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Bitcoin Is Beating Ethereum at Its Own Game

TL;DR

  • The primary NFT was created on Ethereum, again in 2014, and a market was fashioned across the expertise in 2017.

  • However now Bitcoin (which has had an NFT marketplace for lower than a 12 months) is outpacing Ethereum in NFT gross sales!

  • Which provides BTC holders a brand new option to spend their cash, with out ever leaving the Bitcoin community.

Full Story

Issues we did not have on our 2023 bingo card:

  • Bitcoin beating Ethereum in NFT gross sales.

  • A adorned Air Pressure vet saying UFOs are actual, whereas beneath oath.

  • Céline Dion being excluded from Rolling Stone’s 200 best singers listing (disgrace on you, RS).

However again to that first level…

The primary NFT was created on Ethereum, again in 2014, and a market was fashioned across the expertise in 2017.

Giving ETH a wholesome 7-10 12 months head begin on creating the expertise and taking a dominant lead within the house (relying on the place you measure from).

However now Bitcoin (which has had an NFT marketplace for lower than a 12 months) is outpacing Ethereum in NFT gross sales! Nuts proper?

What’s stranger is it isn’t just like the numbers between every chain’s gross sales are even shut. In December, NFT gross sales on the Bitcoin community totaled $881M, in comparison with Ethereum’s $353M (!)

This is the lesson we’re taking from this:

Community results are cool and all, however cash nonetheless talks. I.e. there is a bigger community of merchandise/video games/instruments constructed round Ethereum NFTs – however the whole worth of the Bitcoin community is roughly 3x greater than ETH’s.

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($863B vs. $273B).

Which provides Bitcoin NFTs an financial edge, in that they offer BTC holders a brand new option to spend their cash, with out ever leaving the Bitcoin community.

It is just like how Apple has been in a position to enter and dominate a number of new product classes over the previous decade.

The corporate’s message being:

“Are you an iPhone/MacBook proprietor that is excited about getting a wise watch? Subscribing to a brand new streaming service? Shopping for a pill?

Purchase our model of that product and it will work seamlessly throughout the ecosystem you’ve got already put cash into.”

The message of Bitcoin NFTs being:

“Made a bunch of cash with Bitcoin, however really feel like there is not a lot you are able to do with it aside from purchase n’ maintain it? Jealous of all of the performance that is being provided by Ethereum NFTs?

Properly, do not be. Now you can purchase/promote NFTs natively on Bitcoin!”

Or one thing to that impact…

(idk – you get the purpose!)

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