Galaxy Digital’s research team has published a report exploring the potential use cases of Bitcoin-based Ordinal inscriptions and non-fungible tokens (NFTs). With the number of Bitcoin-based Ordinal inscriptions nearing 300,000, the researchers predict that the market size of NFTs built on Bitcoin could reach $4.5 billion over the next two years.
The report suggests that new use cases stemming from the inscription trend will “drive growing interest and adoption” for Bitcoin. The trend has swelled greatly since the start of February 2023, with over 288,000 Ordinal inscriptions currently hosted on the Bitcoin blockchain.
Four days ago, the number of Ordinal inscriptions reached 200,000, and Yuga Labs, the creators of the Ethereum NFT collection Bored Ape Yacht Club (BAYC), revealed it had minted a collection of NFTs on the Bitcoin blockchain. This move marks a significant step towards the adoption of Bitcoin-based NFTs.
Galaxy Digital’s report highlights the potential for Bitcoin-based NFTs to be used in a variety of industries, including gaming, art, and sports. The report also suggests that Bitcoin-based NFTs could be used to create new revenue streams for content creators and artists.
As the trend continues to grow, it is clear that Bitcoin-based NFTs have the potential to revolutionize the way we think about ownership and value in the digital world. With the market size predicted to reach $4.5 billion over the next two years, it is clear that the future of Bitcoin-based NFTs is bright.
