Matrixport Report: Ordinals NFT May Drive Stacks Market Value to $1 Billion

ChainCatcher news reports that a recent research report from the crypto financial services company Matrixport indicates that Ordinals NFTs triggered a 50% increase in the price of Stacks Network token STX earlier this week, potentially pushing its market capitalization to $1 billion.

Markus Thielen, head of research at Matrixport, wrote that because Ordinals are directly minted on the blockchain, "they are considered digital products due to their permanence and immutability on the distributed ledger," whereas traditional NFTs can be altered by smart contract developers.

The combination of NFTs and the Bitcoin network brings more security, transparency, and traceability. The report states that it opens up more use cases and reignites interest in these tokens. Last week, the number of newly issued Ordinal NFTs on the Bitcoin blockchain exceeded 100,000. (Source link)