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Bitcoin ‘optimist’ Alex Adelman calls NFTs the ‘perfect intersection of culture and technology’

In short

  • Alex Adelman, CEO and co-founder of rewards app Bitcoin Lolli, spoke with Decrypt at NFT NYC last week.
  • He is a fan of the rise of NFTs and crypto culture, and believes the Bitcoin community should more widely embrace such use cases.

NFT NYC Happened Last Week, And Even The Persistent Crypto Bear Market couldn’t kill the vibes. Major Ethereum NFT projects like the Bored Ape Yacht Club, doodlesand women’s world brought in major celebrities and artists, while other NFT communities held their own exclusive gatherings for Holders.

And as long as there is only modest NFT activity unfolds around BitcoinAlex Adelman, CEO and Co-Founder of Bitcoin rewards app, LolliTold Decrypt that he loves the community and the celebrations around NFT artwork and collectibles.

“I think NFTs are good for this space,” he said at an NFT NYC satellite event last week, calling them “the perfect intersection of culture and technology.”

Adelman, who said he was “part of the degen communities” that have formed around NFTs, added that last October’s NFT NYC event showed him for the first time the potential for artists to embrace the technology. .

“That’s probably one of the best things about NFTs is that they allow real artists to build their careers,” he explained. “And he teaches people about crypto and owning their own keys, owning their own assets. So I think that’s net positive for the space, and definitely good for the macro of people learning crypto.

An NFT is a blockchain token that serves as proof of ownership of a digital item, such as artwork or video game items. The market generated $25 billion in trading volume in 2021 as it gained mainstream recognition.

Lolli CEO Alex Adelman at NFT NYC 2022. Image: André Beganski

Lolli pays users Bitcoin rewards for purchases at over 1,000 partner retailers, and Adelman-who sports “laser eyes” on Twitter– is considered by many to be a Bitcoin maximalist. However, he chose a softer description: a “Bitcoin optimist.” He is not opposed to wider adoption of crypto, although he ultimately wants Bitcoin to lead the way.

It’s a distinction that many self-proclaimed maximalists would quibble with. Just yesterday, Bitcoin personality Nic Carter received a backlash of maxis on Twitter when he revealed that his company Castle Island Ventures invested in a Web3 development tool built for other blockchains. (Adelman defended Carter.)

Based on his comments above, Adelman is clearly not mocking the rise of artwork and culture via NFTs. In fact, he sees it as an opportunity the Bitcoin community should have had – and still has the potential to seize via layer 2 solutions that run on the Bitcoin blockchain.

“Congratulations to Ethereum and the community for capturing the zeitgeist and bringing in some real artists,” he said. ” I am a bit sad. I think Bitcoin should have captured a lot of that. They had 13 years to do it, and much of it was lost.

Early attempts to place artwork and other media assets on the blockchain – before the term non-fungible token (NFT) was coined – were built on Bitcoin-derived platforms like Counterparty. Rare Pepe NFTfor example, have since been “wrapped” and linked to Ethereum to facilitate trading and collection.

And as mentioned, there is NFT activity happening on top of Bitcoin. The Stacks smart contract platform, which its creators describe as a “layer 1.5” platform, is bitcoin-secured, meaning it aggregates transactions from its own blockchain and entrusts them to bitcoin for keep.

NFTs have started gain ground on the Stacks last fall, although the total activity was a drop in the bucket compared to Ethereum’s NFT market dominance. Adelman said he had “not seen a project he liked on Stacks yet,” but was a fan of the NFT art scene on Tezosa rival layer 1 platform that also brings together leading partners such as Ubisoft and The hole.

Even 13 years later, Adelman thinks Bitcoin is “in its infancy” and he is excited about other potential Layer 2 platforms that rely on its blockchain to enable NFTs and applications. He highlighted the work of Twitter founder Jack Dorsey and Block’s TBD division, including the recently teased “Web5”– an “extra decentralized web” built on Bitcoin.

“I think it’s still day one, and the Bitcoin community is waking up to that fact,” he said. “It’s like: How are you going to hate artists? How are you going to hate people who build real things? You cannot sit on Bitcoin forever. You have to innovate. »

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