The demand for Stacks, a blockchain that combines Bitcoin with smart contracts, is soaring. Its price has risen by 58% in the last 24 hours to a price of $2.3, just as its nascent NFT market picks up.


STX’s explosive price movement caused the cryptocurrency to rise thirteen places up the global market capitalization rankings. With a market cap of $2.9 billion, it’s now the 55th largest cryptocurrency in the world, according to crypto data aggregator Nomics .

Stacks’s latest push has been into Bitcoin NFTs . These are unconventional in crypto, particularly since Bitcoin doesn’t natively support smart contracts , and most of the NFT market runs on Ethereum, which does natively support smart contracts.

The Stacks blockchain supports smart contracts, but all of its transactions are rolled up and settled on Bitcoin. Stacks founder Muneeb Ali described it to Decrypt as “Layer 1.5 ” last month, distinguishing it from Ethereum Layer 2 solutions like Arbitrum or Polygon.

Although Stacks’s NFT marketplace is fairly new, Bitcoin NFTs have existed for years. Before Ethereum came along, some of the first tokenized digital assets were minted and sold on Counterparty, a third-party Bitcoin protocol, as early as 2012 .

Stacks’s NFT market picks up

There are signs that Stacks’s NFT market is rising. On Monday, 12-year-old Abraham Finley sold out of a collection of about $8,000 worth of hand-drawn pixelated Bitcoin bird NFTs in under an hour on the Stacks marketplace .

By Thursday, Bitcoin Birds became the most transacted NFT collection on Stacks, trading 16,651 STX (about $21,000) worth of tokens in 24 hours. CryptoPunks knockoff StacksPunks also performed well this week . StacksPunks has currently traded about 620,528 STX worth of tokens, or about $1.3 million.

It’s worth bearing in mind that Stacks’s NFT launches are very modest news compared with the NFT trading that happens daily on Ethereum.

In the last 24 hours, Ethereum-based game Axie Infinity traded over $20 million worth of tokens, according to NFT data aggregator CryptoSlam . Other smart contract blockchains, like Solana, Flow and Ethereum scaling solution Polygon, have also grabbed their share of the NFT boom.


The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

3 Replies to “Stacks Blows Up 57% After Bitcoin NFTs Take Off”

  1. Hey are using WordPress for your blog platform?
    I’m new to the blog world but I’m trying to get started and set up my own. Do you require
    any coding knowledge to make your own blog? Any
    help would be really appreciated!

  2. Greetings from Colorado! I’m bored to death at
    work so I decided to check out your blog on my iphone during lunch break.I enjoy the information you provide here and can’t wait to take a look
    when I gethome. I’m amazed at how quick your blog loaded on my cell phone ..I’m not even using
    WIFI, just 3G .. Anyhow, awesome site!

  3. You’re so cool! I do not believe I’ve truly read a single thing like this before.
    So wonderful to find somebody with a few genuine thoughts on this subject matter.
    Really.. thanks for starting this up. This website
    is one thing that is needed on the internet, someone with a little originality!

Leave a Reply

Your email address will not be published.