The marketplace for NFTs is witnessing a slowdown and loss of value during this bear market but that has not stopped other reports from painting a positive outlook for the tech and the future. A new report has been circulating stating that the total value of the NFT market could possibly reach a valuation of $200 Billion by 2030. The report was issued by Grand View Research which is a multinational market insights company.
The research focused on the rising demand for this technology and the growing number of applications for the project. The growth of the market fueled by a growing demand due to the popularity of the platform will be what drives the high valuation. The current NFT market value is way below that mark sitting at $15Bn and the research revealed a possible growth rate of 33.9% from 2022 to 2030.
The growth of course is focused on Ethereum which is already the chain with the most amount of trades and value. There will be other blockchains that benefit from the growth but the research showed Ethereum as the clear benefactor.
The main focus was on collectibles, mostly sports and games. The main market currently are NFTs that are personal use NFTs. Commercial NFTs only make up 31% of all NFT but many companies have started to take an interest in the tech and produce their very own offerings. These NFT offerings can vary from special membership cards to supply chain management and logistics tools.
Currently the research has shown that the United States attributes for 31% of this growth while other countries don’t have such a high contribution but the remaining 69% is very strategically spread.