In a “base case” scenario, Galaxy Digital's research unit has tipped the burgeoning Bitcoin nonfungible token (NFT) market to hit a $4.5 billion market cap by March 2025.Bitcoin NFTs, or Ordinals, have attracted a significant amount of attention since the Ordinals protocol launched in late January, enabling users to inscribe data such as images, PDFs video and audio onto individual satoshis, or sats that each represent 0.00000001 Bitcoin (BTC).
NFT giants such as Yuga Labs have even jumped in on the hype. On Feb. 28, the $4 billion firm behind the Bored Ape Yacht Club announced a Bitcoin-based NFT project dubbed “TwelveFold,” marking a notable form of recognition of the Ordinals movement.
In a new report published on March. 3, Galaxy researchers analyzed the potential growth of Bitcoin NFTs and made estimations “conservatively based on the current size of Ethereum’s NFT market” and its growth rate over the past few years.The report provided three different market cap predictions based on the firm’s analysis, covering a bear case, base case and bull case scenarios.
Looking at Galaxy’s baseline analysis, the report outlined 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.Read more on cointelegraph.com