What the Future Holds for NFTs?
NFT market capitalization grew 11,664% in two years from $85 million in December 2020 to nearly $10 billion, according to NFT valuation data shared by cryptocurrency influencers. The impressive two-year growth rate is still on record despite strong bear market conditions. At the end of December 2021, the total market capitalization of NFT is about $20 billion, which is 50% higher than today’s volume and 23,429% higher than in late December 2020.
Dozens of NFT platforms have been released in the past two years as giants like Apple, Reddit, Starbucks, Winamp, and MetaMask enter the NFT arena. Furthermore, recent studies indicate that the NFT market will grow further. According to a recent report, the NFT industry in the Africa and Middle East region is estimated to grow steadily at a CAGR of 34.3% from 2022 to 2028. The current NFT spend value, which is at $3.42 billion, on the other hand, is likely to see $18.22 billion by 2028.
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Source: The Pipsafe Team
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