The Stacks (STX) team is building a platform for the next generation of digital assets. They are developing new kinds of non-fungible tokens that use bitcoin as their base, which could make them more valuable than any other asset on their blockchain.
The “blockstack” is a cryptocurrency that uses NFTs to transfer value. The “blockstack” was created by the team that also created the “Ethereum”.
Stacks (STX) is an NFT ecosystem that combines the best of both worlds: it’s protected by the Bitcoin network while simultaneously using the Ethereum network’s scalability.
Whether you’re a bored ape or a pixelated punk, the NFT movement and market exploded in 2021. While the general public has yet to warm up to the technology, it has attracted their interest. For the most part, Ethereum (ETH) and the powerful marketplace OpenSea have taken the bulk of the cash flow, eyes, and market-share, with the Solana (SOL) network following closely behind.
Another blockchain, in a much smaller portion of the realm, is undergoing a mini-renaissance, resurrecting, as it’s become known, the “digital-rock,” Bitcoin. Stacks (STX), an L-1.5, is responsible for a recent burst of effort that is now “bringing” NFTs to the most proved of all chains.
The specific technological implementations of the STX project are a source of lively discussion. Because of apparent storage limits, such as the block size, it’s not correct to state that Stacks allows for building on top of Bitcoin in the same way that Bitcoin secures Stacks.
This discussion has enraged both the majority of Ethereum-ites and the small but vocal Bitcoin Maxi camp, with the bulk of them casting aspersions on altcoinery and bitcoin-affinity marketing. Of course, the fact that the bulk of the criticism comes from Blockstream workers working on the Liquid Network is not without irony (which, a great product on its own, also has clear trade-offs).
If the previous several months are any indication, the Stacks community has brushed aside these concerns and instead focused on what every developer-heavy project excels at: building.
A Quick Look at Stacks (STX) NFTs
A cursory glimpse of the previous three months, courtesy of the StacksOnChain data analytics site, portrays a picture of pretty fast-paced NFT activity:
- Over 50 projects have launched on three different marketplaces.
- Mints has already raised over $100,000 for 5+ projects.
- In secondary sales, one project has already surpassed $2 million.
This frenzy of Q3 on-chain activity is nothing to scoff at for a network that just completely debuted (or re-launched, depending on your viewpoint) in early 2021. While Ethereum, its L2s (Polygon, etc.) and Solana likely outnumber Stacks’ NFT activity, it’s worth noting how far Stacks has come in onboarding both competitive Eth/Sol power users and more cautious, hesitant maxi-Bitcoiners:
Since the release of 2.0, the number of active stacks has increased.
Between May 2021 and November 2021, the number of active Stacks addresses grew from a weekly average of 150 active addresses to a magnitude of growth (1,500 weekly average). This 10x has gotten a lot of attention outside of the Stacks community.
So, who is the present ecology made up of?
The Ecosystem of Stacks
Stacks’ ecology is much more diverse than Ethereum’s, which is mainly controlled by a single marketplace. In the Stacks universe, there are three main markets; the released collections, like other chains, vary in quality and community. We’ll briefly go through the three markets and a few of the most popular collections below.
The brainchild of the partnership known as Obsidian.btc & Plutus.btc comes in first alphabetically. Despite having a lower market volume than the other two, Byzantion recently updated its front-end and has been rapidly releasing new features such as the ability to browse and shop across all three markets.
Stacks Arts is a non-profit organization dedicated to the arts
Stacks Arts, the current market volume king (to a significant extent), touts itself as the high-curation marketplace. The selection process is something of a mystery, with vague rules and an unknown founder— those who do make the cut generally end up with a mint-out followed by a substantial period of secondary market sales.
STXNFT is without a doubt the most potent SEO name brand, coming in second in market volume but with the ideal mousetrap. STXNFT was the first marketplace to enable customers to display all NFTs under one address, but much more crucially, he (solo creator Jamil.btc) allowed users to transfer NFTs from one address to another.
