NFT Market Will Reach $800 Billion In Two Years, Projects Reporting

A survey from CoinGecko showed that more than fifty percent of respondents anticipate an important role for NFTs business in the future and have adopted the HODL investment strategy.

Since 2014, non-fungible tokens have played a role in the cryptocurrency industry, but their demands and role have grown very rapidly in the past two years in a row. In August 2021, the total turnover of NFTs exceeded the highest point of $5 billion, and the rapid growth was briefly called the “Summer of NFTs.”

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Projection Business NFTs

CoinGecko conducted an industry survey and found that NFT’s turnover could rise to $800 billion over the next two years.

The survey sample included 871 investors from the Asia Pacific region. More than 50% said they already own five or more NFTs, while 72% of investors participating in the survey admitted that they already own one NFT.

The survey was conducted on the basis of investors of different age groups. For example, the report showed that 43.6% of NFT investors surveyed are between the ages of 18 and 30, while 45.2% are down between 30 and 50.

The majority of the non-fungible token market appears to be interested in the popular Bored Ape Yacht Club (BAYC); 25% of respondents were interested in choosing technical NFTs, while 35.8% were more inclined towards metaverse games and non-fungible tokens associated with playing for profit.

read the report;

The metaverse segment is expected to move to around $800 billion over the next two years, and gaming appears to be the most likely entry point into the NFTs market. Our respondents indicated that “flip and win” was the primary motivation behind their purchases of non-fungible tokens, even though two-thirds of respondents indicated that NFTs are only made up.

Bitcoin is currently trading at $38,721 after recovering from $38,242 | Source: BTC/USDT price chart from tradingview.com

according to I mentioned the study By TeleGeography, 60% of traders preferred PCs to mint and trade non-fungible tokens.

The report added,

This can be attributed to the ease of using a PC to navigate time sensitive NFT trades/trades

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The pre-purchase assessment report of most respondents shows that 38.5% chose the floor price, 23% chose ‘strong community’, and 21.8% were leaning towards ‘technical value’.

While the majority of market investors said they are not willing to sell non-fungible tokens at the moment, more than 50% of respondents said they have adopted the HODL investment strategy and are looking forward to the future when the non-fungible tokens can be obtained. Higher value in the market.

According to a CoinGecko survey, 46.3% said Ethereum is the leading chain for NFTs, with Polygon coming in second with 13.8% of respondents saying so. Solana had the support of 13.5% of respondents, while 26.4% went for smaller smart contract platforms.

Markets data shows that OpenSea is the major player in the business with a market share of 58.7%, Solana owns over 10% and LooksRare has less than 4%.

Featured Image from Pixabay and chart from trading view.com

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