• Bitcoin NFTs may reach $4.5 billion by March 2025, according to Galaxy Research.
• Ethereum and Solana were well-known leads in the field of NFT before the introduction of Ordinal.
• Bitcoin vs Ethereum NFTs (Source: Galaxy Research) can be compared, with the market estimation for Bitcoin NFTs at $10 billion when the market is in a bull phase.
Recent Advances in NFT Technology
The recent talks about Bitcoin NFTs have gained massive attention. Post the launch of Ordinal at the start of the new year, there has been a jump from leading NFT blockchains to Ordinals. Specifically, Ethereum and Solana were well-known leads in the field of NFT before their introduction. The inscriptions minted on NFT crossed over 200K in just 3 months and this has led to many updates like Yuga Labs’ announcement of “TwelveFold”. And a recent update from Galaxy’s research unit has provided details about the Ordinals and inscriptions.
Bitcoin vs Ethereum
A section also has a comparison between Bitcoin and Ethereum NFTs (Source: Galaxy Research). The introduction of NFT on Bitcoin goes long back to 2012 and in 2014, Namecoin was minted on Bitcoin as its first ever Non Fungible Token (NFT). According to Galaxy research, if market conditions remain bullish then the estimated market cap for bitcoin NTFS will be around $10 billion; however if worst case scenario occurs then it will be around $1.5 billion by March 2025 with neutral estimate being $4.5 billion by same time frame.
Divided Community Opinion
The bitcoin community is divided into two groups when it comes to this topic – one who believes that an increase in activity will maintain network stability while other group worries that an increase in transaction numbers may lead to higher gas fees making it harder for small scale transactors to use these services effectively.
The advances made so far have been promising but it is still very early days yet when it comes down to gauging how successful they will be ultimately. As such more research needs to be done before jumping into conclusions or taking any drastic actions with respect to this technology as there are both pros and cons associated with its usage which need careful consideration beforehand.
Galaxy Research – https://galaxyriseupgroupresearchunit/bitcoinvsethereumnfts/