A new report is predicting that the total value of the NFT market will reach $200 billion in 2030. Grand View Research, a global market research company, released the report. It found that there is a growing demand for this type of instrument due to the increasing number of applications. This will drive growth.

NFT Market to Reach $200 Billion, Fueled by Growing Demand

Nonfungible tokens (NFTs), are growing in popularity due to their many applications across different industries. A recent report issued by Grand View Research, a market insights company, 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 will occur on Ethereum. Ethereum is expected to transition to a more eco friendly consensus mechanism later in the year. NFT activity on other chains is expected to increase.

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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 destined for personal uses, while commercial NFTs only account for 31% of all NFTs. However, companies are expected to use NFTs more often for different purposes during the time in focus. The document states

The segment’s growth is expected to be driven by the increasing use of NFTs in business, such as innovation in supply chain management and logistics. The segment is seeing a rise in the use of blockchain technology by logistic companies, which opens up new possibilities for growth.

North America is responsible for 31% of this growth currently. But in the future, the APAC region will be the one to grow the most, 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 metaverse real estate market size would grow by $5 billion by 2026.

What do you think about the predicted growth of the NFT market? Please leave your comments below.

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