Galaxy Digital: “Bitcoin NFT Market Will Grow”

The research unit of the crypto investment company Galaxy Digital has discussed the Bitcoin NFTs, which have recently come to the fore and attracted great interest. According to Galaxy Digital, Bitcoin NFTs will become a major market. In the report, it is estimated that a market size of 4.5 billion dollars will be reached by 2025. It was also emphasized that this latest breakthrough reveals more diverse use cases for Bitcoin. According to the researchers, even NFTs alone have the potential to significantly expand the scope of Bitcoin’s cultural influence.

Another positive aspect regarding Bitcoin NFTs has to do with miner revenues. The high demand for Bitcoin NFTs has also led to an increase in miner revenues recently. In the one month period since the beginning of February, the fees paid for these NFTs and going to the miners have reached 1 million 500 thousand dollars.

In this regard, the report predicted that transaction fee revenues from NFTs will increase and this will contribute to the fact that the main income of miners is transaction fees, not block rewards. As it is known, block rewards in Bitcoin will end when it reaches the 21 million supply limit. It was a matter of discussion how effective the transaction fees would be in closing the gap for miners who will no longer be able to receive block rewards. Researchers argue that this emerging use case offers new opportunities for growth, but also raises important questions about the future of Bitcoin. At this point, it is emphasized that some Bitcoin users have concerns about decentralization.