Market analysis has shown that the NFT market is bound to witness exponential growth over the next decade. Collectibles, digital art, and gaming are some of the segments that have been earmarked to pioneer the rapid adoption of NFTs.
- The global NFT market size is projected to reach $211 billion by 2030.
- Major market growth will be driven by segments such as digital art, collectibles, and gaming
- While North America currently leads the pack in NFT adoption, other regions of the world are set to follow swiftly in the coming years.
Global NFT market projection
A recent report by American-based Grand View Consulting has projected exponential growth in NFT adoption over the next decade. According to the research, the global NFT market will be worth $211.72 billion by 2030. A separate report from 2021 earlier estimated the global NFT market at $15.54 billion.
Based on the projection, the global NFT market will grow at a cumulative annual growth rate of 34.2% (CAGR) between 2023 and 2030. Comparatively, the NFT market will see growth that is greater than tenfold within the space of ten years (2021-2030).
Furthermore, certain segments are expected to be the major drivers of market growth. The specific NFT market segments include collectibles, digital art, and NFT gaming.
NFT growth by market segment
Specific segments have been earmarked to drive major adoption over the next decade. These segments include collectibles, digital art, gaming, and utilities, among others.
According to the report, crypto-collectibles relating to video and audio clips will continue to gain traction. For digital art, pixelated NFT, fractal and algorithmic art, computer-generated painting, and GIFs will contribute to market growth.
NFT gaming is also expected to contribute to the overall NFT market’s growth. Trading card games, video games, and role-playing games will directly contribute to market growth. In terms of utilities, NFT event ticketing, NFT domain names, and NFT asset ownership will increase the market outlook.
Market growth by region
At present, North America is the leading region in terms of NFT adoption. It is also by far the biggest market for all forms of digital NFT assets. The European market comes in second by a large distance.
Other markets, such as Asia Pacific (China, Japan, and India), Latin America, and the Middle East, are projected to become NFT hubs during the period of the forecast.
The crypto space is currently in a bear market. While the general market outlook is on a downward trend, utility among brands and projects will continually drive NFT adoption. Based on projections and forecasts, now might just be the perfect time for intending projects to make their debut in the NFT market.
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