• Bitcoin NFTs may reach a market cap of $4.5 billion by March 2025.
• Ethereum and Solana have been leading the field of NFTs, with recent talks about Bitcoin NFTs gaining attention.
• The inscriptions minted on NFT crossed over 200K in just 3 months and Bitcoin vs Ethereum NFTs was compared by Galaxy Research.
Bitcoin vs Ethereum NFTs
Bitcoin and Non-Fungible Tokens (NFT) have had a long history together since 2012 when Namecoin, the first NFT, was minted on Bitcoin’s blockchain. Galaxy Research estimates that if the market is in a bull phase, then the market capitalization for Bitcoin NFTs could be around $10 billion. In a worst-case scenario, the market cap would be around $1.5 billion and in a neutral situation it could reach up to $4.5 billion by March 2025.
Leaders in the Field of NFT
Ethereum and Solana are some of the well-known leaders in the field of Non-Fungible Tokens (NFT). After the launch of Ordinal at the start of this year, many customers started migrating from existing marketplaces to new ones such as Opensea. This led to an increase in inscriptions minted on these platforms which ended up reaching over 200K within 3 months time frame. One major update came from Yuga Labs‘ announcement called „TwelveFold“ while another one was provided by Galaxy’s research unit concerning Ordinals and inscriptions including comparison between Bitcoin and Ethereum based tokens.
Impact on Network Stability
The introduction of more activities related to Bitcoin has divided its community into two – one group believes that it will maintain network stability while there is also concern regarding high transaction numbers affecting gas fees which can make it difficult for small-scale transactors to participate in transactions using this digital currency platform.
Recent Updates
Recent updates regarding Non-Fungible Tokens (NFT) include news from Yuga Labs announcing their „Twelvefold“ project as well as details from Galaxy’s research unit about Ordinals and associated inscriptions comparing them between Bitcoin and Ethereum based tokens along with other developments like those related to Opensea marketplace migrations etc.,
Conclusion
Overall, there has been an increasing trend in activities related to Non-Fungible Tokens (NFT) especially since early 2021 with various updates being released regularly including those related to projects like Twelvefold as well as comparison between different platforms like Etheruem Vs Bitcoin based tokens etc., There is still some divide among experts regarding whether or not this increased activity will impact network stability due to higher transaction numbers or not but regardless, it appears that the market capitalization for these tokens could reach up to $4.5 billion by March 2025 according to Galaxy Research estimates