In this week’s newsletter, read about how Yuga Labs’ first Bitcoin-based nonfungible tokens (NFTs) earned $16.5 million in 24 hours, and how the Bitcoin NFT market can reach $4.5 billion by 2025. Check out how Binance’s artificial intelligence NFT generator got 10,000 mints 2.5 hours after its launch, and find out how the Flare blockchain got its own NFT marketplace. And don’t forget this week’s Nifty News, featuring Square Enix’s NFT-friendly CEO stepping down.
Yuga Labs’ first Bitcoin NFT auction nets $16.5M in 24 hours
In the first 24 hours of Yuga Labs’ NFT auction on Bitcoin Ordinals, the firm earned 735 Bitcoin (BTC) – around $16.5 million at the time – from its “TwelveFold” collection, with 288 bidders winning a piece of the Bitcoin NFT collection.
According to Yuga Labs, the winners will receive their inscription within a week after the auction. However, those who did not reach the top 288 will have their funds returned to their receiving address.
Galaxy tips Bitcoin NFT market to hit $4.5B by 2025
The research arm of asset management firm Galaxy Digital predicts 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 pointed out that the $4.5 billion estimate was due to the “rapid development” of inscription awareness, and the existing marketplace and wallet infrastructure.
Binance’s AI-powered NFT generator hits 10K mints in 2.5 hours
Crypto exchange Binance’s NFT generator powered by artificial intelligence (AI) hit 10,000 mints in just 2.5 hours after its beta launch. Dubbed “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 like their profile pictures and other creative prompts to help the AI have a reference before generating images.
Flare gets NFT platform to increase use cases for interoperability protocols
Ethereum Virtual Machine oracle platform Flare launched its own NFT marketplace. Sparkles launched on Flare’s layer-1 blockchain to increase the platform’s use cases for NFTs.
The NFT marketplace also aims to bring solutions to issues found within the space, including intellectual property (IP) rights. According to Sparkles, it will be attaching on-chain IP licensing to collections in the future.
Nifty News: Dan Harmon’s NFT show set for season 3, NFT-friendly Square Enix CEO steps down and more
Square Enix’s CEO, Yosuke Matsuda, is stepping down after almost 10 years. Matsuda is known to be very friendly to NFTs and has taken a bullish position on Web3 gaming in his time at Square Enix. Under Matsuda’s leadership, the firm made several moves to tap into the world of Web3.
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Thanks for reading this digest of the week’s most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively evolving space.