Bitcoin NFTs Caused by Cryptobear Market

02/19/2023 05:24 • Tech Trends • 81 views

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

Analysis based on this information:

Jameson Lopp, the chief technical officer of Bitcoin custody company Casa, shared his views on the rise of Bitcoin NFTs. He attributed the surge in popularity of Bitcoin NFTs to the current cryptobear market. According to Lopp, the low prices of Bitcoin during the bear market have resulted in low prices for Bitcoin blockspace as well. In contrast, during a bull market, transaction fees can be expensive, which can make it difficult for people to cast Bitcoin NFTs. Ordinals agreements might have to pay thousands of dollars to cast Bitcoin NFTs. This could discourage many people from pursuing this option.

Even though NFT art has seen a lot of attention lately, with artists raking in cash for their digital art, Lopp was quite critical of it. He believed that NFT art has never achieved the same value as monetized modern art. People are not willing to spend such enormous amounts of money on it. In his words, NFT art is “quite stupid.”

What Lopp is trying to say is that the low prices of Bitcoin due to cryptobear market conditions have made Bitcoin NFTs more accessible to people. However, this could change if the market turns bullish, making the transaction fees prohibitively expensive. At the same time, while NFT art has seen a lot of interest lately, Lopp believes that it does not have the same value as traditional monetized art.

To sum up, Lopp’s views on Bitcoin NFTs and the cryptobear market can help us understand the reasons for the recent surge in interest in Bitcoin NFTs. While digital art is seeing a lot of attention these days, Lopp suggests that it may not be a long-term trend. Instead, it might just be a passing fad. If the market bears out Lopp’s opinion, we might see a decline in interest in Bitcoin NFTs as well.

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