NFT Market set to process around $800 billion over two years

As the NFT market grows, analysts and industry players have begun to speculate how many transactions will be processed over the next few years, and the numbers are exciting

HODL Mentality

HODL mentality is the school of thought a considerable amount of crypto, and Web3 technology stakeholders adhere to. HODL mentality is the need to acquire as much of an asset as possible and keep acquiring while resisting the urge to sell no matter how attractive the price might be.

HODLers are interested in the long-term prospects of an asset; these classes of people understand that many people treat cryptocurrencies and related assets as a get-rich scheme. Whenever the price of an asset reaches a benchmark, it crashes because non-HODLers are selling off their assets.

HODL mentality is terrific, and although it’s far from perfect, HODLers serve a role similar to what Central banks globally do; they ensure that the value of an asset does not completely tank when it reaches a benchmark.

Certain analysts and NFT industry stakeholders have identified HODLing as the key to the NFT industry processing almost a Trillion Dollars in transactions over the next two years.

NFT assets are not immune to the price fluctuations that influence the crypto-assets market. It has become apparent that if the value of NFTs and the NFT sector, in general, will keep increasing or staying balanced, HODLing will be an essential aspect of that equation.

CoinGecko Report

One of the most amazing things about the NFT ecosystem is that decisions are made using data most of the time. With that in mind, CoinGecko ran an exercise to understand the mentality and expectations of NFT traders and stakeholders.

According to a report by CoinGecko, the NFT ecosystem is set to process around $800 billion over the next two years. The report primarily got feedback from investors in the Pacific and Asia; 871 respondents participated in the survey. 

Of the respondents, 72% own at least one NFT, and an exciting 50% of respondents share that they own at least five individual NFTs. 43.6% of investors surveyed are between18-30 years old, while 45.2% of respondents are between 30 and 50 years old.

The report shed light on a considerable amount of things relating to the current and future of the NFT ecosystem. “The metaverse sector is projected to move around $800 billion over the next 2 years, and gaming appears to be the most likely entry point into the NFTs market.”

$800 billion in two years: Realistic or underwhelming?

There are more mobile devices in use worldwide when compared to personal computers. Still, data from TeleGeography stated that the vast majority of NFT trading and mining activities are carried out using personal computers.

At this point, nobody can be sure how the next 24 months will play out, but one thing is certain, it’ll be interesting to witness. The NFT sector might miss the mark, surpass it, or completely become irrelevant.

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