An NFT market worth $231 billion by 2030? The report predicts strong growth for the sector

The continued adoption of non-fungible tokens across a variety of industries such as video games, music, art, and collectibles could see the industry valued at $231 billion by 2030.
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A market report published by Verified Market Research (VMR) provides a high prediction for the future of the non-fungible token (NFT) market, projecting its value to reach $231 billion by 2030.
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The global research and advisory firm has valued the global NFT market at $11.3 billion in 2021 in a 202-page in-depth analysis of the burgeoning space. VMR expects the industry to experience compound annual growth of 33.7% over the next eight years. One of the major demand drivers for NFTs is their proliferation in multiple sectors and areas of life, including music, movies, and sports. The report highlights some key focus areas and use cases that have helped drive NFT sales.

The gaming sector has been a key driver of adoption, with the report highlighting that Enjin is one of the first major gaming companies to combine blockchain technology with its infrastructure and launch its own token (ENJ) . The ecosystem has transformed in-game assets into NFTs to allow gamers to monetize in-game assets.

The Play-to-earn game has also tapped into NFT markets, with Axie Infinity (AXS) providing users in the Philippines with an alternative source of income during the much intrigued COVID-19 pandemic and inevitable regulatory attention.

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Crypto Jul 14, 2022 0 118 Add to Reading List

An NFT market worth $231 billion by 2030? The report predicts strong growth for the sector

The continued adoption of non-fungible tokens across a variety of industries such as video games, music, art, and collectibles could see the industry valued at $231 billion by 2030.

NFT market worth $231B by 2030? Report projects big growth for sector

New

A market report published by Verified Market Research (VMR) provides a high prediction for the future of the non-fungible token (NFT) market, projecting its value to reach $231 billion by 2030.

The global research and advisory firm has valued the global NFT market at $11.3 billion in 2021 in a 202-page in-depth analysis of the burgeoning space. VMR expects the industry to experience compound annual growth of 33.7% over the next eight years. One of the major demand drivers for NFTs is their proliferation in multiple sectors and areas of life, including music, movies, and sports. The report highlights some key focus areas and use cases that have helped drive NFT sales.

The gaming sector has been a key driver of adoption, with the report highlighting that Enjin is one of the first major gaming companies to combine blockchain technology with its infrastructure and launch its own token (ENJ) . The ecosystem has transformed in-game assets into NFTs to allow gamers to monetize in-game assets.

The Play-to-earn game has also tapped into NFT markets, with Axie Infinity (AXS) providing users in the Philippines with an alternative source of income during the much intrigued COVID-19 pandemic and inevitable regulatory attention.