According to a new report, the market for NFT will be worth $200 billion by 2030. The report, issued by Grand View Research, a multinational market insights company, found that the rising demand for this kind of instrument — due to its growing number of applications — will fuel growth of the market.
NFT Market To Reach $200 Billion as a result of Growing Demand
NFTs, or non-fungible tokens, are becoming increasingly popular because of the wide range of uses they have in various industries. Grand View Research (a market research firm) recently predicted that the NFT industry would be worth $200 billion by 2030. Part of this is due to growing interest in NFTs and their numerous 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. It predicts that the NFT industry will experience a 33.9% annual compound growth rate between 2022 and 2030. The majority of this growth is concentrated in digital assets.
The majority of the activity will occur on Ethereum. Ethereum is set to transition to an eco-friendly consensus mechanism in late 2018. NFT activity on other chains will also grow.
Additional Insights
It is predicted that the NFT market will continue to be dominated by the collectibles industry, which should account for more than half the global NFT revenue in 2021. This category includes collectibles for sports and gaming, which saw significant growth following the Covid-19 epidemic.
Most NFTs on the market today are intended for personal use, with only 31% being commercial. Companies are expected to use NFTs for a variety of purposes during the focus period. This document says:
Segment growth is likely to be driven by the increasing use of NFTs in business, including for innovative supply chain management and logistics. Logistic firms are increasingly using blockchain technology to expand their business, opening up new avenues for this segment.
31% is currently attributed to North America. According to the study however, APAC will continue to be the region that grows the fastest. This is due to new application like gaming and metaverse platforms, which create new opportunities. Recent research has shown that the market for metaverse real property will grow to $5 billion in 2026.
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