Bitcoin research report from blockchain ecosystem firm Trust Machines.(BTC) use cases will experience explosive growth in the first quarter of 2023, according to a new
The report identifies recent developments in Bitcoin Non-Fungible Tokens (NFTs), Bitcoin Name Service (BNS) and the Stacks blockchain as key drivers of new adoption and growth.
Muneeb Ali, CEO of Trust Machines and co-founder of Stacks, emphasized the importance of these findings, noting that “Bitcoin’s use cases are exploding, which will further drive its growth and adoption in the years to come.”
The Trust Machines study also revealed that BNS has seen a 400% increase in registrations on its sister platform BTC.us since 2022. The platform allows users to register human-readable “.btc” domains, which can then be used to host websites and even send and receive bitcoins.
Trust Machines attributes the surge to the launch of decentralized social media protocol Nostr, which is backed by Ordinals and Jack Dorsey.
While Bitcoin NFTs have experienced a recent resurgence, Trust Machines acknowledged that there is still a lot of development work to be done to fully unlock Bitcoin’s potential for decentralized finance use cases.
The report suggests that one of the main efforts to unlock this potential is sBTC, for which Stacks has launched a testnet and plans to launch a mainnet later this year.