Galaxy’s estimates are based on Bitcoin NFT’s growing interest, money market infrastructure, and potential loss of some Ethereum market share.
Galaxy Digital Research Unit Thinks Bitcoin’s NFT Emerging Market Will Reach Market Cap 4.5 billion dollars in March 2025.
Fantastic research piece by @intangiblecoins at @galaxyhq on the rise of Bitcoin Ordinals:
– $4.5B base case market
– Help with Bitcoin’s fee market
– Increase the design space for smart contracts
Read more here👇
— Dan Held (@danheld) March 3, 2023
Bitcoin NFT, or Ordinals, Attracts Massive Attention Since Ordinals protocol launched at the end of Januarywhich allows users to write data such as images, PDF videos, and audio to individual satoshi or sats (each satoshi represents 0.00000001 Bitcoin)
NFT giants like Yuga Labs have even jumped into the hype. On February 28, the $4 billion company behind Bored Ape Yacht Club announced a Bitcoin-based NFT project named “TwelveFold”.
On October 3, Galaxy researchers analyzed the growth potential of Bitcoin NFT and came up with estimates “based on the current size of the Ethereum NFT market” and growth rates over the past few years.
“Although there is a difference between the loan amount (subscriptions) and NFT, but it is fair to say that the on-chain ecosystem for NFT has appeared on Bitcoin in a way that has never been done before and usage has exploded.”
Three different market cap predictions based on the company’s analysis, including a bear case, a base case, and a bullish case.
Looking at Galaxy fundamental analysis, if Bitcoin NFT can “extend into mainstream NFT culture like PFPs, memes, and utility projects,” the market cap will grow to $4.5 billion .
Case in point, Galaxy estimates Bitcoin NFT could still hit a market cap of $1.5 billion based on current interest and supporting infrastructure.
On the upside, Galaxy estimates that the Bitcoin NFT market could reach around $10 billion if it provides strong competition to Ethereum NFT, while also providing unique use cases.
At the time of writing, over 250,000 orders have hit the market and raise the importance and utility of Bitcoin NFT.
NFT Collection minted on BTC’s native Ordinals protocol sold for 9.5 BTC