Cypher Capital’s Bill Qian said the growing understanding of Bitcoin could increase investor curiosity and appetite for NFTs.
As the United States Securities and Exchange Commission (SEC) approved the first spot Bitcoin exchange-traded funds (ETFs) in the United States, Web3 professionals argue that the approvals can boost the dwindling sub-crypto ecosystem of nonfungible tokens (NFTs).
In addition, Tan said that after the spot Bitcoin ETFs, Ether (ETH) ETFs could be next, bringing a renewed interest in Ethereum-based NFTs. Tan added, “This will bring attention back to the original Ethereum NFTs like Bored Ape Yacht Club and CryptoPunks, which have far more history and established communities than Bitcoin NFTs.”
Related: X removes NFT profile pictures: What does this mean for crypto art?
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Source: https://cointelegraph.com/news/spot-bitcoin-etf-nft-impact-web3