A new report predicts that the total value of the NFT market will reach $200 billion in 2030. the number of applications will drive the growth of the market.
NFT market to hit $200 billion thanks to rising demand
Non-fungible tokens (NFTs) are becoming more and more popular due to their wide range of applications in various industries. Recent report released by Grand View Research, a market intelligence company, predicts that the NFT market will reach a value of $200 billion in 2030, thanks in part to the growing demand for them due to their applications.
The report, which estimates the current market value of NFTs at just over $15 billion, examines the movement and evolution of the NFT market between 2018 and 2020. The paper predicts that the market will have a compound annual growth rate of 33.9% from 2022. until 2030, and this growth will be concentrated in terms of digital assets of the NFT market.
Most of this activity is expected to take place on Ethereum, which is predicted to move to a greener consensus mechanism later this year. However, NFT activity on other networks is also expected to grow.
The collectibles sector is expected to continue to dominate the NFT market in the future, with a share of more than half of global NFT revenue in 2021. This class includes sports and gaming collectibles that have grown significantly since the Covid-19 pandemic period. .
Today, the majority of NFTs on the market are for personal use, while commercial NFTs only account for 31% of all NFTs. But it is predicted that companies will use more and more NFTs for various purposes during the period under review. The document says:
The growing use of NFTs for business purposes such as innovative supply chain management and logistics is expected to drive the growth of the segment. Logistics companies are increasingly integrating blockchain technology into their activities, creating new opportunities for the growth of the segment.
North America currently accounts for 31% of this growth. But in the future Asian-Pacific area According to the study, the region will grow the most as demand will come from new applications such as gaming and metaverse platforms that open up new opportunities in this area. A report recently estimated that the metaverse real estate market will grow by $5 billion by 2026.
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