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Bitcoin NFT Market to Hit $4.5 Billion by 2025: Galaxy The em | Bitcoin News

Bitcoin NFT Market to Hit $4.5 Billion by 2025: Galaxy

The
emergent Bitcoin NFT ecosystem—practically non-existent just months ago—could balloon to $4.5 billion in market size by 2025, according to a report released Friday by Galaxy Research. Analysts anticipate that the Bitcoin Ordinal frenzy of the last two months is no blip. They project demand for the ability to store NFTs.

Galaxy researchers say that even by summer of this year an entire infrastructure of products and services designed to cater to this growing market will be fully developed. In late January, a project called Ordinals launched NFT-like capability on Bitcoin, allowing users to inscribe satoshis—the smallest unit of Bitcoin, representing 0.00000001 BTC—with unique data such as images and video. While that inscription process can be time intensive, and the process of putting those assets on the Bitcoin chain is costly, the project became an immediate success. The number of Bitcoin Ordinal inscriptions made since the end of January.

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