Verified Industry Research (VMR) did a market study and found that the nonfungible token (NFT) market would be worth $231 billion by 2030.
In a 202-page report on the growing industry, a global research and consulting group estimated that the NFT market would be worth $11.3 billion worldwide in 2021. VMR thinks that the industry will grow at a rate of 33.7 percent per year over the next eight years. The spread of NFTs into many different fields and areas of life, such as music, movies, and sports, is one of the main things that drives demand. The research looks at a few of the most important areas of interest and use cases that have helped NFT sales grow.
The gaming industry has been a key driver of adoption, and the paper says that Enjin was one of the first large gaming companies to use blockchain technology and create its own currency (ENJ). The ecosystem turned in-game assets into NFTs so that players could sell them for real money.
Play-to-earn games have also made their way into NFT markets. For example, Axie Infinity (AXS) gave people in the Philippines an alternative way to make money during the COVID-19 outbreak, which drew a lot of attention and had to be looked at by regulators.
CryptoPunk sold for $2.6 million, and NFT brand floor prices are going up.
Sport keeps playing around with NFT services. The VMR report highlights how Dapper Labs is working with UFC to make collectibles. Like the hugely popular NBA Top Shots, UFC Strike uses NFTs of highlights to digitize and make money off of UFC history.
As traditional IT solutions meet blockchain-based platforms, the NFT marketplace OpenSea added Adobe service to its offering to give it a number of benefits.
SkyQuest Technology, a company that helps businesses grow, did research on NFTs in May 2022 that was similar to what VMR found. The company predicted that the industry would grow by 34% between 2022 and 2028. In 2021, the market was worth $15.7 billion.