Why Experts Predict Bitcoin NFTs Will Reach $4.5B by 2025

Share This Post

The Bitcoin non-fungible token (NFT) ecosystem — which wasn’t even a “thing” just months ago — is looking to expand to a market size of $4.5B by 2025, according to Galaxy Research.

Quick Takes:

  • A Galaxy Research report suggests a dramatic surge in demand for storing digital assets on Bitcoin over having advantages Ethereum does not include.
  • The research company expects the Bitcoin NFT market to hit a market cap of $4.5B by next year.
  • Marketplaces and crypto wallets are already capitalizing on this new trend — offering support to enhance user experience on the blockchain network.
  • As a result, Galaxy’s analysts believe that these Web3 platforms will fully expand to accommodate many more users by this summer.
Example of Bitcoin NFTs, OrdinalPunks

Reasons Behind the Predicted Surge of Bitcoin NFTs

Since December 2022, more than 200k digital inscriptions have been stored on Bitcoin’s distributed ledger — comprising audio, image, text, and app files. Each inscription ties to an Ordinal as part of the process of adding assets to the Bitcoin network quickly and efficiently.

Some of the most prominent players in the Web3 industry — Yuga Labs and DeGods — hold digital assets on Bitcoin. Therefore, it’s no wonder analysts predict the blockchain network’s NFT market to reach to the stars.

Nevertheless, concerns have been rising. One notable issue against Bitcoin inscriptions includes using satoshis to reduce fungibility of Bitcoin. Some believe its “harming its use as money”. However, Galaxy’s analysts found that such fears are “overblown even under the most aggressive inscription growth projections.” According to them, it would take 50k BTC to notice a reduction in fungibility. This accounts for just 0.24% of the total BTC terminal supply.

Following on, here are some valuable differences between Bitcoin and Ethereum NFTs:

Examples of the differences between Bitcoin NFTs and Ethereum NFTs by Galaxy Research

Understanding the advantages of Bitcoin NFTs — like presenting content on-chain using little storage — new wallets and marketplaces are emerging to support the user experience.

Consequently, Galaxy believes the Web3 world will see many more Bitcoin NFTs launch this summer.

Subscribe to the NFT Lately newsletter to receive news covering the latest NFT-related drops, releases, reviews, and more.

spot_img

Related Posts

Void 2122 to Unlock a New Era of Combat Card Gaming with NFTs

The pioneering force in the Web3 landscape, Void 2122,...

Magic Eden Adopts Solana’s Compressed NFTs

Magin Eden, the distinguished NFT marketplace, recently announced its...

Friend.tech Returns With Surging NFT Trading Volumes

Friend.tech, the decentralized social media app, has shown an...

CoinMarketCap and HELLO Labs to Premiere TV Series, Killer Whales

An official trailer for the Web3 television series 'Killer...

Machi Proposes 11M $APE Sends NFTs to Museums Worldwide

An intriguing week-long vote surrounding OG NFTs kick-started today! Machi Big Brother,...

Related Posts

The History of Bitcoin NFTs – A Step-by-Step Timeline

With recent hype surrounding Casey Rodarmor's release of open-source...

Top 10 NFT Marketplaces to Look Out For and Why

How numerous NFT marketplaces make hunting for digital collectibles...

The Ultimate Guide to NFT for Dummies [2022 Guide]

NFTs are collectible items that can represent digital content,...

CoinGecko vs CoinMarketCap: Which Is The Better Crypto Tracker?

CoinMarketCap and CoinGecko are two of the most popular...

Milady Maker NFT Review – A Virtual World of Minecraft

Milady Maker opens up the virtual world of Minecraft Milady...