Mar 04, 2023
Bitcoin NFT Market to Reach $4.5B by 2025: Galaxy Digital Report
The crypto space is abuzz with the news of Bitcoin nonfungible tokens (NFTs) and the potential for them to revolutionize the web3 space. Galaxy Digital’s research unit has estimated that this market could hit a whopping $4.5 billion market cap by March 2025.
Ordinals, the protocol which allows users to inscribe data such as images, PDFs video and audio onto individual satoshis, or sats, has been met with great enthusiasm. Even the $4 billion firm behind the Bored Ape Yacht Club, Yuga Labs, has jumped in on the hype. On Feb. 28, they announced their Bitcoin-based NFT project, TwelveFold.
Galaxy Digital has released a report, analyzing the potential growth of Bitcoin NFTs. They based their estimations “conservatively” on the current size of Ethereum’s NFT market and its growth rate over the past few years.
The firm outlined three different market cap predictions, covering a bear case, base case and bull case scenarios. The “base case” predicts 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. This projection is based on the “rapid development in inscription awareness coupled with the marketplace/wallet infrastructure already [being] out today.”
In a bear case, in which Bitcoin NFTs don’t creep into the mainstream NFT market and pry market share away from Ethereum, Galaxy estimated that Bitcoin NFTs can still reach a market cap of $1.5 billion based on the current level of interest and supporting infrastructure. On the bullish side of things, Galaxy researchers estimate that the Bitcoin NFT market could reach around $10 billion if it manages to provide strong competition to Ethereum NFTs, while also providing unique use cases.
At the time of the report, more than 250,000 Ordinals have hit the market. The addition of sizeable data storage with strong availability assurances opens up a variety of use cases, including decentralized software, bitcoin scaling techniques, and more. Even the NFT use-case alone has the potential to dramatically widen the scope of Bitcoin’s cultural impact.
For those looking to get into the NFT game, there are a number of options. One can purchase NFTs on the open market, or even create their own. NFT promotion and marketing is also becoming increasingly popular, with Twitter NFT marketing being one of the most popular forms. NFT marketing agencies are popping up, offering services such as content creation, advertising, and more.
The potential of Bitcoin NFTs is huge, and it’s clear that this market is only going to continue to grow. With the right strategy and a bit of luck, those looking to make money in the NFT space could be in for a very profitable future.Disclaimer: All investment or financial opinions expressed by MoonLanding Media are not recommendations and are intended for entertainment purposes only. Do your own research prior to making any kind of investment. This article has been generated based on trending topics, has not been fact checked and may contain incorrect information. Please verify all information before relying on it.