Stacks, the crypto that combines Bitcoin with smart contracts. Demand for Stacks, is rising sharply. The price of its STX token rose 57% over the weekend to $ 2.3. STX's explosive price movement caused the cryptocurrency to climb thirteen places up the ranking of cryptocurrencies. With a market value of $ 2.9 billion, it is now the 55th largest cryptocurrency in the world. Stack's latest push has been in Bitcoin NFT. These are unconventional in crypto, especially since Bitcoin does not support smart contracts on its own, and most of the NFT market runs on Ethereum, which supports smart contracts. Stacks blockchain supports smart contracts, but all of its transactions are rolled up and settled on Bitcoin. Stack's founder Muneeb Ali described it as decrypting as "Layer 1.5" last month, which distinguished it from Ethereum Layer 2 solutions such as Arbitrum or Polygon. Although Stack's NFT marketplace is fairly new, Bitcoin NFT has been around for years. Before Ethereum came, the first tokenized digital assets were made and sold on Counterparty, a third-party Bitcoin protocol, as early as 2012. It is worth noting that Stack's NFT launches are very modest news compared to the NFT trading that takes place daily on Ethereum. In the last 24 hours, Ethereum-based games Axie Infinity traded over $ 20 million in tokens, according to NFT data maker CryptoSlam. Other smart contract blockchains, such as Solana, Flow and Ethereum scaling solution Polygon, have also taken their share of the NFT barrier. Still, STX investors are clearly excited about the potential for more Bitcoin NFT and Bitcoin-backed decentralized financial products. A potential foothold in the booming NFT and DeFi markets is big news for all Bitcoin fans out there.
