Galaxy researchers estimate that the Bitcoin NFT market cap could hit $4.5B in two years if it can break into “mainstream NFT culture” such as PFPs, utility projects and memes.
- Increase the design space for smart contractsIn a bear case, in which Bitcoin NFTs don’t creep into the mainstream NFT market and pry market share away from Ethereum, Galaxy estimated that Bitcoin NFTs can still reach a market cap of $1.5 billion based on the current level of interest and supporting infrastructure.
“The addition of sizeable data storage with strong availability assurances opens up a variety of use cases, many of which are only beginning to be explored, including things like new types of decentralized software or bitcoin scaling techniques. Even the NFT use-case alone, though, has the potential to dramatically widen the scope of Bitcoin’s cultural impact.”
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