Galaxy Digital, a crypto-focused financial firm, predicts the Bitcoin NFT market may hit $4.5B by Mar 2025. This estimate considers growing interest, market infrastructure, and Ethereum’s potential loss of market share.
Bitcoin NFTs, known as Ordinals, has gained significant attention since launching the Ordinals protocol in late January. Using this protocol, users can inscribe data onto satoshis, which represents 0.00000001 Bitcoin. A Bitcoin-based NFT project called TwelveFold has been launched by Yuga Labs and the $4B firm behind the Bored Ape Yacht Club.
According To a new report published on Mar 3rd, Galaxy researchers analyzed the potential growth of Bitcoin NFTs. They made estimations “conservatively based on the current size of Ethereum’s NFT market” and its growth rate over the past few years. The report provided three market cap predictions based on the firm’s analysis, covering bear, base, and bull case scenarios.
Bitcoin NFT Market Projections
Moreover, Looking at Galaxy’s baseline analysis, the report outlined that if Bitcoin NFTs can “expand to mainstream NFT cultures like PFPs [Profile Pictures], memes, and utility projects,” the market capitalization should increase to $4.5 billion.
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The researchers also noted that the projection of $4.5 billion is also based on the rapid development in inscription awareness coupled with the marketplace/wallet infrastructure already [being] out today. Even if Bitcoin NFTs don’t take market share from Ethereum, Galaxy predicts a $1.5B market cap. If Bitcoin NFTs compete with Ethereum NFTs and offer unique use cases, Galaxy estimates a market cap of $10B.
The Bitcoin NFT market is growing, and new projects are emerging, making the market’s evolution exciting to watch. Additionally Galaxy Digital’s bullish projections suggest that Bitcoin NFTs have significant potential to become major players in the NFT space.
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