A new report is predicting that the total value of the NFT market will reach $200 billion in 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 Hit $200 Billion Fueled by Growing Demand
Non-fungible tokens (NFTs) are increasingly popular due to their wide range of applications in different industries. A recent report by Grand View Research, a market analytics firm, predicts that the NFT market will reach a value of $200 billion in 2030, fueled in part by the growing demand behind them due to their 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. The document predicts the market will grow at a compound annual growth rate of 33.9% from 2022 to 2030, with this growth being concentrated in the digital asset part of the NFT market.
Most of this activity is expected to occur on Ethereum, which is expected to transition to a more environmentally friendly consensus mechanism later this year. However, NFT activity in other channels is also expected to grow.
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The collectibles sector is expected to keep dominating the NFT market in the future, with a market share of more than half of NFT global revenue in 2021. Sports and gaming collectibles are in this class, having experienced significant growth after the Covid-19 pandemic period.
Today, most NFTs in the market are for personal use, while commercial NFTs account for only 31% of all NFTs. But enterprises are expected to increasingly use NFTs for various purposes over the study period. The document states:
The growing use of NFTs for business purposes, such as innovating supply chain management and logistics, is expected to drive the segment growth. Logistic companies are increasingly integrating blockchain technology in their operations, creating new opportunities for the growth of the segment.
North America is currently responsible for 31% of this growth. But going forward, APAC will be the fastest growing region, according to the study, with demand coming from new applications such as gaming and metaverse platforms creating new opportunities in the field. Recently, a report estimated that the size of the metaverse real estate market would increase by $5 billion by 2026.
