While Bitcoin prices reject bear pressure, another historic shift is happening in the non-fungible tokens (NFTs) world. According to one analyst on X, Runestone, an NFT collection minted on Bitcoin, has recently gained popularity.
The Rise And Rise Of Runestone: A Bitcoin NFT Collection
The observer now notes that its value is halfway from flipping one of the most valuable collections on Ethereum, the CryptoPunks. This emerging trend, the “orange wave,” signifies a potential shift in the NFT landscape that will likely cement Bitcoin’s position.
Bitcoin is the most valuable coin by market cap, ahead of Ethereum. However, despite its mega valuation, the coin has lagged in other spheres because of its inherent lack of capability for smart contracts.
This is where Ethereum shines, as seen in the multiple innovations launched over the years, such as decentralized finance (DeFi), gaming, NFTs, and more.
The success of DeFi protocols like Uniswap or Maker, for instance, and the wild popularity of NFT collections like CryptoPunks and Bored Ape Yacht Club (BAYC), among others, are testaments to Bitcoin’s role in the sphere. However, this is about to change as innovators look to tap into Bitcoin’s security and broad base to launch DeFi protocols and even NFT collections.
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