- Grand View Research predicts the NFT Market to reach $200 Billion by 2030.
- According to the reports, the growth will be between 2022 to 2030 at a compound rate of 33.9% annually.
- Currently, most of the NFTs are used for personal use, and only 31% are used for business purposes.
NFTs (non-fungible tokens) are gaining popularity due to their numerous uses across various industries.
According to a recent analysis from market research company Grand View Research, the NFT market will reach a value of $200 billion by 2030, primarily fueled by the increasing demand for them due to their applications.
The study, which estimates the current market worth of NFTs at just over $15 billion, evaluated how the NFT industry changed and evolved between 2018 and 2020.
As per the reports, the industry is expected to expand between 2022 and 2030 at a compound annual growth rate of 33.9 %, with most of this growth occurring in the NFT market’s category for digital assets.
The majority of this activity is expected to happen on Ethereum, which is projected to switch to a more environmentally friendly consensus method later this year. However, it’s also anticipated that NFT activities will also be increasing and growing in other chains.
With a projected market share of more than half of NFT global revenue in 2021, the collectibles industry is predicted to continue to rule the NFT market in the future. This category includes items from sports and video games, which saw a tremendous rise after the Covid-19 pandemic.
Most NFTs on the market are designed for personal use, and only 31% of all NFTs are used for business purposes.
However, over the course of the study period, businesses are expected to adopt NFTs for an increasing number of applications.
As we see, North America is alone responsible for this current growth of 31%. However, the report predicts that the APAC area will have the most growth in the future, as new applications like gaming and metaverse platforms drive demand and open up new career options.
A recent study predicted that the size of the metaverse real estate market would increase by $5 billion by 2026.