As the much-anticipated Bitcoin halving looms closer, professionals working in the nonfungible token (NFT) space anticipate that the crypto milestone will not only affect crypto tokens but may also positively impact the NFT ecosystem.
Bitcoin halving countdown timer. Source: CoinGecko
Oscar Franklin Tan, the chief financial officer of Atlas Development, a core contributor to the NFT platform Enjin, believes that NFT prices will “surge after the halving.” The executive argued that this is part of a known cycle where interest in Bitcoin (BTC) spills over other ecosystems like NFTs. Tan said:
“Prices and volumes should eventually surge after the halving as part of the known cycle. Because NFTs are established segments of ecosystems, interest from Bitcoin will spill over into NFTs together with altcoins.”
Tan told Cointelegraph that this is especially true for NFTs integrated within altcoin ecosystems, which are different from profile picture (PFP) projects. The executive explained that these NFTs receive token airdrops or digital collectibles used in token-gated networks.
Zach Burks, the founder of NFT marketplace Mintable, said that while accurately predicting the future growth or adoption of technology is almost impossible, the community can expect an increase in trading volume for NFTs as Bitcoin’s price rises. “If the halving also boosts user engagement, it is reasonable to expect an uptrend in NFT prices.”
Bitcoin Ordinals to be ‘directly impacted’
Burks also shared his belief that Bitcoin Ordinals “will be directly impacted” by upward BTC price movements. Burks believes that there are Bitcoin holders who haven’t been able to use their BTC for any significant participation in the Bitcoin ecosystem for years.
“This means there are a lot of people who have disposable income in Bitcoin to spend or use that haven’t had anything to use it on until now. This multiplies as the price increases, once we break $70,000, every user who has ever bought Bitcoin will be in the green, and this means…..
