NFT News- The NFT market is expected to reach $210 B by the end of 2030.
- Funding received for NFT startups in 2020 alone is $380 M.
A report on the Non-Fungible Token (NFT) market by Grand View Research, estimates the market growth would be more than $210 billion by the end of 2030. The current market price value is $ 20.44 billion. The research was carried out with historic data from the period of 2018 to 2020.
Overall NFT worth around the globe in the year 2021 was $15.54 B, and the value in 2030 is anticipated to be $ 211.72 B. The Compound Annual Growth Rate (CAGR) at this state is calculated to be 33.9%.
From the above chart, it is clear that the impact of the NFT on the digital asset is enormous when compared with the growth in physical assets. By 2030, the ratio between physical and digital assets will be 20 to 80.
Post-Covid Growth
The adoption of technology has been larger than ever during the Covid-19 pandemic, and this led to the adoption of many tech apps in day-to-day life. Also, the reach of art and music was huge, as people started searching for serenity. As per Fuelart’s record, the Tech+Art startups have received $380 million just in 2020 alone, which is 60% of the whole fund received in the last 20 years.
The NFT hold of personal shares is more than the commercial shares. When looking from the producer’s side, the artwork creation is more in nations such as the USA and Canada. The noteworthy characters now in the market are YellowHeart, Cloudflare and Dapper Labs, etc.
Ethereum is the go to platform for the NFTs, ERC-1155 and ERC-721 are the standard tokens used for creation. Now the awaited change from PoW to PoS mechanism will also contribute to the increase anticipated.
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Source: https://thenewscrypto.com/positive-spike-expected-in-nft-marketplace-till-2030/