Market for Non-Fungible Tokens expected to reach $ 231.98 billion by 2030
The nonfungible token (NFT) market is expected to grow to a value of $231 billion by 2030, according to market research released by Verified Market Research (VMR).
In a 202-page in-depth analysis of the booming sector, the international research and consultancy organization estimated the worldwide NFT market to be worth $11.3 billion in 2021. Over the next eight years, according to VMR’s forecast, the industry will expand at a compound annual growth rate of 33.7 percent. The widespread use of NFTs in a variety of fields and spheres of life, such as music, movies, and sports, is a significant factor driving demand for them. The paper outlines some important use cases and areas of interest that have boosted NFT sales.
The fact that NFTs have broadened their scope beyond music, movies, and sports to include other streams like Metaverse and, in especially, gaming, is one of the primary causes for the exponential surge in NFT demand. One of the first significant gaming companies, Enjin, for instance, combined blockchain technology with its infrastructure and released ENJ in 2017, a gaming coin that is officially approved for use in Japan. Gamers can make money from their in-game assets by turning them into NFTs.
After giving gamers a backup source of income during the pandemic, Axie Infinity experienced a spike in user growth in the Philippines. As a result, the gaming sector, especially the play-to-earn blockchain gaming model, has emerged as a big development possibility for NFT.
In addition to rising NFT brand floor pricing, CryptoPunk was sold for $2.6 million. Sports industry continues to experiment with NFT services as well.
In May 2022, SkyQuest Technology, a business growth company, conducted NFT study that was comparable to what VMR discovered. According to the business, the industry will expand by 34% between 2022 and 2028.
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