CoinDesk Podcast Network BITCOIN SEASON 2: The NFT Market is Broken, Here's How To Fix It
Jun 11, 2025
Nick Day, co-founder of Gamma, shares insights on Bitcoin ordinals and the current NFT market's pitfalls. He discusses how Signals, their new platform, streamlines the clunky price discovery process, moving away from absurd whitelists. The conversation highlights the advantages of on-chain inscriptions over traditional NFTs and explores how auction-style pricing can ensure fair markets. With a focus on enhancing digital ownership and creator support, Nick offers a fresh perspective on the evolving NFT landscape.
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How Bitcoin NFTs Became Possible
- Casey Rodarmor's ordinal theory makes Bitcoin NFTs possible by tracing individual satoshis without smart contracts.
- Wearing "special glasses" enables seeing digital collectibles inscribed permanently on Bitcoin, stored across thousands of nodes worldwide.
NFT Purchase Process is Broken
- The current NFT purchase process involves complex hoops like whitelist gaming and social proof rituals.
- These time-consuming and opaque steps create an inefficient, artificially inflated demand environment in NFT markets.
Signals Platform Fixes Pricing
- Use Signals.art to transparently discover true market interest and fair prices through auction-style bids for digital collectibles.
- This method prevents overpricing and speculation by setting a uniform clearing price, benefiting both creators and collectors.