NFT Market to Reach $200 Billion, Fueled by Growing Demand
Non-fungible tokens (NFTs) are becoming more popular due to their wide array of applications in different industries. A recent report issued by Grand View Research, a market insights company, predicts that the NFT market will reach a value of $200 billion in 2030, fueled in part by the growing demand behind them due to their applications.
The report, which calculates today’s NFT market value at a little more than $15 billion, examined the movement and the evolution of the NFT market between 2018 and 2020. The document predicts the market will grow at a compound annual growth rate of 33.9% from 2022 to 2030, with this growth being concentrated in the digital asset part of the NFT market.
Most of this activity is expected to happen on Ethereum, which is projected to make its shift to a more eco-friendly consensus mechanism later this year. However, NFT activity in other chains is also expected to grow.
The collectibles sector is expected to keep dominating the NFT market in the future, with a market share of more than half of NFT global revenue in 2021. Sports and gaming collectibles are in this class, having experienced significant growth after the Covid-19 pandemic period.
Today, most NFTs in the market is destined for personal uses, while commercial NFTs only account for 31% of all NFTs. But companies are projected to use more and more NFTs for various purposes across the period in focus. The document states:
The growing use of NFTs for business purposes, such as innovating supply chain management and logistics, is expected to drive the segment growth. Logistic companies are increasingly integrating blockchain technology in their operations, creating new opportunities for the growth of the segment.
North America is responsible for 31% of this growth currently. But in the future, the APAC region will be the one to grow the most, according to the study, with demand coming from new applications such as gaming and metaverse platforms creating new opportunities in the field. Recently, a report estimated that the metaverse real estate market size would grow by $5 billion by 2026.
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