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NFT market worth $231 billion by 2030? Report predicts big growth

 


A market report by Verified Market Research (VMR) gives a very optimistic forecast for the future of the NFT market. The industry is expected to be worth $231 billion by 2030.


The global research and advisory firm estimated the global NFT market at $11.3 billion in 2021, according to an in-depth study. VMR forecasts that the sector will grow at a compound annual growth rate of 33.7 percent over the next eight years. A key driver of demand for NFTs is their spread across multiple industries and walks of life, including music, film, and sports. The report highlights a few key aspects and use cases that have contributed to the growth in NFT sales.


The gaming industry has been one of the key drivers of adoption. The report states that Enjin was one of the first major gaming companies to combine blockchain technology with its infrastructure and launch its own token (ENJ). The ecosystem turned game items into NFTs to allow players to monetize the game items.


Play-to-earn gaming has also entered the NFT markets. Axie Infinity ( AXS ) has been able to offer users in the Philippines an alternative revenue stream during the COVID-19 pandemic. Regulatory authorities then became aware of this


The sports world also continues to work with NFT offerings. The VMR report highlights Dapper Labs' partnership with the UFC in offering collectibles. UFC Strike is similar in concept to the hugely popular game NBA Top Shots. NFTs of highlights are digitized and monetized.


In the business world, the NFT marketplace OpenSea has integrated the Adobe service. This allows the platform to offer a range of new functions. Here, traditional IT solutions merge with blockchain-based platforms.


The VMR report provided a similar forecast to a May 2022 report on NFTs published by growth consulting firm SkyQuest Technology . The company predicted a 34 percent growth rate for the sector between 2022 and 2028 and valued the market at $15.7 billion in 2021.

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