STXNFT is also the first Stacks marketplace to allow for the minting of NFTs in other Stacks-based tokens like MiamiCoin and the newly announced NewYorkCityCoin.
The Most Valuable STX NFT Collections
Now that we’ve covered the markets, let’s look at the most popular collections in the Stacks ecosystem. While there are many more projects than those mentioned here, we choose to focus on the ones with the largest market capitalization.
On November 16th, 2021, a screenshot was taken.
Ape Club Megapont Megapont Megapont Megapont Megapont Mega
Megapont Ape Club (or MAC as it’s known on Twitter) is the elephant in the room, as shown above. They’re the most actively traded NFT on Stacks, with $2 million in market sales volume in less than a month and a strong presence on all three markets. It’s easy to see why they’re #1, with some classic pixel graphics and a compelling roadmap (both illustrated below).
AMC #1215 and #1634 are now on the market for 2,450 and 2,460 STX, respectively.
The Guild of Explorers
The Explorer Guild is the NFT fund-raising mechanism for the Sigle writing platform and is a graduate of the Stacks Accelerator. Sigle is a web3 rival to Medium that hosts blogs and rewards authors with Bitcoin. While MAC has the highest trade volume, The Explorer Guild has the record for the highest mint volume, with a total of $500,000.
Sigle made careful to deliver continual value to its Explorer Guild owners by including features like a premium newsletter, bespoke domains, and comprehensive analytics in their NFT.
Explorers #514 and #1406 are now attempting to get 100 STX and 100 STX, respectively.
Birds of Bitcoin
Abraham Finlay, a dedicated ornithophile, created Bitcoin Birds. Bitcoin Birds, a 12-year-old with a passion for caring for his feathered pals, seeks to be a feel-good collection.
Bitcoin Birds was one of the first projects on Stacks to mint out in a couple of hours, with a relatively limited quantity of just 400 birds (compared to 2,500 for the other three). Bitcoin Birds is passing the utility barrier with a great charity-driven objective, with real-world good effects on their roadmap like their First Wildlife Project.
Currently, Bitcoin Birds #367 and #343 are trading for 2,600 and 2,000 STX, respectively.
Badgers of Bitcoin
The very final collection in the diagram above is a collection of giffy Badgers reminiscent to Cool Cats art-style on Ethereum, named after the eponymous Bitcoin Honey Badger joke.
Badger 224 — Currently on the market for 750 STX
This crew is laser-focused on the metaverse aspect, as seen by their roadmap, Discord, and Twitter engagement. From 3D models to an immersive virtual reality NFT exhibition, Bitcoin Badgers seem to be making good progress in this sector – only time will tell whether they become a Somnium Space/Decentraland rival.
Interestingly, despite significant secondary sales, Bitcoin Badgers is the only collection on our list with an incomplete mint (the second and final halves are expected to begin around December 3rd/4th, according to its website).
Finally, consider how Stacks (STX) is bringing the NFT Revolution to the King.
Although the figures listed above may seem little in comparison to the current Beeple or Bored Ape Yacht Club sale, it’s worth noting that Stacks is an ecosystem worth keeping an eye on. Remember that this action occurred throughout the first seven months of the company’s existence, and in the middle of a particularly terrible onboarding procedure in the United States (listed on a single exchange with a 10-day withdrawal period— OkCoin).
Stacks (STX) is far from flawless; a quick Google search will turn up several counter-arguments, ranging from creating its own currency (i.e., not Bitcoin) to holding a VC pre-sale. Yet it is still in its infancy, sandwiched between two major principles: the steady security of Bitcoin and the increased flexibility of Ethereum.
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“stx crypto news” is a blog that provides coverage of the STX cryptocurrency. The blog has been covering the NFTs secured by Bitcoin, which are digital assets that exist in a decentralized ledger.
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