NFT Market outlook

Although Ethereum is still the most common token standard for NFTS, other chains such as Polygon helped to solve the astronomic rise in fees due to growing demand. The demand is expected to steadily grow at an annual compound growth rate of 33.9% between 2022 to 2030 as the digital asset market currently accounts for a 71% share of global revenue (20.44B) market to unlock opportunities worth $211.72 billion by 2030.

This is mostly driven by ownership, fair earning shares for artists and the growing valuation of NFTs but also increasing demand for decentralized marketplaces. The expectation for the coming years is that the market will increase 10x to $211.72B.

Moreover, North America accounts for a 31% share of the global revenue due to the increasing adoption of NFTs by millennials. However, the biggest compounded annual growth is forecasted in the Asia Pacific market due to an increase in the development of metaverse platforms.

(Non-fungible token market worth $211.72 billion by 2030, 2022).