Bitcoin NFT Market to Reach 4.5 billion USD by 2025, Galaxy Predicts
Galaxy bases its estimate on these NFTs’ rapid interest growth, the currency market infrastructure, and the potential to obtain some of Ethereum’s market share.
Research by Galaxy Digital predicts that the growth of the BTC NFT market will reach a market capitalization of 4.5 billion USD by March 2025.
Bitcoin NFTs, known as Ordinals, were launched in late January and have attracted much attention in the crypto world. The Ordinals protocol allows users to write data such as images, PDFs, videos, and audio to individual satoshi.
On February 28, Yuga Labs, the 4 billion USD company behind the popular NFT collection Bored Ape Yacht Club, announced they are working on a new BTC-based NFT project called "TwelveFold" to show their appreciation for the Ordinals protocol.
On March 3, researchers at Galaxy published a report analyzing the potential growth of BTC NFTs and making estimates "conservatively based on the current size of the Ethereum NFT market" and how it has evolved in recent years.
"While there are significant differences between on-chain and NFTs, it can be said that a native ecosystem for on-chain NFTs has emerged in bitcoin in a way that was never possible before, and its use is growing rapidly," Galaxy said.
The report includes market capitalization forecasts based on the company's analysis and has scenarios for both the Bear market and Bull market.
Galaxy's underlying analysis suggests that if BTC-based NFTs manage to break into mainstream NFT cultures, such as profile pictures (PFP), memes, and utility projects, market capitalization should reach 4.5 billion USD. The analysts noted that this forecast is based on the "rapid development of signage awareness in conjunction with existing marketplace/wallet infrastructure."
Suppose the bear market continues and BTC NFTs do not enter the mainstream market or capture a larger share of the NFT market. In that case, Galaxy estimates that they could still reach a market capitalization of 1.5 billion USD based on current interest and supporting infrastructure.
Suppose a market turnaround occurs and a bull market emerges. Analysts estimate that BTC NFTs could reach as much as 10 billion USD, assuming they create strong competition to Ethereum-based NFTs and provide unique usage opportunities.
At the time of Galaxy's report, more than 250,000 Ordinals were on the market. The analysts noted the importance and utility of BTC NFTs: "Adding a large-scale data store with strong availability guarantees opens up a range of use cases, many of which are just beginning to be explored, including things like new types of decentralized software or Bitcoin scaling techniques. However, even the NFT use case alone has the potential to greatly expand the cultural impact of Bitcoin."
Source: cointelegraph.com
analyst opinion
Jakub Odvářka
Research by Galaxy Digital predicts that the growth of the BTC NFT market will reach a market capitalization of 4.5 billion USD by March 2025.
Bitcoin NFTs, known as Ordinals, were launched in late January and have attracted much attention in the crypto world. The Ordinals protocol allows users to write data such as images, PDFs, videos, and audio to individual satoshi.
On February 28, Yuga Labs, the 4 billion USD company behind the popular NFT collection Bored Ape Yacht Club, announced they are working on a new BTC-based NFT project called "TwelveFold" to show their appreciation for the Ordinals protocol.
On March 3, researchers at Galaxy published a report analyzing the potential growth of BTC NFTs and making estimates "conservatively based on the current size of the Ethereum NFT market" and how it has evolved in recent years.
"While there are significant differences between on-chain and NFTs, it can be said that a native ecosystem for on-chain NFTs has emerged in bitcoin in a way that was never possible before, and its use is growing rapidly," Galaxy said.
The report includes market capitalization forecasts based on the company's analysis and has scenarios for both the Bear market and Bull market.
Galaxy's underlying analysis suggests that if BTC-based NFTs manage to break into mainstream NFT cultures, such as profile pictures (PFP), memes, and utility projects, market capitalization should reach 4.5 billion USD. The analysts noted that this forecast is based on the "rapid development of signage awareness in conjunction with existing marketplace/wallet infrastructure."
Suppose the bear market continues and BTC NFTs do not enter the mainstream market or capture a larger share of the NFT market. In that case, Galaxy estimates that they could still reach a market capitalization of 1.5 billion USD based on current interest and supporting infrastructure.
Suppose a market turnaround occurs and a bull market emerges. Analysts estimate that BTC NFTs could reach as much as 10 billion USD, assuming they create strong competition to Ethereum-based NFTs and provide unique usage opportunities.
At the time of Galaxy's report, more than 250,000 Ordinals were on the market. The analysts noted the importance and utility of BTC NFTs: "Adding a large-scale data store with strong availability guarantees opens up a range of use cases, many of which are just beginning to be explored, including things like new types of decentralized software or Bitcoin scaling techniques. However, even the NFT use case alone has the potential to greatly expand the cultural impact of Bitcoin."
Source: cointelegraph.com
Previous
Next
