The Bitcoin non-fungible token (NFT) market, also known as Ordinals, has gained significant attention in recent months.
Galaxy Digital’s research unit predicts that the Bitcoin NFT market could reach a $4.5 billion market cap by March 2025. This prediction is based on the current growth rate and infrastructure of Ethereum’s NFT market and the emergence of a native on-chain ecosystem for NFTs on Bitcoin.
Galaxy Digital researchers analyzed the potential growth of the Bitcoin NFT market in a report published on March 3. The report provided three market cap predictions based on the firm’s analysis, covering bear, base, and bull case scenarios. The researchers also noted that the projection of $4.5 billion is based on the rapid development in inscription awareness coupled with the marketplace/wallet infrastructure already out today.
The report emphasized the significance and utility of Bitcoin NFTs, noting that the addition of sizable data storage with strong availability assurances opens up a variety of use cases, including new types of decentralized software or Bitcoin scaling techniques.
More than 250,000 Ordinals have hit the market as of the report’s publication, indicating the growing interest and adoption of Bitcoin NFTs.