A market report published by Verified Market Research provides a lofty prediction for the future of the nonfungible token market, projecting its value to swell to $231 billion by 2030.
The global research and consulting firm valued the global NFT market at $11.3 billion in 2021 as part of 202-page deep dive into the burgeoning space. VMR predicted that the sector will grow at a compound annual growth rate of 33.7% over the next eight years. A key driver of demand for NFTs is their proliferation across multiple industries and walks of life, including music, films and sports. The report highlights some key areas of interest and use cases that have helped drive NFT sales.
The gaming sector has been a key driver of adoption, with the report highlighting Enjin as one of the first major gaming firms to combine blockchain technology with its infrastructure and launch its own token . The ecosystem transformed in-game assets into NFTs to allow gamers to monetize in-game assets.
Still believe NFT market does have a lot of upside if it wasn't for the bear market. NFTs are not going anywhere that's for sure.