The NFT sector is projected to move around $800 billion over next 2 years: Report
Although NFTs have been a part of the cryptocurrency market since 2014, interest and adoption ha risen rapidly over the last two years. At their height in August 2021, the total trading volume of NFTs rose to over $5 billion, kickstarting what briefly came be to known as “NFT Summer”.
According to a report by Coingecko, the NFT market is now expected to move more than $800 billion in the coming two years. The report, which mostly utilized investors from Asia and the Pacific, highlighted that of 871 respondents, around 72% of them already own NFT(s), with more than 50% of them declaring that they had 5 or more.
As for investors, the report indicated a balance between the generations, suggesting 43.6% of NFT investors surveyed were between 18-30 years old and 45.2% are between 30-50 years old.
While the bulk of the NFT market appeared to be concentrated in popular collections such as the Bored Ape Yacht Club (BAYC) and CryptoPunks, 35.8% of respondents said they were interested in NFTs linked to play-to-earn and metaverse games, and 25% stated that they prefer art NFTs.
"The metaverse sector is projected to move around $800 billion over the next 2 years, and gaming appears to be the most likely entry point into the NFTs market," the report highlighted.
"Our respondents have indicated that "flip & earn" was the primary motivation behind their NFT purchases, though 2/3 of respondents indicated that NFTs only made up <25% of their overall crypto portfolio. When asked what would incentivize them to hodl NFTs instead of flipping, more than half indicated that "having current / future utility" would be a primary factor in choosing to hodl." Bobby Ong, CoinGecko's Co-Founder and COO, told Cointelegraph.
Although data from
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