This report claims that the Bitcoin NFT market will grow significantly by 2025, but how?
Galaxy Digital’s the research unit believes that the Bitcoin NFT marketplace will grow to a market value of $4.5 billion. Based on their estimates, these growth figures will arrive by March 2025.
NFTs have become increasingly popular across multiple blockchains due to their growing relevance. These digital assets are making waves in several spheres such as gaming, sports and as reward tokens.
Bitcoin Ordinals Leading the Charge
Bitcoin NFT protocols on the mainnet are referred to as Ordinals. Casey Rodarmor, a software engineer, created these Ordinals and officially launched the program on January 21, 2023.
This protocol allows Bitcoin’s version of NFTs to operate on the network. These digital works consist of PDFs, JPEG images, and video or audio formats. These written Satoshis represented by numbers can be secured and can be transferred to other Bitcoin addresses.
However, Ordinals’ introduction to the network met with mixed reactions as those in support argued that Ordinals offered more financial use cases than Bitcoin. Others believe that the concept negates the original plan for Bitcoin by its legendary creator Satoshi Nakamoto as a peer-to-peer cash system.
Dan Helda Bitcoin bull, supported the development of these ordinals, stating that it would increase the demand for block space, and increase network fees. Bitcoin saves, a Twitter user, argued that marginalized people in developing countries have to pay more to service their Bitcoin nodes because privileged whites want to add JPEG drawings to the BTC blockchain as status symbols.
Another observer, Neil Jacobs, stated that Layer 2 technology was created to earn higher fees since small transactions would not be realistic on the base layer. He also stated that while the cost of running a node will increase, the true impact of mainstream technology cannot be fully understood at the moment, but over time.
Lyn Aldenhis reply to Bitcoin is Saving’s post stated that some people want to trade digital pieces of paper based on weekly price charts. Others will bet on what the world will look like in five years. She stated that half of the Financial Twitter on her timeline is made up of these two groups constantly discussing each other.
Despite the mixed reactions, the project took off and has registered success, leading to Galaxy Digital’s optimistic projections. Bitcoin Ordinals are likely to change the NFT market since Bitcoin is the most popular and trusted crypto project worldwide. Most of the supporters of this innovation hope that Bitcoin’s status will positively affect the NFTs in the coming years.
Yuga Labs Join The Ordinal Trend
Bored Ape Yacht Club (BAYC) creators Yuga Labs announced a new NFT token TwelveFold on the BTC network. It was announced on Twitter on February 28, with Yuga Labs releasing 300 tokenized computer-generated artworks as part of the Twelvefold collection for auction.
Yuga Labs also announced, on their blog, an original and experimental generative art collection of 300 pieces inscribed on Satoshis. A Satoshi is the smallest individual unit of a bitcoin. An inscribed Satoshi is tracked using the mintage through the Ordinal Theory Protocol.
Twelvefold is a base 12 art system placed around a 12×13 grid supported by the Bitcoin blockchain. This collection has highly rendered 3D elements with hand-drawn features that support the ordinary inscriptions that are currently done by hand.
Featured image from Pixabay and chart from Tradingview.com and Galaxy Digital.
