Bitcoin NFTs may reach $4.5 billion by March 2025.

Ethereum and Solana were well-known leads in the field of NFT.

The recent talks about Bitcoin NFTs have gained massive attention. Post the launch of Ordinal at the start of the new year, the NFT marketplace saw a jump from leading NFT blockchains to Ordinals. Specifically, Ethereum and Solana were well-known leads in the field of NFT.  

Another major hit was for the marketplaces like Opensea, the customers started migrating from existing ones to new marketplaces. The inscriptions minted on NFT crossed over 200K in just 3 months. This has led to many updates like Yuga Labs’ announcement of “TwelveFold”.

And a recent update from the Galaxy’s research unit has provided details about the Ordinals and inscriptions. A section also has a comparison between Bitcoin and Ethereum NFTs.

Bitcoin vs Ethereum NFTs (Source: Galaxy Research)

Bitcoin and NFTs

The introduction of NFT on Bitcoin goes long back to 2012 and in 2014, Namecoin, the first NFT was minted on Bitcoin. The market estimation for the Bitcoin NFTs as per Galaxy research is $10 billion when the market is in a bull phase. In a worst-case scenario, $1.5 billion will be the market cap. The neutral estimate is to be $4.5 billion by March 2025.

The bitcoin community is divided into two on this issue, one who thinks an increase in the activities will maintain the network stability. Parallelly, the concern is an increase in transaction numbers will impact the gas fees too. Making it harder for small-scale transactors.

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Filed under: Bitcoin - @ March 4, 2023 12:15 pm