- Galaxy Research’s report highlighted the top Ordinals sales, which were fascinating.
- It was projected that Bitcoin NFTs built on inscriptions and ordinals would be about $4.5 billion by 2025.
Bitcoin [BTC] Ordinals have been a topic of discussion since its launch. Interestingly, Ordinals recently crossed the 300,000 mark. At press time, there were a total of 302,076 inscriptions.
Read Bitcoin’s [BTC] Price Prediction 2023-24
Ordinals are getting mainstream popularity
In this regard, Galaxy Research published a detailed report about the current scenario of ordinals and the direction the market can head 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 as it was sold for 11.5 BTC, which was worth over $273,000. Ord Rock grabbed the second spot, which was sold at $213,845.
Critics had their share
On the other hand, Galaxy Research’s report highlighted a few key criticisms of Bitcoin Ordinals.
A major criticism was that inscriptions will make the blockchain bigger and harder to download.
Another criticism centered around the very fundamental functionality of Bitcoin. The blockchain was made solely for the P2P electronic cash system to make financial transactions and not to serve as a decentralized storage system.
Is your portfolio green? Check the 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 would be $4.5 billion by 2025.
This was a very ambitious figure considering the current NFT market. As per Statista, revenue in the NFT segment is projected to reach $3,546.00 million in 2023.
Additionally. it’s interesting to note that by 2027, 64.45 million users are anticipated to enter the NFT market.
However, inscriptions can reach a cumulative market worth of $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 for Ordinals looked promising, and its current state-backed it. For example, just after reaching the 200,000 mark, Ordinals took only a few days to raise the figure to 300,000.
Out of the total Ordinals, image inscriptions led the market, followed by text.
Therefore, considering Bitcoin’s market dominance, and Ordinals increasing popularity, it is likely that several collections will move to Ordinals over the coming months, which will increase its market size.