Galaxy Digital, a New York-based firm, has released a research report that shows that the Bitcoin non-fungible token (NFT) market could reach a market capitalization of $4.5 billion by 2025. In their “base case” scenario, the report outlines that if Bitcoin NFTs can “expand to mainstream NFT culture like PFPs [Profile Pictures], memes and utility projects,” the market capitalization should increase to $4.5 billion. In a pessimistic outlook, where Bitcoin NFTs do not become a major part of the mainstream NFT industry, Galaxy believes that the current amount of interest and infrastructure can still enable Bitcoin NFTs to reach a market cap of $1.5 billion.
Since the launch of the Ordinals protocol in late January, Bitcoin NFTs have attracted significant attention from companies like Yuga Labs.[0] Yuga Labs, the company behind the Bored Ape Yacht Club, announced their Bitcoin-based NFT project called TwelveFold in February, recognizing the Ordinals movement.[1] With the addition of data storage and strong availability assurances, Bitcoin NFTs are being explored for a variety of use cases, including new types of decentralized software and Bitcoin scaling techniques, which could expand Bitcoin’s cultural impact.
Galaxy Digital’s research is a fantastic piece that shows the potential growth of Bitcoin NFTs in the coming years.[2] It is clear that the Bitcoin NFT market is expected to continue growing as new products and services get released to the market. With the potential to significantly widen the scope of Bitcoin’s cultural impact, it will be interesting to see how the Bitcoin NFT market develops in the future.[2]
0. “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
1. “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
2. “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