The Ordinals protocol allows users to inscribe data such as images, PDF, video, and audio onto individual satoshis. Bitcoin NFT or Ordinals have attracted a lot of attention. NFT giants such as Yuga Labs have even jumped in on the hype. A notable form of acknowledgment of the Ordinal movement was the announcement by the company behind the Bored Ape Yacht Club of a Bitcoin-based NFT project with the name TwelveFold.
According to Galaxy's baseline analysis, the report predicted that Bitcoin NFT market capitalization would rise to $4.5 billion if they expand to mainstream NFT culture like Profile Pictures, memes, and utility projects. The estimate of $4.5 billion is also based on the rapid development in inscription awareness coupled with the marketplace/wallet infrastructure.