NFT market worth $231B by 2030? Report projects big growth for sector

Published at: July 14, 2022

A market report published by Verified Market Research (VMR) provides a lofty prediction for the future of the nonfungible token (NFT) market, projecting its value to swell to $231 billion by 2030.

The global research and consulting firm valued the global NFT market at $11.3 billion in 2021 as part of 202-page deep dive into the burgeoning space. VMR predicted that the sector will grow at a compound annual growth rate of 33.7% over the next eight years. A key driver of demand for NFTs is their proliferation across multiple industries and walks of life, including music, films and sports. The report highlights some key areas of interest and use cases that have helped drive NFT sales.

The gaming sector has been a key driver of adoption, with the report highlighting Enjin as one of the first major gaming firms to combine blockchain technology with its infrastructure and launch its own token (ENJ). The ecosystem transformed in-game assets into NFTs to allow gamers to monetize in-game assets.

Play-to-earn gaming also tapped into NFT markets, with Axie Infinity (AXS) offering users in the Philippines an alternative revenue source during the COVID-19 pandemic, which has been the subject of much intrigue and inevitable regulatory attention.

Related: CryptoPunk sells for $2.6M as big NFT brands floor prices increase

The world of sport continues to dabble in NFT offerings, with the VMR report highlighting Dapper Labs’ partnership with UFC to launch collectibles. UFC Strike is a similar concept to the widely popular NBA Top Shots, with NFTs of highlights set to digitize and monetize UFC history.

In the business world, NFT marketplace OpenSea integrated Adobe service to introduce a number of features to its offering as conventional IT solutions converge with blockchain-based platforms.

VMR’s report shared a similar outlook to a report on NFTs released by growth consulting firm SkyQuest Technology in May 2022. The firm projected an analogous growth rate of 34% for the sector between 2022 and 2028 while valuing the market at $15.7 billion in 2021.

Tags
Adoption
Nft
Cointelegraph Nft
Related Posts
Sorare CEO shares bold vision on NFTs during Web Summit 2021 opening night
Web Summit 2021, the biggest tech conference in the world, kicked off on Monday in Lisbon, Portugal, and will last until Nov. 4, 2021. In an opening statement, Carlos Moedas, the Mayor of Lisbon, said that "My dream is that Lisbon will be the capital of innovation in the world." Meanwhile, João Leão, the Minister of Finance of Portugal, stated: "Portugal is the country people come to invest, to do business and to look live, and to do so in a manner that is open to different cultures." Notable guest speakers included Facebook whistleblower Frances Haugen, Black Lives Matter co-founder …
Adoption / Nov. 1, 2021
Royal House of Savoy NFTs to debut on the 150th anniversary of the Unification of Italy
Multimedia film director and artist Yi Zhou is set to mint the first-ever royal nonfungible tokens, or NFTs, based on the story of Italy's House of Savoy. The digital works are made in collaboration with the House of Savoy's (non reigning) descendent, Emanuele Filiberto di Savoia, Prince of Venice. The House of Savoy is known for playing a pivotal role in the Unification of Italy, or the "Risorgimento", over 150 years prior. Its then king, Victor Emmanuel II, acted as a symbol of the movement. Together with the Sardinia-Piedmont premier Camillo Benso, known as the Count of Cavour, revolutionary activist …
Adoption / Nov. 16, 2021
Adidas enters the Metaverse with NFT partnerships
On Thursday, Adidas announced it was entering the Metaverse in collaboration with Bored Ape Yacht Club, gmoney NFT, and PUNKS comic. In an article posted on the Adidas mobile app, the developers behind the initiative said the following: This autumn, Adidas, known for celebrating ideas at the bleeding edge of originality, it settling in at the frontier of creativity: The Metaverse. Our goal there? To see every one of its inhabitants thrive. The Metaverse is where anyone can express their most original ideas and be their most authentic selves, in whatever form they might take. And thanks to the blockchain …
Adoption / Dec. 2, 2021
Bitwise launches NFT index fund for accredited investors
In an effort to democratize access to nonfungible tokens, art collections and other digital assets of value for the masses, Bitwise Asset Management launched its new index fund on Dec. 16. As per the announcement, the Bitwise Blue-Chip NFT Index Fund is designed to allow accredited investors to invest in major nonfungible tokens and art collections. The NFT industry has exploded in 2021. Retailers throughout the world purchased millions of dollars worth of CryptoPunks, drawing institutional and accredited investors. In the third quarter of 2021, NFT trading volumes surpassed $10 billion for the first time. The crypto firm stated that …
Adoption / Dec. 17, 2021
From art to gaming: The biggest NFT trends of 2021
According to a recent report by Cointelegraph Research, the volume of nonfungible tokens (NFTs) sold this year could eclipse $18 billion. From artwork, music and in-game characters to videos and photographs, these minted certificates of ownership for digital assets on blockchains are well sought after by collectors, investors and philanthropists alike. They can also be freely traded across decentralized NFT platforms such as OpenSea. Without further ado, let's look at the biggest trends developing in the NFTs space. 1. Celebrity and contemporary NFTs Of course, at the number one place this year, as there was no shortage of NFT drops …
Adoption / Dec. 28, 2021