- This is possible with further distribution and development of the ecosystem.
- In the worst case, the market capitalization will be $1.5 billion, in the best – $10 billion
- The latter is possible through the integration of new solutions and competition with Ethereum NFT
On Friday, March 3, Galaxy published report called “Bitcoin Inscriptions & Ordinals”. In it, the company claims that in two years, the Bitcoin-based NFT market will reach a capitalization of $4.5 billion.
We talked in detail about what these tokens are in a separate article. It should be noted that the new direction attracts more and more participants, including large “players”.
So, for example, Yuga Labs became interested in this segment. The studio has prepared a new collection based on Ordinals called TwelveFold. Tokens from it were sold as part of the auction.
In Galaxy, the market for “ordinals” is also considered promising. The company built its forecast taking into account the current state and growth rates of Ethereum NFT over the past years.
The base scenario assumes that the “ordinals” will reach the level of the main NFT culture. This involves mass distribution, including as avatars (PFP), as well as integration into the current infrastructure.
In this case, by March 2025, the capitalization of this market will reach $4.5 billion. In the bearish scenario, the value will be much more modest – $1.5 billion, in the bullish scenario – $10 billion.
However, the latter is only possible when competing with the Ethereum NFT, and this is still far away. In addition, such a scenario assumes the further development of the ecosystem, including through new solutions, for example, tokens linked to real goods.