• Total NFT market cap has grown by 11,664% in the last two years, from $85 million in December 2020 to $10 billion today.
• Dozens of NFT platforms have been launched in the last couple of years, with giants like Apple, Reddit, Starbucks, Winamp, and MetaMask entering the NFT field.
• Recent studies indicate that the NFT industry is likely to grow steadily in the African and Middle Eastern regions during the 2022-2028 period, with a Compound Annual Growth rate of 34.3%.
The Non-Fungible Token (NFT) market has seen an incredible growth in the past two years, with the total market cap increasing by 11,664%. In December 2020, the NFT market cap stood at a mere $85 million, but it has now grown to an impressive $10 billion. This growth has been driven by the launch of dozens of NFT platforms, with giants such as Apple, Reddit, Starbucks, Winamp, and MetaMask entering the NFT field. This is indicative of the increasing popularity and acceptance of NFTs as a legitimate asset class.
The NFT market has been particularly resilient during the bear market, with some areas such as Sports NFTs recording impressive growth rates. This is further confirmed by recent studies, which indicate that the NFT industry will grow steadily in the African and Middle Eastern regions during the 2022-2028 period, with a Compound Annual Growth rate of 34.3%. The current NFT spend value, which is at $3.42 billion, is expected to reach $18.22 billion by 2028.
The incredible growth of the NFT market has been fueled by the emergence of stronger technology, more acceptance of the asset class, and increasing public awareness. The growth of the NFT market also serves to validate the use cases for blockchain technology. This is further evidenced by the increasing number of major companies and organizations that are utilizing blockchain technology to explore new use cases.
The future of the NFT market looks bright, and the increasing acceptance of the asset class is likely to spur further growth. As more companies and organizations continue to explore the use cases for blockchain technology, the NFT market is likely to be the beneficiary of this growth. With the current total market cap of $10 billion, it is safe to say that the NFT market is here to stay.