As non-fungible tokens (NFT) continue to revive more mainstream adoption, a recent report shows that the sector has a bright future ahead.
A detailed report published by market insight company Grand View Research suggests that the NFT market could tap the $200 billion mark in 2030. This prediction was made on the premise of the estimated demand trajectory due to their increasing applications.
The report estimated that the current value of the NFT industry hovers around $15 billion, further examining the trajectory and evolution of the NFT sector between 2018 and 2020. Drawing reference from this period, the report predicts the market will grow at a compound annual growth rate of 33.9% between 2022 and 2030. The report explained that this growth was concentrated on the digital asset part of the NFT industry.
That said, most of this growth and activity is predicted to occur on the Ethereum blockchain, which is set to switch to a more environmentally-friendly and scalable consensus mechanism this quarter. Regardless, the report detailed that NFT activities on other blockchain ecosystems are also expected to grow significantly.
Additionally, the document revealed that it expected the collectibles sector to maintain its dominance in the NFT space into the future. Last year, collectibles accounted for over half of the global NFT revenue that year. Sports and gaming collectibles stood out in this class following the windfall recorded in these sectors after the peak of the COVID-19 pandemic.
Commercial NFT Use to Overtake Personal Use in the Future
While personal use of NFTs currently accounts for the most share, the report revealed that businesses are expected to use more NFTs in the future. The document added:
“The growing use of NFTs for business purposes, such as innovating supply chain management and logistics, is expected to drive the segment growth. Logistic companies are increasingly integrating blockchain technology in their operations, creating new opportunities for the growth of the segment.”
