The demand for Stacks, a blockchain that combines Bitcoin and smart contracts, is increasing. The price for the STX token grew by 57% in the previous 24 hours reaching $2.3 just as its new NFT market is getting attention.
The token climbed 13 places in the list of the largest global market caps. It now occupies the 55th spot with a market cap of $2.9 billion.
The most recent endeavor of Stacks is Bitcoin NFTs which is rather unusual as Bitcoin doesn’t natively support smart contracts, the reason why most NFTs are on Ethereum, which does have native support for smart contracts.
The Stacks blockchain does come with support for smart contracts while its transactions are settled on Bitcoin. Muneeb Ali, the founder of Stacks, described it as “Layer 1.5,” in order to separate it from Ethereum Layer 2 solutions such as Polygon.
Just a week ago, a 12-year-old, Abraham Finley, sold a collection worth $8,000 of hand-drawn pixelated Bitcoin bird NFTs in less than an hour on the Stacks marketplace. By Thursday, it became the most transacted NFT collection on Stacks, being traded for 16,651 STX (about $21,000) worth of tokens in just 24 hours.
Meanwhile, StacksPunks, a derivative of CryptoPunks, has recently traded for 620,528 STX ($1.3 million).
Source: Decrypt.co