Stacks (STX) has resumed its rally once more as Bitcoin Ordinals make their way to the mainstream. This time around, it is as a result of DeGods, the largest NFT collection on the Solana blockchain (which subsequently moved to Polygon), announcing its very own Bitcoin Ordinals NFT collection.
DeGods NFT Auctions For 3.2 BTC
The DeGods team seems to have gone in the same direction as the Yuga Labs Bitcoin Ordinals NFT collection, opting to use the auction method that Yuga employed. However, unlike Yuga, the DeGods Ordinals collection is made up of 535 never released and very rare NFTs from its OG collection which are being inscribed on the Bitcoin block 776408.
The first auction was ‘The Original Frank’ NFT which was used by Frank, one of DeGods’ founders. The NFT sold for a total of 44,256 $DUST, which translates to 3.2 BTC with the inscription number #77238. This is over 700% higher than the original price of 0.44 BTC that was previously set for the collections, but the auction system allows NFTs to sell for even higher than the price set for them.
The first BTC DeGod auction has just ended.
Final Price: 44,256 $DUST. pic.twitter.com/6St403Vsve
— DeGods III (@DeGodsNFT) March 17, 2023
To put this in perspective, the 3.2 BTC price tag on the NFT translated to around $84,000 at the time of the purchase. It is equal to approximately 48 ETH or 4,000 SOL at current prices. With the DeGods collection sitting at a 560 SOL floor at the time of this writing, the first DeGods Ordinals NFT sold for over 600% higher than the current floor price.
Currently, there is no NFT marketplace in which these Ordinals NFTs are available to trade, but the DeGods team is maintaining an OTC spreadsheet, which is the way these NFTs have been trading since they became popular.
Stacks (STX) Tops List Of Crypto Gainers
Going off the success of the DeGods Bitcoin Ordinals NFT mint, the price of Stacks (STX) has done incredibly well. In the last 24 hours, the coin has emerged as the best performer, rising over 16% in the space of one day to reclaim the $1 level.
STX price rallies toward March 15 peak | Source: STXUSD on TradingView.com
Interestingly, the STX trading volume is down 34% over the last day but this has not stopped the big buys from coming in. Mounting buy pressure has pushed the digital asset close to breaking its March 15 peak of $1.09.
Related Reading: Cardano Vs Solana: Which Is The Better Investment For The Next Bull Market?
The price surge of STX does not seem to be done though and one thing that could push it further is when there is an official platform to trade Bitcoin Ordinals NFT. Solana NFT marketplace, Magic Eden, is reportedly developing a platform to trade BTC NFTs but there is no official release date yet.