- Global research firm predicts the NFT market will grow to $231 billion by 2030.
- The games industry is an important driver.
- Acceptance in other industries will also boost growth significantly.
A market report from Verified Market Research (VMR) gives a very optimistic forecast for the future of the NFT market. The industry is expected to be worth $231 billion by 2030.
The global research and advisory firm estimated the global NFT market to reach $11.3 billion by 2021, according to an in-depth study. VMR predicts that the industry will grow at a compound annual growth rate of 33.7 percent over the next eight years. A major driver of demand for NFTs is their diversification across multiple industries and walks of life, including music, film, and sports. The report highlights some key aspects and use cases that have contributed to the growth of NFT sales.
The gaming industry has been one of the main drivers of adoption. The report states that Enjin was one of the first major gaming companies to combine blockchain technology with its infrastructure and launch its own token (ENJ). The ecosystem turned game items into NFTs so players could monetize the game items.
Playing to earn has also entered the NFT markets. Axie Infinity (AXS) has been able to provide users in the Philippines with an alternative revenue stream during the COVID-19 pandemic. The regulatory authorities became aware of this
The sports world also continues to work with NFT offers. The VMR report highlights Dapper Labs’ partnership with the UFC in offering collectibles. UFC Strike is similar in concept to the hugely popular game NBA Top Shots. Highlight NFTs are digitized and monetized.
In the business world, the NFT marketplace OpenSea has integrated the Adobe service. This allows the platform to offer a range of new features. Here, traditional IT solutions merge with blockchain-based platforms.
The VMR report provided a similar forecast to a May 2022 report on NFTs published by growth consultancy SkyQuest Technology. The company forecast a 34 percent growth rate for the industry between 2022 and 2028 and estimated the market to be $15.7 billion by 2021.