If you ask CEO Mike Novogratz’s Galaxy Digital, the value of the Bitcoin NFTs market for March 2025 will rise to a total market cap of $4.5 billion. “Although there are differences between inscriptions and NFTs, it is fair to say that an ecosystem for NFTs has sprung up on Bitcoin in a way that was not possible before and its use is exploding,” said Galaxy Digital.
Three different predictions
In the end, Galaxy Digital does total three predictions about the future market cap for NFTs on Bitcoin. We have to make do with a bear case, a base case and a bull case. In the bearish scenario, Galaxy Digital sees the market reach a $1.5 billion market cap.
They base that on the current level of interest and infrastructure. In a normal scenario, Galaxy Digital sees the market cap of NFTs on Bitcoin reach $4.5 billion.
If everything really goes according to plan, it can really compete with NFTs on Ethereum and reach a market cap of $ 10 billion, according to Galaxy Digital.
At the time of the report, 250,000 Ordinals have already been released and the market for this new breed of tokens on Bitcoin is exploding.
‘The dark times are over’
If you ask influencer Eric Wall, the introduction of NFTs on Bitcoin is a boon for the project. “The dark times are over. Fun is back on the menu, guys,” he wrote on Twitter with a picture of the history of Bitcoin.
In this picture we see that from 2018 to 2022 Bitcoin was just a boring bunch according to Wall. Now we suddenly have Ordinals again and the influencer is having a great time.
Not everyone agrees with that, because there is a fairly large group that believes that Bitcoin should be pure and only money. They consider NFTs on the Bitcoin blockchain to be pollution rather than an addition.