Bitcoin NFT Rise Attributed to Cryptobear Market

02/19/2023 05:24 • NFT Newsflash • 109 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

Interpret the above information:

According to Jameson Lopp, the chief technical officer of Casa, a Bitcoin custody company, the rise of Bitcoin NFT can be attributed to the current state of the cryptobear market. Lopp notes that the low price of Bitcoin has resulted in a low price for Bitcoin blockspace. In a bull market, expensive transaction fees would make it cost-prohibitive for the average user to cast Bitcoin NFTs. Thus, the bear market has made it easier for individuals to create NFTs without having to pay thousands of dollars in transaction fees.

Lopp’s remarks on NFT art are particularly interesting. He calls it “stupid” and suggests that it has never issued value in the same way that modern monetization art has. Lopp explains that he is personally not willing to spend tens of thousands of dollars on NFT art because he does not see the value in it.

Overall, Lopp’s comments highlight the important role that market conditions play in shaping the behavior of cryptocurrency users. When transaction fees are high, users are less likely to engage in activities like creating NFTs. In contrast, when fees are lower, users have more freedom to try out new things.

The remarks on NFT art are also intriguing. The rise of Bitcoin NFTs has been accompanied by a flurry of digital art sales, many of which have fetched tens of thousands of dollars. Lopp’s skeptical comments suggest that there may be a limit to how much people are willing to pay for digital art, particularly if it lacks the perceived value of traditional art.

In sum, Lopp’s message sheds light on the interplay between market conditions and cryptocurrency adoption. It also raises important questions about the role that perceptions of value play in shaping the price of digital assets like Bitcoin NFTs.

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