According to a new research report published by Verified Market Research, a global analysis and consulting agency, the fast-growing NFT market is on its way to hit the $231 billion mark by 2030. According to the same report, the market currently stands at $11.3 billion.
More About the Report
The 202-page report talks about different topics related to NFTs. It makes some bold predictions regarding the market and expects the industry to grow at a CAGR of 33.7 percent over the next eight years.
The report highlights how the market has attracted some very big names including Adidas, Kia, and Disney. NFT adoption is on the rise in a large number of industries including video gaming, music, and art. It also talks about the role of NFTs in other industries including sports and has a section covering some other key areas with use cases that have helped boost NFT sales.
Important Points From the Report
The report talks in detail about gaming and how it has helped the industry. It calls the gaming industry “a key driver of adoption” and mentions Enjin as a pioneer in the field being one of the first and most popular gaming firms to launch its own digital token (ENJ) by combining blockchain technology with its infrastructure.
The ecosystem has played a great role in transforming in-game assets into non-fungible digital tokens and attracting more gamers as it gave them a chance to make money by monetizing in-game assets.
Another major emerging sector is play-to-earn gaming. The report mentions Axie Infinity offering a new source of income during the pandemic to users in the Philippines. The step by the company attracted mixed reviews and much scrutiny but helped the industry attract more eyeballs as well.
In addition, the report talks about the role of sports in the growth of NFTs. It highlights several partnerships, most importantly UFC’s venture with Dapper Labs. The two companies are working together to launch collectibles under the brand name UFC Strike. This will help NFTs reach a new set of audiences as mixed martial arts is a popular sport with a loyal fan base. The company aims to monetize UFC history by digitizing important moments and known names. Even the NBA has a similar concept called NBA Top Shots.
Furthermore, the report talked about OpenSea, which has become the largest NFT marketplace, and is helping NFTs reach the business world. It has integrated Adobe service to make it easier for businesses and brands to enter the NFT space. According to the report, ease is one of the major reasons why the industry is fast growing, however, more needs to be done in this regard.
This isn’t the only report that expects the NFT market to grow exponentially. SkyQuest Technology, a growth consulting firm, released a similar report in May 2022. The firm expects the industry to grow at a rate of 34 percent.
Maybe, it is time to enter the NFT marketplace and metaverse.