While the worth of art-based NFTs and other novelty uses of the tech have come under question in recent months, it appears there’s plenty of life in the NFT yet as more and more uses and applications are being found for them.
According to a recent report that was issued by Grand View Research, the NFT market is projected to reach a value of $200 billion in 2030 due to growing demand.
The report was made by calculating today’s NFT market value at a little over $15 billion and examined the movement and the evolution of the NFT market between 2018 and 2020. The document predicts that the market will grow at a compound annual growth rate of 33.9% from 2022 to 2030, and the growth will concentrate on the digital assets of the NFT market.
Most of the activity will likely take place on Ethereum, which is also projected to make its shift into a more eco-friendly consensus mechanism this year.
Digital collectables still dominate
It’s the collectable sector that is expected to continue dominating the NFT market in the future, having a market share of more than half of the global NFT revenue in 2021. Gaming and sports collectables are in this class as well, after experiencing significant growth following the COVID-19 pandemic.
Currently, the majority of NFTs in the market are destined for personal use, while commercial NFTs account for 31% of all NFTs. However, companies are projected to utilize more NFTs for various purposes across the focused period.
The document states: “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.”
Currently, 31% of this growth is thanks to North America. According to a study, the APAC region will be the one to grow the most in future, with demand coming from new applications such as gaming and metaverse platforms which will create new opportunities in the field.