- According to a report by Galaxy Digital analysts, Bitcoin Ordinals’ rapid growth during the last month is just the beginning.
- The prediction is based on Bitcoin-based non-fungible tokens, currency market facilities and chances of taking away market share from Ethereum.
- Galaxy Digital has predicted its market might hit over $10 billion if it competes with Ethereum NFTs along with offering unique cases.
The research unit of Galaxy Digital has predicted the growing Bitcoin NFT market to reach a market cap of $4.5 billion by March 2025.
Ordinals, also known as Bitcoin NFTs, have gained considerable attention ever since the Ordinals protocol was introduced in January 2023 to allow users to inscribe data like video, images, audio and PDFs on satoshis.
Yuga Labs, on February 28, announced an NFT project, TwelveFold, based on Bitcoin. Based on a March 3 report, Galaxy researchers examined the possible expansion of Bitcoin NFTs to make evaluations exclusively based on Ethereum’s ongoing NFT market along with its rate of growth during the past few years.
Though there are significant differences between NFTs and inscriptions, it could be said that a native on-chain ecosystem has evolved for non-fungible tokens on Bitcoin in a never before possible way. Furthermore, there’s been an increase in its usage.
Three market cap predictions are divided in the report according to the company’s analysis, covering base, bear and bull case scenarios.
In terms of baseline analysis of Galaxy, the report mentioned that in case Bitcoin NFTs grow to mainstream NFT culture such as memes, PFPs and utility projects, the market cap has possibilities of increasing to $4.5 billion.
It was also noted that the $4.5 billion projection is in line with the swift development in inscription awareness combined with the marketplace/wallet infrastructure that’s already out.
Fantastic research piece by @intangiblecoins at @galaxyhq on the rise of Bitcoin Ordinals:
– $4.5B base case market
– Help with Bitcoin’s fee market
– Increase the design space for smart contracts
Read more here👇
— Dan Held (@danheld) March 3, 2023
Bitcoin non-fungible tokens do not creep in the mainstream NFT market In matters of a bear case rather pry market share away from Ethereum. Galaxy calculated that Bitcoin NFTs have chances of reaching a market capitalization of $1.5 billion according to the present level of interest as well as supporting infrastructure.
As far as the bullish side is concerned, researchers estimate the Bitcoin NFT market to reach over $10 billion provided it offers serious competition to Ethereum NFTs while offering exclusive use cases.
250,000 plus Ordinals are in that market as of now. Emphasizing on the importance and uses of Bitcoin NFTs, the researchers noted that adding sizeable data storage along with availability assurances leads to severe use cases. A number of them are just the beginning that must be explored and include new types of decentralized software or Bitcoin scaling techniques. The NFT use case can alone grow the scope of the cultural impact of Bitcoin.
The Bitcoin Dark Ages are over
Fun is back on the menu, boys pic.twitter.com/ybk5NKObmB
— Eric Wall 🧙♂️ Taproot Wizard #2 (@ercwl) March 3, 2023