fri 29 Jul 2022 ▪ 14:00 ▪
min reading – per
Will 2021 remain the only year of glory for NFTs? At the moment, it is found that the bear run has not spared the non-fungible token sector. Of the beautiful statistics that were granted to them last year, there are only a few praises left reaching the shores of the NFTs. And yet, a recent report published by Verified Market Research (VMR) indicates that the NFT market will start from its best by 2030.
NFT market, a valuation of $231 billion within 8 years
This is what Verified Market Research concluded after a recent market study focused on the future of the NFT market. Its 202-page report highlights an annual growth rate of 33.7% over the same period. Aren’t we witnessing a high level of understanding and application of non-fungible tokens lately?
The report states that :
« The segment is expected to increase due to the increasing use of NFTs for commercial applications, such as improving supply chain management and logistics. Blockchain technology is increasingly being integrated into the operations of logistics companies, which opens up new prospects 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 forms of associations of non-fungible tokens to music, sports, cinema, car manufacturing or even luxury.
As a reminder, game publishers such as Enjin, Monkey Empire or Axie Infinity have appropriated the NFT market in order to monetize player assets. We will no longer tell you how much video game lovers delight in the ease of making fiat by accumulating tokens via their favorite pastime.
Even the sports industry seems seduced by NFTs. To mention only the NBA, the UFC … or even car manufacturers like Alpine GTA, Bugati, Ducati, etc.
In short, the NFT market may be at a standstill at the moment, but the enthusiasm for its assets has not lost a hair.
NFT and current situation
A few lines above, we talked about the success of NFTs in 2021. To give you an overview of the charts, know that :
- NFT was voted “word of the Year” by the Collins Dictionary ;
- Google Trends has assigned a better position compared to searches on “cryptos” ;
- the NFT market recorded 15.7 billion in the same year ;
- a digital work of art signed Beeple had sold for $69 million, again over the same period.
However, a recent report by NonFungible has shed light on the situation of the NFT market for the 2e quarter of the year 2022. This document found a regression in the amount of dollars exchanged in the sector.
On CashNetUSA, the figures show an NFT market in total regression, even in free fall. Even the NFT sales giant Opensea no longer displayed figures exceeding several thousand dollars.
We are almost far from hoping to make a lot of money with the NFTs that DEXterlab highlighted last June.
However, hope remains this asset that allows us to keep our eyes bright. The flame can only be rekindled by the revitalization of the sector, creativity and also patience. If the quantitative data of the NFT market sickens you, try digging into the recent achievements of Excible. On this platform for luxury brands, the grass is always green, or continues to turn green. Also, don’t forget that a large part of Web3 depends on NFTs.
Receive a digest of the news in the world of cryptocurrencies by subscribing to our new daily and weekly newsletter service so you don’t miss anything essential Cointribune!
The blockchain and crypto revolution is underway! And the day when the impacts will be felt on the most vulnerable economy in this world, against all hope, I will say that I had something to do with it