Galaxy tips Bitcoin NFT market to hit $4.5B by 2025
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 significant attention since the Ordinals protocol launched in late January, enabling users to inscribe data such as images, PDFs.
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” in a notable recognition of the Ordinals movement. In a new report published on March 3, Galaxy researchers analyzed the potential growth of Bitcoin NFTs, making 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 market cap predictions based on the firm’s analysis, covering bear, base and bull case scenarios.
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