A Finder’s panel of over 30 fintech experts has predicted the NFT market cap will reach $26 billion by the end of the year. Additionally, the board forecast a $146 billion market cap by the end of 2025. However, when asked if “NFTs enhanced the credibility of the cryptocurrency category.” only half gave a positive response regarding NFTs impact. At the same time, 23% of the panelists remained neutral on the subject.
NFT Market Prediction
High sales and constant volume on the blockchain increased the NFT market cap over the year. Artists and developers used NFTs as a voice and supplied substance for their supporters while the world stayed locked inside. As a result, the utility backing their value has evolved rapidly from a profile picture to a key for governance.
“NFTs go beyond jpeg images. They allow individuals to prove ownership on the blockchain. This can be used to signal trust, prove participation, identify with community and gain voting rights into how decentralised autonomous organisations should invest their capital/treasuries. In a world of imitation, the ability to use blockchains to verify trust online should not be undervalued. There’s something very powerful and more valuable under iteration and exploration within the collective NFT space that could well form a foundation for how we work, share and engage online for many decades to come.” – Fred Schebesta Co-founder of Finder regarding the NFT market
By the end of 2022, the NFT adoption rate in the US will double to 6%. The Philippines currently houses the most NFT owners per capita at 32%, according to a survey of roughly 28,000 adults conducted on September 2021. Moreover, the NFT adoption rate is predicted to increase worldwide. Yet, most of the global population remains uneducated on NFTs.
For example, the survey in 2021 found that only 10% of Japan’s adult population currently know what NFTs are. However, the world’s population is becoming more aware of NFTs. As a result, NFT adoption will increase tremendously, considering the pattern forming between awareness and ownership. Recent data provides a clear picture of an increase in the NFT market cap.
All investment/financial opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, make your own research prior to making any kind of investment.
