Since January it has been possible to generate non-fungible tokens (NFTs) on the Bitcoin (BTC) network. The Ordinals platform has made this possible, and its popularity has grown rapidly. According to a study by Galaxy Research the NFT market on the Bitcoin network has a lot of potential. The study claims that a total value of $4.5 billion for 2025 is realistic.
NFT on Bitcoin
As mentioned, the Ordinals project has made it possible to create NFTs on Bitcoin for the first time. The project does this by ‘registering’ an image, video or audio fragment on an individual satoshi.
The NFT company Yuga Labs, which is behind the BAYC collection, among others, also responded to the hype. So everything points to the fact that NFTs on Bitcoin have gained a foothold.
Galaxy Research made a projection for the possible growth of Bitcoin NFTs for the coming years. It did so based on an analysis of the trajectory of NFTs on Ethereum (ETH) over the past few years.
“Although there are clear differences between NFTs on Bitcoin and Ethereum, we can say that an NFT ecosystem on Bitcoin has been born in an unprecedented way. Its use has exploded.”
Maybe even to 10 billion?
The research made three different projections. A ‘worst case’ bearish scenario, a ‘base case’ and a ‘bull case’, the best possible situation. According to Galaxy, the NFT market on Bitcoin will reach $1.5 billion in the bear case. In the best possible scenario, even 10 billion is possible, according to the research.
If Bitcoin NFTs manage to compete with Ethereum NFTs, as well as offer unique usage features, a value of 10 billion is a possibility. For now, we are witnessing the birth of Bitcoin NFTs, and it is an exciting time. Time will tell how the ecosystem will develop, but the potential is certainly there if it is up to Galaxy Research.
