An NFT market prediction by a global research company suggests that the industry will continue to grow over the next five years. Officially titled “The Global Non-fungible Token Market Size, Share & Industry Trends Analysis Report”, it estimates that the market will be worth £84bn ($97.6 billion) in 2028.
NFT market prediction comes in the middle of an uncertain period
The NFT industry has made remarkable strides in the last two years. Now, as household companies rush to join web3, predictions suggest it will snowball.
The report, consisting of over 181 pages of data, looks at how NFTs will see an increase in market share. It details a market overview, the impact of the metaverse and the global art market in the coming years. What’s more, the NFT market prediction looks at NFT geography and how each region of the world will differ.
The report states, “The rising growth is attributed to the increased usage of NFTs by artists around the world to secure ownership of their digital assets. Artists can benefit from their work by preserving ownership of it through NFTs and not having to provide it to other platforms for promotion. Simultaneously, the increased usage of NFTs to sell digital real estate in both the actual and virtual worlds is likely to propel the market forward.”
NFT technology is still ‘new’
Although to many in the NFT industry, it may seem like it has been around forever, NFTs are relatively new. Furthermore, many people are still unaware or unsure of the benefits of the technology. The NFT report suggests that this will change over time. Additionally, the NFT market prediction envisions a future in which NFTs are widespread across the globe.
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