- According to a recent projection, the NFT sector would be worth $200 billion overall by 2030. According to research from Grand View Research, a global provider of market insights, the market will expand due to the increasing demand for this type of instrument as a result of the increasing usage for it.
NFT valuation will grow by 2030
NFTs, or non-fungible tokens, are gaining popularity as a result of their numerous uses across all sectors of the economy. According to a recent analysis from market research firm Grand View Research, the NFT market is projected to reach a valuation of $200 billion in 2030, driven in part by the growing needs for them as a result of their implementations.
The analysis, which estimates the current market worth of NFTs at just over $15 billion, looked at how the NFT industry changed between 2018 and 2020. According to the report, the industry will expand between 2022 and 2030 at a compound annual growth rate of 33.9 percent, with most of this growth occurring in the NFT market’s segment for digital assets.
With a projected customer base of more than half of NFT worldwide sales in 2021, the collectibles industry is predicted to continue to rule the NFT marketplace. This category includes memorabilia from sports and video games, which saw a tremendous rise during the Covid-19 epidemic. The majority of NFTs on the current market are now intended for personal use; just 31% of all NFTs are used for business purposes. However, during the course of the study period, businesses are anticipated to adopt NFTs for an increasing number of applications.
North America is accountable for 31 percent of this NFT increase now. However, the report predicts that in the future, the APAC area would have the most growth, as new applications like gaming and metaverse platforms drive up demand and open up new career options.