In this week’s newsletter, read how Yuga Labs’ first Bitcoin-based non-fungible tokens (NFTs) made $16.5 million in 24 hours, and how the Bitcoin NFT market may reach $4.5 billion by 2025. See how Binance’s AI NFT generator garnered 10,000 mints 2.5 hours after launch, and find out how the Flare blockchain got its own NFT marketplace. And don’t forget about this week’s Nifty News, which features the resignation of the NFT-friendly Square Enix CEO.
Yuga Labs’ First Bitcoin NFT Auction Raises $16.5 Million in 24 Hours
In the first 24 hours of Yuga Labs’ NFT auction on Bitcoin Ordinals, the firm won 735 Bitcoin (BTC), about $16.5 million at the time, from its “TwelveFold” collection, with 288 bidders winning a share of the auction. Bitcoin NFT collection.
According to Yuga Labs, winners will receive their entry one week after the auction. However, those who did not make it to the top 288 will have their funds returned to the receiving address.
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Galaxy Forecasts Bitcoin NFT Market to Reach $4.5B by 2025
The research arm of asset management firm Galaxy Digital predicts that the rapidly developing Bitcoin NFT market will eventually reach a market capitalization of $4.5 billion by March 2025. In a report, Galaxy researchers highlighted the potential of Bitcoin NFTs, making the estimate based on its growth. rate.
The report noted that the $4.5 billion estimate was due to the “rapid development” of enrollment awareness and existing marketplace and wallet infrastructure.
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Binance’s AI-Powered NFT Generator Hits 10,000 Mints in 2.5 Hours
Binance’s AI-powered crypto exchange NFT generator reached 10,000 mints in just 2.5 hours after its beta launch. Nicknamed “Bicasso,” the AI can turn creative visions into NFTs, according to Binance CEO Changpeng Zhao.
Like other AI-powered image generators, users can upload images as their profile photos and other creative prompts to help the AI have a reference before generating images.
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Flare Gets NFT Platform to Increase Use Cases for Interop Protocols
The Ethereum Virtual Machine Flare oracle platform launched its own NFT marketplace. Sparkles launched on the Flare layer 1 blockchain to increase the platform’s use cases for NFTs.
The NFT marketplace also aims to provide solutions to issues found within the space, including intellectual property (IP) rights. According to Sparkles, it will attach chain IP licenses to collections in the future.
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Nifty News: Dan Harmon’s NFT Show Set For Season 3, NFT-Friendly Square Enix CEO Resigns And More
Square Enix CEO Yosuke Matsuda retires after nearly 10 years. Matsuda is known to be very NFT friendly and has taken a bullish position on Web3 games in his time at Square Enix. Under Matsuda’s leadership, the firm made several moves to take advantage of the world of Web3.
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WATCH COINTELEGRAPH’S NFT STEEZ PODCAST
Thanks for reading this roundup of the week’s most notable developments in the NFT space. Check back next Wednesday for more reports and information on this ever-evolving space.
