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Experts: Spot Bitcoin ETFs Will Increase Interest in NFTs
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Experts: Spot Bitcoin ETFs Will Increase Interest in NFTs

Jan 12, 2024

Experts expressed the opinion that the introduction of spot Bitcoin ETFs in the US will have a positive impact on the NFT market, contributing to the growth of sales and attracting new investments. They predict that this will strengthen interest in non-fungible tokens. Bill Qian, head of Cypher Capital, noted that the increased use of Bitcoin by institutional investors could raise interest in NFTs, as well as expand knowledge and ease of use of digital assets.

Oscar Franklin Tan from Atlas Development emphasized that the approval of spot Bitcoin ETFs will contribute to the growth and sales of NFTs. He reminded of the Ordinals protocol, which allows embedding images and other data into the Bitcoin network. In the last 30 days, Ordinals' sales volume exceeded $863 million, surpassing Ethereum.

Sergey Sheleg from the Web3 platform Nicegram believes that the launch of spot Bitcoin ETFs in the US is a positive signal for the NFT market, increasing trust in cryptocurrencies and attracting institutional investors. Dirk Luet from Upland supports this view, indicating that the approval of Bitcoin ETFs will reduce risks and expand opportunities for purchasing NFTs.

Three unique NFTs from the famous BitcoinShrooms collection were successfully sold at the prestigious Sotheby's auction for an impressive sum of $450,000. This fact highlights the growing interest and significance of digital art in contemporary art studies.

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