Will NFTs Value Scale with Bitcoin?
- assumption: NFTs are priced in ETH
- ETH functions as a “transport and compute layer”, comparable to what a swap token like UNI is to the swap (e.g. Uniswap), it's just glue.
- This implies the price of ETH will NEVER be directly correlated with the price of Bitcoin
- in the bullish Michael Saylorian case, Bitcoin’s positioning itself as the ultimate store of value (i.e. “digital energy”), the rate of increase in the value of Bitcoin will be great, and there is no reason why the value of Ethereum, being the public transport and compute layer, will increase accordingly, its value is NOT directly based on stored energy in the same way that Bitcoin is.
- for true longevity in value of NFTs, the blockchain can and should be used to infuse the value of Bitcoin into NFTs