Galaxy Digital Reports: Bitcoin NFTs Could Reach $4.5 Billion In 2025 In Light Of The Ordinals Uptrend

According to research issued Friday by Galaxy Research, the emerging ecosystem of Bitcoin NFTs, which was essentially nonexistent only months ago, might grow to a $4.5 billion business by 2025.

Experts believe that the recent Bitcoin Ordinal craze is a lasting trend. They predict that in the years to come, demand for storage of NFTs on the oldest and most well-established blockchain in the world will only increase. According to analysts from Galaxy, a whole infrastructure of goods and services created to serve this expanding market will be ready by this summer.

The Release of Ordinals was just the Beginning

A startup by the name of Ordinals released NFT-like functionality on Bitcoin in late January, enabling users to encode satoshis—the lowest units 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 may be time-consuming and expensive to add such assets to the Bitcoin chain.

Around 200,000 BTC Ordinal inscriptions have been made since the end of January, according to public blockchain statistics compiled by Dune Analytics; at the time of this writing, about 267,000 have been inscribed.

Yuga Labs was the First one on the Field

The first-ever Btc-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 highest echelons of the existing, mostly Ethereum-based NFT ecosystem.

The cost of inscribing on the network, however, will certainly set the Bitcoin NFT market apart from rivals. Galaxy estimates that it would cost about $229,000 to encrypt 10,000 Bored Ape Yacht Club NFTs onto the Bitcoin network, for instance.

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