Galaxy Digital’s research arm predicts that the bitcoin non-fungible token (NFT) market will be worth $4.5 billion by March 2025 in a “base case” scenario.
Bitcoin NFTs, forex market facilities, and the possibility of stealing market share from Ethereum (ETH) were factored into Galaxy’s prediction.
Investigation Details
Galaxy Digital experts assessed the possible expansion of Bitcoin NFTs in a new paper published on March 3. These projections were calculated “conservatively based on the current size of the Ethereum NFT market” and its growth rate over the previous years.
The research included three separate estimates of market capitalization based on the company’s analysis, covering three possible outcomes: bearish, base and bullish.
Looking at Galaxy Digital’s benchmark analysis, the report highlighted that Bitcoin NFTs’ market cap should rise to $4.5 billion if they can “expand into mainstream NFT cultures like profile pictures (PFPs), memes, and projects.” of public services”.
The $4.5 billion forecast is based on rapid growth in enrollment awareness coupled with market and/or wallet infrastructure already available as of March 4.
digital galaxy projected that even in a pessimistic scenario, where bitcoin NFTs do not enter the mainstream market and take market share away from ethereum, Bitcoin NFTs can still achieve a market valuation of $1.5b based on current demand and infrastructure that supports them.
Being bullish on the prospects for Bitcoin NFTs, Galaxy Digital predicts that its market could reach approximately $10 billion if it competes with Ethereum NFTs and provides novel use cases.
Bitcoin NFTs Are Getting The Attention They Deserve
Ever since the Ordinals protocol was launched in late January, which allows users to enroll data such as photos, documents, videos, and music into individual satoshis (sats), there has been a lot of interest in Bitcoin NFTs.
On February 28, Yuga Labs, the $4 billion parent company behind the Bored Ape Yacht Club (BAYC), announced a bitcoin-based NFT project called “TwelveFold.” This is a basic form of recognition of the Ordinal movement.
