{"id":4488,"date":"2023-03-06T15:14:09","date_gmt":"2023-03-06T15:14:09","guid":{"rendered":"https:\/\/nft.runfyers.com\/index.php\/2023\/03\/06\/galaxy-digital-predicts-the-bitcoin-nft-market-might-hit-4-5-billion-nft-news-today\/"},"modified":"2023-03-06T15:14:09","modified_gmt":"2023-03-06T15:14:09","slug":"galaxy-digital-predicts-the-bitcoin-nft-market-might-hit-4-5-billion-nft-news-today","status":"publish","type":"post","link":"https:\/\/nft.runfyers.com\/index.php\/2023\/03\/06\/galaxy-digital-predicts-the-bitcoin-nft-market-might-hit-4-5-billion-nft-news-today\/","title":{"rendered":"Galaxy Digital Predicts the Bitcoin NFT Market Might Hit $4.5 Billion – NFT News Today"},"content":{"rendered":"

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A recent study by Galaxy Digital has tipped the Bitcoin NFT marketplace to hit $4.5 billion in market cap in the next two years. This is due to the growing interest among the NFT community to inscribe\/mint various types of data on Satoshis, the smallest unit of a Bitcoin.<\/p>\n

Data from Dune Analytics shows that there have been over 323,000 inscriptions<\/a> so far. An impressive feat for Ordinals<\/a>, a project that launched just over a month ago. The interest has been so strong for Bitcoin NFTs that Yuga Labs decided to launch its own collection on the network.<\/p>\n

Now a report dated March 3 by Galaxy researchers makes conservative estimates<\/a> based on various factors on how big this market could get. These estimates are based on the current size of Ethereum\u2019s NFT market <\/a>and its growth rate over the past few years.<\/p>\n

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Source Galaxy Research<\/figcaption><\/figure>\n<\/div>\n

In total, there are three predictions covering the bear, base, and bull case scenarios.<\/p>\n

\u201cWhile there are notable differences between inscriptions and NFTs, it\u2019s fair to say that a native on-chain ecosystem for NFTs has emerged on Bitcoin in a way that was never before possible, and its usage has been exploding.\u201d<\/em><\/p>\n

Galaxy Digital Bitcoin NFT Predictions<\/strong><\/h2>\n

On baseline analysis, Galaxy notes that if Bitcoin NFTs can infiltrate mainstream NFT cultures like PFPs (Profile Pictures), memes, and utility projects, the market cap can increase to $4.5 billion.<\/p>\n

However, the researchers are quick to note that the projection is based on the \u201crapid development in inscription awareness coupled with the marketplace\/wallet infrastructure already out today.\u201d<\/em><\/p>\n

In a bear scenario where these NFTs don\u2019t enter the mainstream NFT market and pry market share away from Ethereum, Galaxy predicts they could still reach a market cap of $1.5 billion. This is based on the growing interest being witnessed now.<\/p>\n

Finally, on the bullish side, the market could reach about $10 billion. However, this depends on whether these NFTs can provide strong competition to Ethereum NFTs and provide unique use cases.<\/p>\n<\/div>\n<\/div>\n

Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

A recent study by Galaxy Digital has tipped the Bitcoin NFT marketplace to hit $4.5 billion in market cap in the next two years. This is due to the growing interest among the NFT community to inscribe\/mint various types of data on Satoshis, the smallest unit of a Bitcoin. Data from Dune Analytics shows that […]<\/p>\n","protected":false},"author":1,"featured_media":4489,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[9],"tags":[21],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/nftnewstoday.com\/wp-content\/uploads\/2023\/03\/Credit-Freepik-3.png","jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts\/4488"}],"collection":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/comments?post=4488"}],"version-history":[{"count":0,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts\/4488\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/media\/4489"}],"wp:attachment":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/media?parent=4488"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/categories?post=4488"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/tags?post=4488"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}