According to Bill Qian of Cypher Capital, investors’ curiosity and enthusiasm for NFTs may expand as their understanding of Bitcoin grows.
Web3 experts claim that the approvals can strengthen the declining nonfungible token (NFT) sub-crypto ecosystem, as the United States Securities and Exchange Commission (SEC) authorized the first spot Bitcoin exchange-traded funds (ETFs) in the country.
The head of the cryptocurrency investing company Cypher Capital, Bill Qian, stated that the legalization of spot Bitcoin ETFs in the US will “benefit indirectly” perceived “alternative assets” like NFTs.
According to Qian, the acceptance of Bitcoin by mainstream finance will be greatly influenced by the approval of the ETFs, and it will also probably have an impact on NFTs.
Qian said, “Investor curiosity and appetite for NFTs will likely increase as a result of the growing understanding and acceptance of Bitcoin.”
Further expertise and familiarity with digital assets, he continued, may result in a “broader embrace of NFTs” as a sound investment option in addition to Bitcoin.
The chief financial officer of Atlas Development, Oscar Franklin Tan, is a major contributor to the NFT platform Enjin and thinks that the the spot Bitcoin ETF approval would “boost NFTs.”
The head of the company noted that "Bitcoin has NFTs," alluding to the Ordinals protocol, which has seen over $800 million in sales volume in the previous 30 days.
“Nothing needs to be explained by anyone. They only need to mention the ETF, which comes with the well-known brands of Coinbase, Fidelity, and BlackRock“
Furthermore, Tan stated that Ether ETFs may follow spot Bitcoin ETFs, reviving interest in Ethereum-based NFTs.
According to Tan, “this will draw attention back to the original Ethereum NFTs, which have far more established communities and a longer history than Bitcoin NFTs, like Bored Ape Yacht Club and CryptoPunks.“
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The combination of established financial structures like ETFs with cryptocurrency, according to Sergey Sheleg, chief product officer of Nicegram, a Web3 social network, is a sign of strength for the NFT sector.
According to the the executive officer, this might boost institutional engagement in the NFT area and boost trust.
The representative feels that the rapidly changing legislation pertaining to digital assets would “aid the cause of NFTs,” which have an influence on use cases like identity management, ticketing, and fractional art ownership that went beyond the original excitement.
At the same time, Dirk Lueth, the co-founder of NFT gaming platform Upland, claimed that the ETFs will lower the perceived risk and complexity of entering the crypto market. As a result, expanding buying operations in the NFT space will feel more comfortable.
According to Lueth, higher market liquidity, anticipated decreases in price volatility, improved infrastructure, and greater regulatory clarity would all probably contribute to this growth.
Additionally, according to the CEO, the approvals will increase awareness and demonstrate that the cryptocurrency market is “here to stay and has a future in the U.S.“
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