- According to a report by Galaxy Digital, the emerging Bitcoin NFT ecosystem could reach $4.5 billion by 2025.
- Bitcoin NFTs, also known as ordinals, have attracted attention since the Ordinals protocol was launched at the end of last January.
- Unlike Ethereum, due to the absence of Smart Contract technology within Bitcoin, NFT royalties are unlikely.
It seems that little by little the crypto asset industry is recovering after a stormy 2022, which devastated the environment like a whirlwind, leading to the bankruptcy of some companies, the dismissal of workers from others and a sharper look from regulators. .
An example of this resurgence is the Bitcoin NFT market, thanks to the fact thathe number of registrations based on Bitcoin Ordinal, a new protocol that allows the creation of NFTs on the Bitcoin blockchain, is increasingly approaching the 300,000 mark.
Bitcoin NFT market could grow rapidly
The research unit Galaxy Digital released a report that the emerging Bitcoin NFT ecosystem, ppractically non-existent a few months ago, it could reach 4.5 billion dollars by 2025.
The report noted that if Bitcoin’s non-fungible tokens have the ability to “expand into mainstream NFT culture as PFPs [imágenes de perfil]memes and public service projects”, the market capitalization should therefore reach the aforementioned figure.
The Bitcoin NFTsalso known as ordinals, have attracted attention since the Ordinals protocol was launched at the end of last January. It should be said that this market provides the possibility for users to register data such as PDF files, images, audio and videos in individual satoshis, each representing 0.00000001 Bitcoin.
rapidly growing industry
For its report, Galaxy indicated that it analyzed the possible growth of non-fungible Bitcoin tokens, carrying out a series of estimates “bconservatively based on the current size of the market for Ethereum NFTsalong with its growth rate in recent years.
“While there are notable differences between signups and NFTs, it’s fair to say that a native on-chain ecosystem for Bitcoin NFTs has emerged in a way that has never been possible before, and usage has skyrocketed.“, they pointed out.
It should be noted that while Galaxy researchers have indicated that the ecosystem is still very young, “the infrastructure is emerging rapidly, plus there is rapid development in enrollment awareness alongside the marketplace/wallet infrastructure that is already in place today”.
So gigantic are his steps and his development that even, The researchers pointed out that by the summer of 2023, there will already be a complete development of an infrastructure of products and services focused on serving this type of market.
“ANDn just two months, wallets have already started offering the necessary support to improve the user experience and markets are already emerging”, the report says.
Such is the favorable panorama of the ordinals, that even some “big shots” in the industry are joining the trend, such as Yuga Labs, a consortium behind the famous Bored Ape Yacht Club that on February 28, unveiled a non-fungible token project in Bitcoin called “TwelveFold”.
“Yuga’s involvement [en NFT de Bitcoin] It will push other artists to sign up, which in turn will attract major NFT marketplaces like OpenSea.”the report noted.
Royalties
Finally, Galaxy pointed out in its report that, Unlike Ethereum, due to the absence of Smart Contract technology within Bitcoin, NFT royalties are unlikely.
This means in a nutshell, that since Bitcoin does not yet support smart contracts in any significant way, there is currently no way for emerging markets for non-fungible Bitcoin tokens to meet creator royalties or to list. I block rivals who don’t comply with them.
“The broader trend in the NFT ecosystem is a race to zero royalties, or no royalties at all, and nothing about signups is likely to alter that course.Galaxy said.
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