Galaxy’s estimation was based on the rapid uptick of interest in Bitcoin NFTs, the potential to take some market share away from Ethereum, and the currency market infrastructure.
Galaxy Digital’s research unit predicts that the Bitcoin nonfungible token (NFT) market will be worth $4.5 billion by March 2025. The launch of the Ordinals protocol in late January has drawn significant attention to Bitcoin NFTs, as it enables users to inscribe data such as images, PDFs, video and audio onto individual satoshis. Each satoshi represents 0.00000001 Bitcoin.
NFT giants such as Yuga Labs have even jumped in on the hype. On Feb. 28, the $4 billion firm behind the Bored Ape Yacht Club announced a Bitcoin-based NFT project dubbed “TwelveFold” in a notable recognition of the Ordinals movement.
In a new report published on March 3, Galaxy researchers analyzed the potential growth of Bitcoin NFTs, making estimations “conservatively based on the current size of Ethereum’s NFT market” and its growth rate over the past few years.
This report is a comprehensive analysis of the potential growth of Bitcoin NFTs. It is based on the current size of the Ethereum NFT market and its growth rate over the past few years.