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.
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. 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. 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).
NFT companies such as Yuga Labs have been working on new products based on Bitcoin NFTs. On Feb. 28, the $4 billion firm behind the Bored Ape Yacht Club announced a Bitcoin-based NFT project dubbed “TwelveFold”. 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