As the Bitcoin halving draws near, experts in the nonfungible token (NFT) realm anticipate a positive ripple effect on the NFT ecosystem alongside the crypto milestone. This anticipation stems from the notion that increased engagement with Bitcoin could spill over into NFTs, potentially driving up both prices and trading volumes.
Oscar Franklin Tan, CFO of Atlas Development, a key contributor to the Enjin NFT platform, believes that NFT prices could surge post-halving, attributing this to a cyclical pattern where Bitcoin’s rising interest extends to other ecosystems like NFTs. He highlights NFTs integrated within altcoin ecosystems as particularly likely to benefit, especially those receiving token airdrops or used in token-gated networks.
Zach Burks, founder of Mintable NFT marketplace, shares the sentiment, suggesting that an uptick in Bitcoin’s price could lead to increased trading volume for NFTs. He emphasizes that heightened user engagement resulting from the halving could further propel NFT prices upwards.
Burks also predicts a direct impact on Bitcoin holders, referred to as Bitcoin Ordinals, who have long awaited avenues to utilize their BTC holdings. With Bitcoin’s price potentially surpassing $70,000, he anticipates a surge in disposable income among Bitcoin users, creating more spending power within the ecosystem.
Similarly, Tan views Bitcoin Ordinals as beneficiaries of the narrative surrounding Bitcoin exchange-traded funds (ETFs), suggesting that they could serve as digital gold carvings on the blockchain.
Jimmy Zhao, senior solution architect at BNB Chain, emphasizes the potential for Bitcoin Ordinals to help miners generate revenue, especially as BTC rewards diminish post-halving. He suggests that the impending halving could bolster Ordinals’ significance by influencing fees and miner revenue.
Looking beyond Ordinals, Zhao believes that the halving could catalyze broader NFT adoption, particularly as mainstream media attention increases. This could expose more individuals to the utility of NFTs, spurring interest and understanding of their use cases.
Burks echoes this sentiment, viewing the halving as a form of “free marketing” for the broader crypto sector, potentially attracting newcomers who may explore various aspects of the crypto and Web3 ecosystem, including NFTs and decentralized finance (DeFi).
Tan envisions the emergence of new NFTs or marketplaces focused on digital collectibles post-halving, as Bitcoin’s prominence continues to intertwine with the NFT space.
In summary, experts anticipate a positive impact of the Bitcoin halving on the NFT market, foreseeing increased interest, adoption, and potential price surges as a result.
