The metaverse is Unbanked Newsletter For weekly level-ups on NFTs, virtual worlds, and more
Dear unbanked nations,
During the previous bull market in 2021, essentially all NFT activity took place on Ethereum.
I think Ethereum is poised to boast incredible levels of NFT activity once again in 2024, as it looks like we’re on the verge of a new all-out bull market again.
Still I also Solana’s prediction of a significant surge in Bitcoin’s NFT trading volume will likely make the next phase of the rise even more multipolar when it comes to NFTs.
That said, let’s take a look at some potential bullish cases for Ethereum, Bitcoin, and Solana NFTs in 2024!
-WMP
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At this point, it became clear that a new market cycle was beginning.
Most startup activity so far has centered around cryptocurrency majors such as BTC, ETH, and SOL. But I think we’re going to soon see a lot more activity being integrated globally. NFT ecosystem The same goes for the base chains of these parent coins.
Early signs are already there. For example, after arriving on site in early 2023, Bitcoin NFT inscription in ordinal style It has been booming recently, fueling a resurgence of creative efforts based on Bitcoin and the popularization of semi-fungible “BRC-20” tokens such as: Ordi It depends on the inscription.
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These new possibilities combined with the large number of potential users thanks to Bitcoin, the most popular blockchain, have led to increased demand for Ordinals.
In fact, recently it has been common for Bitcoin to top daily NFT trading volume charts. At CryptoSlam That’s because people keep on engraving new collections and BRC-20 tokens left and right.
All the excitement and new projects to be explored here set the Bitcoin NFT landscape on a tremendous foundation for further growth in 2024. But it’s not just momentum that’s taken into consideration here, as there are catalysts to watch in the coming months.
For example, Ordinals creator Casey Rodarmor is gearing up for release. runeBitcoin’s new “unofficial” fungible token standard, a new fungible token protocol that seems likely to gain more agreement than BRC-20.
Think about it. We may soon see another boom like Ordinals. But this time with Runes, the most important thing all these new Rune holders need to do with their fungible tokens is: One) other runes, or 2) Bitcoin NFT.
stress.
And there is Ethereum that will undoubtedly benefit. on a large scale From the “king of the hill” effect that will dominate in the next bull market.
What I mean is that Ethereum easily has the highest quality NFT projects, the highest quality NFT infrastructure, the highest quality NFT builders and creatives, the highest liquidity, etc.
These advantages will allow Ethereum to thrive and maintain its position as a home of quality, certainty, and opportunity for the majority of NFT users once again this cycle, even as more NFT activity actually continues to migrate to L2 scaling solutions. there is. Thanks to this Ethereum extension. connect possibilities.
And like Bitcoin, in addition to the great positioning of the Ethereum NFT scene, it could be a big catalyst for next year as well. Maybe it’s just me, but I think we’ll see OpenSea release L2 next year. If that happens, there could be a ton of activity around it as people move ETH and NFTs in and out of the rollup.
Lastly, I think Solana is another major chain expected to create an NFT boom in 2024.
The network shook off the pain of the last bear market, became a new pioneer in airdrops, and the SOL token’s rise was the strongest in recent weeks, all contributing to a massive influx of new users. These people were all looking for something to try on Solana, so many of them turned to NFT platforms like magic eden and tensor thus.
This mass migration is creating a lot of buying pressure on Solana’s best NFT collection recently. That said, newcomers have been piling into a known quantity of existing projects to gain a foothold here. food raz.
I see the upward trend of the Solana NFT ecosystem continuing in the near future thanks to the network’s seamless UX and as the chain potentially rises to new heights in this new cycle.
Of course, we could see BTC, ETH, and SOL, among other indicators, all reaching new all-time high prices in the coming years, and we can imagine how the associated excitement around these milestones will feed back into NFTs across these chains. .
But we don’t even need a historic coin moonshot for NFTs to have a big year in 2024. Because the fundamentals that exist at the top of the cryptocurrency space today have room for much further development. As we welcome the new year, keep this reality in mind!
William M. Feaster is the creator of metaverse — Bankless newsletter focused on the emergence of NFTs in the cryptocurrency economy. He also serves as a senior writer for the Bankless newsletter.
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It is not financial or tax advice. This newsletter is strictly educational and does not constitute investment advice, a recommendation to buy or sell any asset, or a recommendation to make any financial decisions. This newsletter does not constitute tax advice. Consult your accountant. Do your own research.
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