Bitcoin NFTs Built on Ordinals Could Be Around $4.5 Billion by 2025: Report

• Galaxy Research’s report highlighted the top selling Ordinals, which was fascinating.
• It was estimated that Bitcoin NFTs built on inscriptions and ordinals would be around $4.5 billion by 2025.

Bitcoin [BTC] Ordinals have been a topic of discussion since launch. Interestingly, Ordinals recently crossed 300,000 mark. At press time there were a total of 302,076 inscriptions.

Read Bitcoins [BTC] Price prediction 2023-24

Ordinals gain mainstream popularity

In this regard, Galaxy Research published a detailed report about the current scenario of ordinals and the direction the market may go towards in the coming years.

The report mentioned the top five Bitcoin NFT sales to date. An NFT from the Ord Punks collection topped the list when it sold for 11.5 BTC, which was worth over $273,000. Ord Rock took second place, selling for $213,845.

Source: Galaxy Research

The critics had their share

On the other hand, Galaxy Research’s report highlighted some important points of criticism Bitcoin Ordinals.

A major criticism was that inscriptions will make the blockchain larger and more difficult to download.

Another criticism centered around the basic functionality of Bitcoin. The blockchain was created solely for P2P electronic cash system to make financial transactions and not to serve as a decentralized storage system.

Is your portfolio green? Investigate Bitcoin Profit Calculator

A time jump to 2025

The report mentioned that Galaxy Research’s base case for the market size of Bitcoin NFTs built on inscriptions and ordinals will be $4.5 billion by 2025.

This was a very ambitious number considering the current NFT market. As per Statisticsthe revenue of the NFT segment is projected to reach $3,546.00 million in 2023.

In addition. It is interesting to note that by 2027, 64.45 million users are expected to enter the NFT market.

Source Statista

However, inscriptions could reach a cumulative market worth $1.5 billion if the market turns bearish, which was only 13% of the entire Ethereum NFT market at the time of writing.

Ordinals state in Q1 2023

Galaxy Research’s projection of the future of Ordinals looked promising, and the current government backed it up. For example, just after hitting the 200,000 mark, Ordinals it only took a few days to raise the number to 300,000.

Of the total Ordinals, image inscriptions led the market, followed by text.

Therefore, considering Bitcoin’s market dominance, and Ordinal’s growing popularity, it is likely that more collections will move to Ordinals in the coming months, increasing the market size.

Source: Dune