Stacks, a layer-1 blockchain that brings smart contracts and DeFi to the Bitcoin network, is growing in popularity, thanks to Bitcoin NFTs. The price of STX, Stacks’ native cryptocurrency, rose 51% in the past week, reaching $2.13. Yesterday, it had risen 57% in 24 hours to hit $2.3, according to Decrypt.
Currently, the cryptocurrency has a 2.67 billion market cap. Furthermore, it is fifty-ninth in the list of top cryptocurrencies, as per Nomics data. These gains are largely due to the Bitcoin NFTs that are gaining traction on the platform.
Bitcoin NFTs on Stacks
While Bitcoin is the top cryptocurrency, the network doesn’t support smart contracts. As a result, it natively cannot host NFTs, DeFi, or dApps. However, Stacks, which supports smart contracts and executes transactions on Bitcoin, makes it possible for the Bitcoin network to host NFTs and other decentralized applications.
Essentially, Stacks uses the Bitcoin network as the final security layer for the smart contracts on its platform. However, Stacks is not the only platform that facilitates NFT transactions on Bitcoin. RSK, for instance, is another smart contract blockchain that acts as a bridge to connect Ethereum and Bitcoin.
Now, Stacks’ NFT marketplace, StacksArt, has been picking up in recent weeks. For instance, last week, 12-year-old Abraham Finley sold out his Bitcoin Bird NFTs in less than an hour for around $8,000. Today, it’s one of the top-traded NFT collections on the marketplace, amassing around 97,000 STX in all-time volume traded.
Similarly, StacksPunks, a CryptoPunks spin-off, is also garnering much attention. The collection of 10,000 NFTs have amassed around 629,000 STX (around $1.3 million) in all-time trade volume. While Stacks’ numbers are far from that of Ethereum, it has opened up exciting possibilities for more Bitcoin NFTs.