Scandals and crashing prices, massive exploits, crashing projects, and the move for massive regulations, just name it. The trend of events in the ongoing crypto bear market has not been encouraging so far. Yet, NFTs have proven to be resilient and new innovative use cases continue to draw adoption across major industries and sectors.
In light of this increased adoption, a recent research has predicted that the NFT market will grow into a $20 billion sector come 2028.
Details of the Report
In a recent report by an American consulting company, BlueWeave Consulting, the global non-fungible token market is expected to grow to 19.57 billion by 2028. This is a result of the latest trends in NFT adoption and the projected adoption rate in the near future.
According to the report, the global NFT market was valued at $4.36 billion in 2021, this is far higher than its estimated value in 2020. Based on this trend, BlueWeave Consulting has predicted that the market will continue to grow at an impressive compound annual growth rate (CAGR) of 23.9% between 2022 and 2028. This will effectively accumulate to a market value of $19.57 billion by the last year of the forecast.
Drivers of Growth
The continued mainstreaming of NFTs sits at the core of its predicted growth. This is especially true when one considers how NFT use cases have sprung up in sectors such as real estate, restaurants, luxury goods, photography, gaming, and more. There is also ongoing research into how NFTs could be adopted in mainstream sectors such as banking, and eCommerce.
At the moment, digital collectibles, NFT art, and gaming are leading the way in NFT adoption. Over time, gaming is predicted to further lead the growth trajectory as play-to-earn gaming further moves into the metaverse.
The positivity that surrounds the future of NFTs shows how prominent they will feature in the near future. This is only a glimpse, and It is possible that current predictions will fall short of reality when the metaverse fully steps into the equation.