🗄️Non-Fungible Tokens Market Overview

The non-fungible tokens (NFT) are cryptographic tokens that represent unique assets. They function as verifiable proofs of authenticity and ownership within a blockchain network. The NFTs are unique, provably scarce, tradable, and usable across multiple applications. That’s why they are becoming very popular among developers and users around the globe.

Data gathered by Statista shows that the market cap of non-fungible tokens enjoyed almost a tenfold increase between 2018 and 2020. What’s more, these numbers are still considered to be conservative as it’s rather challenging to collect data about such a new market. Needless to say, one thing is crystal clear - the NFT market is for sure growing rapidly.

The NFTs marketplaces, according to Chainalysis, have hit the $41 billion mark in December 2021. Whereas, as per Financial Times report the total NFT sales are even higher if all the minted blockchains are collectively estimated. It is also estimated by the experts that the NFTs market will soon surpass the traditional art market where physical artworks are traded.

The global non-fungible token market is expected to register a compound annual growth rate (CAGR) of 39.6% from 2021 to 2030 and revenue is projected to increase from USD 340.0 million in 2020 to USD 3, 57,316.3 million in 2030. According to Dappradar, the NFT market has amassed a record-breaking $16 billion in sales in January 2022, despite the crypto market crash. Last but not least, it is believed that the NFTs because of their multiple uses and numerous forms will bring such interesting numbers because it’s just the start of a new era.