The Value of the NFT Market is Expected to Reach USD 200 Billion by 2030

The Value of the NFT Market is Expected to Reach USD 200 Billion by 2030

The total value of the NFT market is likely to reach USD 200 billion in 2030. The report has been published by Grand View Research, a multinational market research company. The report states that the rising demand for the instrument is due to its growing number of applications, which will trigger the growth of the market.

Demand will Drive the Growth of the NFT Market

Non-fungible tokens (NFTs) are becoming more popular due to their wide range of applications in different industries. A recent report issued by Grand View Research, a market insights company, has estimated that the NFT market will reach a value of USD 200 billion in 2030. The growth will be fueled by their multiple applications.

The report estimates today’s NFT market value at a little more than USD 15 billion, having analyzed the movement and evolution of the NFT market between 2018 and 2020. The market is predicted to grow at a compound annual growth rate of 33.9% from 2022 to 2030 in the digital asset segment of the NFT market.

Most of this activity is expected to happen on the Ethereum chain, which is projected to make its shift to a more eco-friendly consensus mechanism later this year. However, NFT activity in other chains is also expected to grow.

The NFT Collectibles Sector

The collectibles sector is largely expected to keep the momentum of the NFT market in the future, with a market share of more than half of NFT global revenue in 2021. Sports and gaming collectibles have already experienced significant growth after the COVID-19 pandemic phase.

Most of the NFTs in the market today are for personal use only, while commercial NFTs account for 31%. But companies are projected to use more and more NFTs for multiple purposes during the period under focus. 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's growth. Logistic companies are increasingly integrating blockchain technology into their operations, creating new opportunities for the growth of the segment."

North America is currently contributing to 31% of this growth. However, the study reveals that in the future, the APAC region will witness rapid growth. The rise in demand from new applications such as gaming and metaverse platforms creates new opportunities in the field. Recently, a report estimated that the metaverse real estate market would grow by USD 5 billion by 2026.