The state of the NFT market in 2030

Fri 29 Jul 2022 ▪ 14:00 ▪
5
minimum reading – within
Mikaia ANDRIAMAHAZOARIMANANA

Will 2021 be the only year of glory for NFTs? For the moment, let’s see that the bear race did not spare the non-fungible token sector. Of the excellent statistics bestowed on them last year, only a few praise continues to reach the shores of the NFTs. Still, a recent report released by Verified Market Research (VMR) indicates that the NFT market will get better by 2030.

NFT market, a valuation of $ 231 billion over 8 years

Verified Market Research concluded this after a recent market study focused on the future of the NFT market. Its 202-page report shows an annual growth rate of 33.7% over the same period. Haven’t we been seeing a high level of understanding and application of non-fungible tokens lately?

The report states that:

The segment is expected to grow due to the increasing use of NFT for business applications, such as improving supply chain management and logistics. Blockchain technology is increasingly integrated into the operations of logistics companies, which opens up new perspectives for the expansion of the sector.

But the increase in demand in the NFT market also has other justifications, such as the appropriation of this new technology by many industries and circles. Currently, it is not uncommon to find association forms ofnon-fungible tokensto music, sports, cinema, car manufacturing or even luxury.

Recall that game publishers such as Enjin, Monkey Empire or Axie Infinity have appropriated the NFT market to monetize the players’ assets. We will no longer tell you how much video game enthusiasts appreciate the ease of making fiat by accumulating tokens through their favorite pastime.

The sports industry also seems to be seduced by NFTs. To mention only NBA, UFC … or car manufacturers like Alpine GTA, Bugati, Ducati, etc.

In short, the NFT market may be at half-auction right now, but the enthusiasm for its assets hasn’t missed a beat.

NFT and current situation

A few lines earlier, we talked about the success of NFTs in 2021. To give you an overview of the graphs, know that:

  • NFT was voted “Word of the Year” by the Collins Dictionary;
  • Google Trends ranked higher than “cryptos” searches;
  • the NFT market recorded 15.7 billion in the same year;
  • a digital artwork by Beeple had sold for $ 69 million, also in the same period.

However, a recent report from NonFungible shed some light on the NFT market situation for 2And quarter of year 2022. This document found a regression in the amount of dollars traded in the sector.

On CashNetUsa the data show a NFT market in total regression, even in free fall. Sales giant NFT Opensea also no longer recorded more than several thousand dollars.

We are almost far from the hope of making a lot of money with NFTs that DEXterlab highlighted last June.

However, hope remains that resource that makes our eyes shine. The flame is rekindled only by revitalizing the sector, creativity and even patience. If quantitative data on the NFT market is bothering you, try digging into Exclusible’s recent results. On this platform for luxury brands, the grass is always green, or continues to be green. Also keep in mind that a large part of Web3 depends on NFTs.

Sources: Cointelegraph; Bitcoin; BlockBuild

Get a summary of what’s new in the world of cryptocurrencies by signing up for our new service newsletter daily and weekly so as not to miss any of the indispensable Cointribunes!

Mikaia ANDRIAMAHAZOARIMANANA avatar
Mikaia ANDRIAMAHAZOARIMANANA

The blockchain and crypto revolution is underway! And the day the impacts are felt on the most vulnerable economy in this world, against all hope, I will say that it has something to do with it.

Leave a Comment