• Bitcoin NFTs may reach an estimated market cap of $4.5 billion by the year 2025.
• Ethereum and Solana have been leading the field of NFTs with the launch of Ordinal at the start of this year.
• A comparison between Bitcoin and Ethereum NFTs has been made in order to understand their differences better.
Bitcoin NFTs to Gain an Average $4.5 Billion Market Cap
Current Market State
The recent talks about Bitcoin NFTs have gained massive attention post-launch of Ordinal at the start of this year, resulting in customers migrating from existing marketplaces to new ones such as Opensea. Moreover, more than 200K inscriptions have already been minted on NFT blockchains like Ethereum and Solana within just 3 months. The recent announcement from Yuga Labs named “TwelveFold” is also a major hit for the NFT marketplaces.
Bitcoin vs Ethereum NFTs
The introduction of Non-Fungible Tokens (NFT) on Bitcoin goes way back to 2012 when Namecoin was minted first on Bitcoin blockchain followed by many other projects that started offering similar services ever since then. According to Galaxy Research, if the market remains in a bull phase, it is estimated that Bitcoin NFTs can reach up to a maximum market cap value worth 10 billion dollars while if it reaches its worst case scenario then it will be valued 1.5 billion dollars only by March 2025 – making 4.5 billion dollars as neutral estimation for its future market state till March 2025.
Arguments Regarding Network Stability & Transaction Fees
The crypto community is divided into two opinions regarding this matter; one group believes that an increase in activities would maintain network stability but others are concerned that too many transactions would cause gas fees to rise which could make it difficult for small scale transactors to handle them efficiently due to overheads costs involved in each transaction fee payment .
Conclusion
Overall, with increasing popularity and usage of bitcoin based tokens and inscriptions, we can expect its reachable potential value reaching up to 10 billion dollars by bull phase or even 1.5 billion dollars during bearish markets eventually leading towards 4.5 billion dollar worth market cap soon enough before mid-2025 according to Galaxy research findings .