NFT Market To Reach $800 Billion In 2 Years, Report Projects

A survey from CoinGecko depicts that above fifty percent of respondents foresee a crucial role for NFTs’ business in the future and have adopted the HODL investment strategy. 

Since 2014, non-fungible tokens have played a role in the cryptocurrency industry, but their demands and role have grown extremely fast in the last two consecutive years. In August 2021, NFTs’ whole business volume crossed the highest point of $5 billion, and the fast growth was briefly termed “NFT Summer.”    

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NFTs Business Projection

CoinGecko surveyed the industry and found that the NFT business volume could rise to $800 billion during the next two years.

The survey sample comprised 871 investors from the Asian and the Pacific region; more than 50% said they already own five or more NFTs, while 72% of the investors involved in the survey admitted that they already own one NFT. 

The survey was conducted based on investors of various age groups. For example, The report showed that 43.6% of NFT investors surveyed were between 18 and 30 years old, while 45.2% fell in the 30 and 50 brackets.

A majority of the non-fungible token market seems interested in the famous Bored Ape Yacht Club (BAYC); 25% of respondents are interested in choosing art NFTs, while 35.8% are more inclined toward metaverse games and non-fungible tokens associated with play-to-earn. 

The report read;

The metaverse sector is projected to move around $800 billion over the next two years, and gaming appears to be the most likely entry point into the NFTs market. Our respondents have indicated that ‘flip & earn’ was the primary motivation behind their non-fungible token purchases, though 2/3 of respondents indicated that NFTs only made up.

As per a study reported by TeleGeography, 60% of the traders preferred personal computers for non-fungible token minting and trading.

The report added,

This can be attributed to the ease of using a PC to navigate time-sensitive NFT mints/trades

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The pre-purchase assessment report of most respondents shows that 38.5% chose floor price, 23% selected “strong community,” and 21.8% were inclined to “artistic value.” 

While the majority of the market investors said that they are not willing to sell non-fungible tokens at the moment, above 50% of respondents said that they have adopted the HODL investment strategy and are waiting for the future when non-fungible tokens could get a higher value in the market.

As per CoinGecko respondents, 46.3% said that Ethereum is the leading chain for NFTs, and Polygon is second with 13.8% of respondents saying so. Solana got 13.5% support of respondents, while 26.4% went to smaller smart contract platforms. 

The marketplaces data shows OpenSea is the major player in the trading business with 58.7% market share, Solana possesses above 10%, and LooksRare holds less than 4%.

Featured Image from Pixabay and chart from trading view.com