Jameson Lopp, chief technology officer of Bitcoin custody company Casa, said that the rise of Bitcoin NFT is caused by the crypto bear market.
Since the price of Bitcoin has been low, the price of Bitcoin block space is low. If in a bull market, the expensive transaction fee will make the Ordinals protocol pay thousands of dollars to mint Bitcoin NFT, so more people will choose give up.
Jameson Lopp also said that NFT art is quite stupid and has never discovered the value of tokenized art, let alone something that is willing to spend tens of thousands of dollars.