According to Galaxy Digital’s research section, the Bitcoin nonfungible token (NFT) market will reach $4.5 billion by March 2025. This is based on the current size of Ethereum’s NFT market and its recent growth rate. NFTs, or Ordinals, have gotten a lot of attention since the Ordinals protocol debuted in late January, allowing users to inscribe data like photos, documents, videos, and music onto individual satoshis. Yuga Labs, the $4 billion corporation behind the Bored Ape Yacht Club, has unveiled a Bitcoin-based NFT project called “TwelveFold” in a significant acknowledgement of the Ordinals movement. Based on the firm’s investigation, the report gave three market cap estimates, covering bear, base, and bull case scenarios. In a bear scenario, Bitcoin NFTs can still achieve a market size of $1.5 billion, whereas in a bull scenario, the market cap can reach about $10 billion.
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