CoinGecko Report Estimates NFT Industry To Be Worth $800 Billion by 2024

• 72% of the 871 people in the survey already owned at least one NFT.
• 43.6% were under 30, and 45.2% were between the ages of 30 and 50.

For two years, interest and acceptance of non-fungible tokens (NFTs) have skyrocketed in the cryptocurrency industry. As a result, NFT trading activity peaked in August 2021 at over $5 billion, kicking off what was temporarily dubbed a short-term trend.

New research from CoinGecko estimates that the NFT industry will be worth over $800 billion in the next two years. According to the study, which mainly used investors from Asia and the Pacific, 72% of the 871 people already owned at least one NFT, with more than 50% saying that they had five or more in their portfolios.

NFT Games in High Demand

According to the report, there was a good mix of younger and older NFT investors: 43.6% were under 30, and 45.2% were between the ages of 30 and 50. However, 35.8 percent of respondents claimed that they are interested in NFTs connected to games, and 25 percent stated they prefer art NFTs, even though most of the NFT market is centered on popular collections such as the Bored Ape Yacht Club (BAYC) and CryptoPunks.

According to the findings:

“The metaverse sector is projected to move around $800 billion over the next 2 years, and gaming appears to be the most likely entry point into the NFTs market.” 

Sixty percent of NFT investors use personal computers to trade and mint NFTs, even though there are more than 7.1 billion mobile devices in use globally, according to TeleGeography. Only 21% of usage came from mobile devices.