Galaxy Digital Forecasts $4.5 Billion Bitcoin NFT Market by 2025
By Galaxy Digital, a New York-based firm, has released a research report that forecasts the Bitcoin nonfungible token (NFT) market to hit a $4.5 billion market cap by March 2025. The firm’s research unit has also outlined a “base case” scenario that would see the Bitcoin NFT market expand to mainstream NFT culture like Profile Pictures (PFPs), memes and utility projects.[0]
The report, published on March 3, is based on the current size of Ethereum’s NFT market and its growth rate over the past few years.[0] In a “base case” scenario, Galaxy estimates that Bitcoin NFTs can reach a market cap of $4.5 billion while in a “bear case” scenario, the market cap can still reach $1.5 billion based on the current level of interest and supporting infrastructure.
The addition of sizeable data storage with strong availability assurances has opened up a variety of use cases, including things like new types of decentralized software or Bitcoin scaling techniques.[1] Ordinals, the protocol launched in late January, has enabled users to inscribe data such as images, PDFs, video and audio onto individual satoshis, or sats that each represent 0.00000001 Bitcoin (BTC).[2]
NFT companies such as Yuga Labs have been working on new products based on Bitcoin NFTs.[3] On Feb. 28, the $4 billion firm behind the Bored Ape Yacht Club announced a Bitcoin-based NFT project dubbed “TwelveFold”.[0] This is a notable recognition of the Ordinals movement, demonstrating the potential for the Bitcoin NFT market to expand in the coming years.
0. “Galaxy tips Bitcoin NFT market to hit $4.5B by 2025” Cointelegraph, 4 Mar. 2023, https://cointelegraph.com/news/galaxy-tips-bitcoin-nft-market-to-hit-4-5b-by-2025
1. “Galaxy Digital Forecasts Bitcoin NFT Market to Reach $4.5B Within Two Years” ihodl.com, 3 Mar. 2023, https://ihodl.com/topnews/2023-03-04/galaxy-digital-forecasts-bitcoin-nft-market-reach-45b-within-two-years/
2. “Galaxy tips Bitcoin NFT market to hit $4.5B by 2025 By Cointelegraph” Investing.com, 4 Mar. 2023, https://www.investing.com/news/cryptocurrency-news/galaxy-tips-bitcoin-nft-market-to-hit-45b-by-2025-3022110
3. “Galaxy Digital Believes Bitcoin NFT Market Could Reach $4.5B By 2025” UseTheBitcoin, 4 Mar. 2023, https://usethebitcoin.com/galaxy-digital-believes-bitcoin-nft-market-could-reach-4-5b-by-2025
