Fri 29 Jul 2022 ▪ 2.00 pm ▪
min read – from
Will 2021 be the only glory year for NFTs? For now, we see that the bear run has not spared the non-fungible token sector. Of the nice stats bestowed on them last year, only a few praises remain that reach the shores of NFTs. Yet, a recent report published by Verified Market Research (VMR) indicates that the NFT market will make a good comeback by 2030.
NFT market, a valuation of $231 billion over 8 years
This was concluded by Verified Market Research after a recent market study focusing on the future of the NFT market. Its 202-page report highlights an annual growth rate of 33.7% over the same period. Are we not seeing a high level of understanding and application of non-fungible tokens lately?
The report states that:
” The segment is expected to grow due to the increasing use of NFTs for business applications, such as improving supply chain management and logistics. Blockchain technology is increasingly integrated into the operations of logistics companies, which opens up new prospects for industry expansion. »
But the increase in demand in the NFT market has other justifications as well, such as the appropriation of this new technology by many industries and circles. Currently it is not uncommon to find associative forms ofnon-fungible tokensto music, sports, cinema, the automotive industry or even luxury.
As a reminder, game publishers such as Enjin, monkey empire o Axie Infinity took over the NFT market to monetize player assets. We will no longer tell you how much video game enthusiasts appreciate the ease of making fiat by accumulating tokens through their favorite pastime.
All in all, the NFT market may be at half-mast right now, but the enthusiasm for its assets hasn’t skipped a beat.
NFT and current situation
A few lines earlier, we talked about the success of NFTs in 2021. To give you an overview of the charts, know that:
- NFT was elected”word of the year from the Collins Dictionary;
- Assigned Google Trends a better location in connection with searches on “cryptos”;
- the NFT market recorded 15.7 billion in the same year;
- a Beeple-signed digital artwork sold for $69 million during the same period.
However, a recent Non-fungible relationshipshed light on the NFT market situation for the 2And quarter of the year 2022. This paper found a regression in the amount of dollars traded in the sector.
On CashNetUsa, the data shows an NFT market in total decline, even free fall . Even NFT sales giant Opensea has no longer published figures exceeding several thousand dollars.
We are almost a long way from hoping to make it Much moneywith the NFTs that DEXterlab highlighted last June.
However, hope remains that good that makes our eyes shine. The flame can only be rekindled by revitalizing the industry, creativity and even patience. If quantitative NFT market data makes you sick, try digging into the recent Exclusive results. On this platform for luxury brands, the grass is always green, or keeps getting green. Also keep in mind that much of Web3 it depends on the NFTs .
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The blockchain and cryptocurrency revolution is underway! And the day the impacts are felt on this world’s most vulnerable economy, against all hope, I’ll say I had something to do with it.