Bitcoin NFT Market Could Reach $4.5 Billion by 2025
• Galaxy Digital Research Team published a report predicting that the market size of Bitcoin-based non-fungible tokens (NFTs) could reach $4.5 billion by 2025
• The report explores potential use cases for Bitcoin-based Ordinal inscriptions and NFTs, such as new types of decentralized software or Bitcoin scaling techniques
• Infrastructure for the technology is developing quickly with wallets being one of the key building blocks
Galaxy Digital Report Predicts Big Growth for Bitcoin NFT Market
Galaxy Digital’s research team has released a report predicting that the market size of non-fungible tokens (NFTs) built on Bitcoin could reach $4.5 billion by 2025. As of writing, there are more than 288,000 Ordinal inscriptions hosted on the Bitcoin blockchain, signaling growth in adoption.
Potential Use Cases Explored
The Galaxy researchers explore various potential use cases stemming from this trend, such as new types of decentralized software or Bitcoin scaling techniques. Moreover, the study delves into the various collections minted in recent times, such as Taproot Wizards, Bitcoin Punks and Ord Rocks. Openordex is also mentioned as it leverages partially-signed bitcoin transactions (PSBTs) to enable trustless listing and purchasing of inscriptions.
Controversy Surrounding Ordinal Inscriptions
The paper also touches upon controversy tied to these Ordinal inscriptions but ultimately concludes that technical arguments are avoided and a social movement to stop them probably won’t happen.
Key Building Blocks For Technology Emerge
Infrastructure for this technology is emerging quickly with wallets being one of the key building blocks according to Galaxy’s paper on the inscription subject.
Overall,the researchers think that new use cases stemming from this trend will drive growing interest and adoption for bitcoin which could lead to its market size reaching $4.5 billion by 2025.