KEY POINTS

  • Bitcoin Bob NFT by NFT Glee sold out in record time
  • This is its first trading algorithm via NFT release 
  • The bot trades futures via CME and transfers users' the profits

NFT Glee sold out its Bitcoin Bob NFT, whose demand easily outstripped supply. Bitcoin Bob was the first of a unique series of trading algorithms as NFTs that the firm had planned to roll out.

Bitcoin Bob, a 'built on Bitcoin' NFT, was cleared for release on the NFTglee.com store on Nov. 11, the firm had said previously. The platform had earlier scheduled a small batch for release, but the presale demand forced them to ramp up the supply.

According to the CEO of NFT Glee, a firm that encourages participation between artists for the release of exclusive NFTs, the "demand is five times" what they thought it would be.

"So we are adjusting our allocation to the 50-100 algorithm NFT's for Bitcoin Bob," said CEO Tillman Holloway.

Commenting on the huge demand for Bitcoin Bob and its sale, Holloway said two kinds of NFT enthusiasts were attracted to the NFTs.

"Traders were blown away by the trading algorithms tech/parameters. NFT enthusiasts were drawn to the art, scarcity, and value associated with the algorithm," he said.

The NFT minted on Bitcoin trades Bitcoin futures via the CME, with daily profits deposited directly into spot Bitcoin and transferred to the owners' cold storage wallet.

He said people are ready to "pay 2-3 times what the initial price was just a couple of weeks ago" and that he is "letting the supply and demand dynamics play out within our community."

According to the press release, there is an upcoming NFT drop in the next two weeks, which will bring another aspect to its ecosystem, i.e., "experiences."

"Without giving away specifics, collectors can expect exceptional value and a commitment to continue to showcase the utility inherent in non-fungible tokens," said the release. It said future NFT's will include "algorithms built to trade Nasdaq futures, Dow futures, and S&P futures of different sizes and capital requirements."

The digital artwork associated with 'Bitcoin Bob' and the NFT release is produced by digital artist Max Sheika.

NFT
NFT A M Hasan Nasim / Pixabay
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