The market for nonfungible tokens might reach $231 billion by 2030 if they continue to be adopted across a range of sectors, including video games, music, art, and digital collections.
The nonfungible token (NFT) market is expected to grow to a value of $231 billion by 2030, according to market research released by Verified Market Research (VMR).
In a 202-page in-depth analysis of the booming sector, the international research and consultancy organization estimated the worldwide NFT market to be worth $11.3 billion in 2021. Over the next eight years, according to VMR’s forecast, the industry will expand at a compound annual growth rate of 33.7 percent.
The widespread use of NFTs in various fields and spheres of life, such as music, movies, and sports, is a significant factor driving demand for them. The paper outlines some important use cases and areas of interest that have boosted NFT sales.
The NFT Market Drivers
The research notes Enjin as one of the first significant gaming companies to integrate blockchain technology, including its infrastructure, and issue its currency. The gaming industry has been a major driver of adoption (ENJ). To enable gamers to monetise in-game assets, the system converted in-game assets into NFTs.
With Axie Infinity (AXS) providing players in the Philippines with an alternate revenue source during the COVID-19 outbreak, which has attracted a lot of interest and inevitably regulatory attention, play-to-earn games also penetrated NFT markets.
The VMR report highlights Dapper Labs’ collaboration with UFC to launch collectibles as evidence that the sporting world is still experimenting with NFT services. The idea behind UFC Strike, which will digitize and make money off UFC history through NFTs of highlights, is similar to that of the hugely popular NBA Top Shots.
As traditional IT solutions and blockchain-based platforms merge in the corporate sector, NFT marketplace OpenSea incorporated Adobe service to add several features to its portfolio.
The outlook in VMR’s research was similar to one on NFTs published in May 2022 by growth consulting company SkyQuest Technology. The company estimated the market to be worth $15.7 billion in 2021 and predicted a comparable growth rate of 34 percent for the sector between 2022 and 2028.