Ordinals NFTs Can Make Stacks’ STX a Multibillion-Dollar Token: Matrixport

Will Canny

Updated 22 February 2023 at 5:59 am·1-min read

Join the most important conversation in crypto and web3! Secure your seat today

Ordinals' non-fungible tokens (NFT), which triggered a 50% rally in Stacks Network's STX token earlier this week, have the potential to push STX into a billion-dollar token, Matrixport said in a research report on Wednesday.

Ordinals is a new protocol that allows NFTs to be stored on the Bitcoin blockchain. STX is the native token of the Stacks Network, a layer 2 blockchain that leverages the security of the bitcoin blockchain to settle transactions.

As Ordinals are minted directly onto the blockchain, they are “considered to be digital artifacts due to their permanence and immutability on the distributed ledger,” as opposed to traditional NFTs which can be altered by smart contract developers, wrote Markus Thielen, head of research.

Matrixport notes that the idea of Bitcoin NFTs is not a new concept and has been developed by protocols such as Counterparty and Stacks. The recent hype around Ordinals NFTs led to a 50% rally in STX earlier this week.

The coming together of NFTs and the Bitcoin network brings more security, transparency and traceability. It has opened up more use cases and reignited interest around these tokens, the report said. Last week the number of newly minted Ordinal NFTs on the Bitcoin blockchain surpassed 100,000, it added.

“Stack’s ability to leverage the Bitcoin blockchain’s security for settlement of transactions positions the network well for developing Bitcoin decentralized finance (DeFi),” the note said. DeFi is an umbrella term for a variety of financial applications carried out on a blockchain.

The full potential of the Stacks Network is starting to get recognized which could lead to further gains in the STX token, the note added.

Malay Mail
Chinese badminton player, 17, dies after collapsing on court
JAKARTA, July 1 — A 17-year-old Chinese player has died after collapsing on court during an international tournament in...
Malay Mail
Transport minister: Bus in Genting Highlands crash had expired permit and is over 15 years old
KUALA LUMPUR, July 1 — Transport Minister Anthony Loke today revealed that the bus that crashed in Genting Highlands and...
The Independent
Bodycam footage released after 13-year-old boy shot and killed by police in New York
Body camera footage released by the department shows officers tackling the boy to the ground before firing a gun
The Telegraph
‘I’m not going to buy electric again – it’s the worst car I’ve ever had’
Ray Bestwick bought an electric car last May in the hope of hassle-free motoring.
People
Tom Cruise and Son Connor Spend Time Together in London During Rare Outing
The actor is a father to three children
Malay Mail
Syed Saddiq completes 200-km ‘Langkah Muar’ run with Perikatan’s Radzi and Wan Fayhsal joining at end, raises RM160,000 for constituency
KUALA LUMPUR, July 1 — Muar MP Syed Saddiq Abdul Rahman today completed his 200km run called “Langkah Muar”, raising RM1...
The Independent
A pair of siblings were stabbed and the sister’s dying words were that the killer was a man from Detroit. Thirty-four years later, he’s been arrested.
Pamela Sumpter, was raped and stabbed, and her brother John Sumpter was stabbed to death, at their Georgia home on July 15, 1990. Andrea Cavallier reports
The Independent
Woman charged after viral Wandsworth Prison video showed ‘officer having sex with inmate’
Linda De Sousa Abreu, 30, will appear at Uxbridge Magistrates’ Court on Monday
INSIDER
Kamala Harris' camp is mad that Newsom and Whitmer are being floated as Biden replacements over the VP
Harris is seen by many as a natural potential successor to Biden. But an array of Democrats believe her middling approval ratings are a liability.
CNN
A year ago, she drank battery acid to escape life under the Taliban. Today, she has a message for other Afghan girls
Arzo survived a suicide attempt but now faces a new threat that could send her family – and millions like them – back to Afghanistan and a life that has become so intolerable for women and girls that some would rather die.
The Telegraph
David Beckham’s daughter-in-law to sue dog groomer over chihuahua death
David Beckham’s daughter-in-law, Nicola Peltz, is ready to sue a New York dog groomer after her beloved chihuahua Nala died suddenly, according to reports in the US.
The Telegraph
Watch: Declan Rice pushed by Slovakia manager after England’s Euro 2024 win
Slovakia’s manager Francesco Calzona pushed England’s Declan Rice after the final whistle as the Italian went to confront the officials following his team’s defeat.
Malay Mail
'Kuey teow thng' fans rejoice! Your favourite Shoon Lee Kuey Teow Soup and State Kuey Teow Thng are near each other in PJ Old Town
PETALING JAYA, July 1 — It's been musical chairs season in PJ Old Town. For some beloved eats anyway. Due to real estat...
AFP News
China's adopted children return from overseas to seek their roots
At an empty concrete lot in southwest China, Loulee Wilson scoops a handful of stones into a bag –- a memento from the site where she believes she was abandoned as a baby.- Baby bust - China launched the one-child policy in 1979 amid fears its population would grow unmanageably large.
People
Taylor Swift Gets Stuck on Platform After Stage Malfunction During Dublin Concert
One of the popstar's backup dancers, Jan Ravnik, came to her rescue during the Eras Tour mishap
The Guardian
England 2-1 Slovakia: player ratings from the Euro 2024 last-16 match
Jude Bellingham saved England from an ignominious exit after a disjointed display against a valiant Slovakia side
Bloomberg
Singapore Airlines’ CEO gets pay bump after record annual profit
Singapore Airlines Chief Executive Officer Goh Choon Phong was paid S$8.11 million ($6 million) last financial year, a 21% increase from the previous period.
Bloomberg
Russian goods find their way to Singapore as war fatigue sets in
Heavily discounted Russian-made goods, from hair products to chocolate, are finding their way onto Singapore’s virtual supermarket shelves.
The Hill
Pat Tillman’s mother ‘shocked’ by Prince Harry getting son’s award
The mother of U.S. soldier and former NFL star Pat Tillman said she was “shocked” to hear Prince Harry, Duke of Sussex, would be the recipient of an annual award made in the name of her son, who was killed by friendly fire in Afghanistan in 2004. Mary Tillman, the mother of the Pat Tillman,…
Bloomberg
Farm robots help plug worker shortage in Malaysian palm oil
Malaysia's top palm growers hope automation will take over the sector’s most difficult and dirty jobs, plugging chronic worker shortages that have disrupted global supplies.

Latest stories