According to a recent report, the NFT market will be worth $200 billion overall by 2030. According to the report from Grand View Research, a global provider of market insights, the market will expand due to the rising demand for this type of instrument as a result of the increasing number of applications for it.
Non-fungible tokens, or NFTs, are gaining popularity due to their numerous applications in various sectors of the economy. According to a recent report from market research firm Grand View Research, the NFT market will be worth $200 billion by 2030, owing in part to rising demand for them as a result of their applications.
The report, which estimates the current market value of NFTs at just over $15 billion, looked at how the NFT market changed between 2018 and 2020. According to the report, the market will expand between 2022 and 2030 at a compound annual growth rate of 33.9 percent, with most of this growth occurring in the NFT market’s segment for digital assets.
The majority of this activity is anticipated on Ethereum, which is anticipated to switch to a more environmentally friendly consensus mechanism later this year. But it’s also anticipated that NFT activity will increase in other chains.
The collectibles industry is expected to continue to dominate the NFT market in the future, with a projected market share of more than half of global NFT revenue in 2021. This category includes sports and video game collectibles, which saw significant growth following the Covid-19 pandemic.
The majority of NFTs on the market right now are intended for personal use; only 31% of all NFTs are used for business purposes. However, over the course of the study period, businesses are anticipated to use NFTs for an increasing number of applications.
31% of this growth is presently being driven by North America. However, the study predicts that in the future, the APAC region will experience the greatest growth, as new applications like gaming and metaverse platforms drive demand and open up new career opportunities. A recent study predicted that the size of the metaverse real estate market would increase by $5 billion by 2026.