According to the report released by the consulting and global research firm VMR (Verified Market Research), the overall value of the NFT market is expected to rise to $231 billion by 2030.
The 202-page research report on the NFT market space published by VMR said that the global NFT market would be valued at $11.3 billion in 2021. As per the report, the sector is predicted to grow by a 33.7 percent compound annual growth rate in the next eight years.
The increased demand for NFTs can be attributed to their diverse use cases across multiple industries, including games, music, film, and sports. The report identifies principal use cases and areas of interest that encouraged NFT sales.
VMR report colours the gaming industry as the major driver of adoption, with Enjin being the first gaming firm that integrated its infrastructure with blockchain technology to release its own token, ENJ. Enjin transformed the assets of the game world into NFTs so that the gamers could monetise them. Axis Infinity (AXS) tapped into the NFT market space by introducing play-to-earn gaming to its users. In the Philippines, Axie Infinity granted an alternative source of income to gamers during the COVID-19 pandemic. AXS gained the attention of regulatory bodies and was a subject of interest after the play-to-earn addition.
In the sports industry, the report mentioned Dapper Lab’s partnership with UFC to launch UFC collectibles. UFC Strike is similar to NBA Top Shots and uses NFTs to monetise and digitise moments from UFC matches.
The report also talked about OpenSea, an NFT marketplace, which coordinated with Adobe service to modernise the conventional IT solutions by integrating blockchain technology in the business sector.
VMR"s report is on the lines of a similar report on NFTs published in May 2022 by a growth consulting firm SkyQuest Technology. The report predicted an analogous growth rate of 34 percent for the time bracket between 2022 and 2028 and valued the market at $15.7 billion in 2021.
Shashank is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
