According to a report issued Friday by Galaxy Research, the emerging Bitcoin NFT ecosystem could grow to $4.5 billion in market size by 2025.
According to Galaxy Research the Bitcoin NFT Industry Will Expand at a Rapid Pace Through 2025
Experts believe that the recent Bitcoin Ordinal frenzy is a lasting trend. They predict that in the years to come, demand for NFT storage on the oldest and most well-established blockchain in the world will only increase. According to analysts from Galaxy, a whole infrastructure of products and services created to serve this expanding market will be ready by this summer.
About Ordinals Project
A project by the name of Ordinals released NFT-like functionality on Bitcoin in late January, enabling users to encode satoshis—the lowest unit of Bitcoin, denoting 0.00000001 BTC—with distinctive data such as photographs and videos. The initiative was an immediate success, despite the fact that the inscription procedure can be time-consuming and expensive to add those assets to the Bitcoin chain.
Around 200,000 Bitcoin Ordinal inscriptions have been made since the end of January, according to public blockchain statistics compiled by Dune Analytics; as of this writing, over 267,000 have been made.
The First-Ever Bitcoin-Based NFT Project
The first-ever Bitcoin-based NFT project was revealed on Monday by Yuga Labs, the $4 billion firm behind the prominent Ethereum NFT collection Bored Ape Yacht Club. This marks the expansion of Ordinals’ appeal to the top echelons of the established, primarily Ethereum-based NFT ecosystem.
The cost of inscribing on the network, however, will certainly set the Bitcoin NFT market apart from its rivals. Galaxy estimates that it would cost about $229,000 to inscribe 10,000 Bored Ape Yacht Club NFTs onto the Bitcoin network, for instance.
For example, Yuga’s first Bitcoin collection, TwelveFold, is a limited edition of just 300 works of art, so creators will probably want to avoid such eyebrow-raising pricing. Galaxy believes that as a result, Bitcoin will become the home of far rarer, “high quality” art projects and precious one-of-a-kinds, while Ethereum will continue to house enormous, multi-thousand-piece PFP collections at much-reduced costs to producers.