Bitcoin NFT auction nets $16.5M in 24 hours: Nifty Newsletter, March 1–7

cointelegraph.com:

In this week’s newsletter, read about how Yuga Labs’ first Bitcoin-based nonfungible tokens (NFTs) earned $16.5 million in 24 hours, and how the Bitcoin NFT market can reach $4.5 billion by 2025. Check out how Binance’s artificial intelligence NFT generator got 10,000 mints 2.5 hours after its launch, and find out how the Flare blockchain got its own NFT marketplace. And don’t forget this week’s Nifty News, featuring Square Enix’s NFT-friendly CEO stepping down.

In the first 24 hours of Yuga Labs’ NFT auction on Bitcoin Ordinals, the firm earned 735 Bitcoin (BTC) — around $16.5 million at the time — from its “TwelveFold” collection, with 288 bidders winning a piece of the Bitcoin NFT collection.

According to Yuga Labs, the winners will receive their inscription within a week after the auction. However, those who did not reach the top 288 will have their funds returned to their receiving address.

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The research arm of asset management firm Galaxy Digital predicts the rapidly-developing Bitcoin NFT market will eventually reach a market capitalization of $4.5 billion by March 2025. In a report, Galaxy researchers highlighted the potential of Bitcoin NFTs, making the estimate based on its growth rate.

The report pointed out that the $4.5 billion estimate was due to the “rapid development” of inscription awareness, and the existing marketplace and wallet infrastructure.

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Crypto exchange Binance’s NFT generator powered by artificial intelligence (AI) hit 10,000 mints in just 2.5 hours after its beta launch. Dubbed “Bicasso,” the AI can turn creative visions into NFTs, according to Binance CEO Changpeng Zhao.

Like other AI-powered image generators, users can upload images like their profile