, making it prohibitively costly for many Ordinals agreement users to cast Bitcoin NFTs. Jameson Lopp’s argument suggests that the affordability of the casting process, facilitated by the low fees, has caused the rise of Bitcoin NFT.
The NFT art market, which Lopp describes as “quite stupid,” has also been gaining traction in recent times. According to the CTO, these artworks don’t have any value outside of the blockchain world. The value of NFT art is not connected to modern monetization art, and people are not generally willing to spend thousands of dollars on it.
In summary, Jameson Lopp is suggesting that the current rise in Bitcoin NFTs is a result of the low fees brought upon by the cryptobear market. Hence, we can expect a decrease in demand for Bitcoin NFTs as the market recovers. Additionally, he also suggests that NFT art is not as valuable as regular modern art, which is not connected to the blockchain world.
In conclusion, while there is a growing NFT market, it’s clear that the demand for Bitcoin NFTs is tied to the current state of the market. With fees remaining low, it might make sense for many people to invest in Bitcoin NFTs. However, the future of this market remains uncertain, and it remains to be seen if the trend will continue when the market returns to bullish levels.
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