The term “non-fungible tokens” (NFTs) has become a household name currently, thanks to the widespread adoption of these virtual tokens across the world in the last two years. Despite existing for more than half a decade, these tokens got their boom only in 2021, and their sales exploded in huge proportions. Their market crossed the billion-dollar mark for the first time during Q3 2021. At that juncture, new domains based on NFTs rose to prominence in the Web3 world, which has left a lasting impact on the emerging Web3 ecosystem. The next decade (2021 – 2030) is projected to be the period of establishment of Web3 space that mainly consists of NFT assets, and we will see some statistical predictions as we proceed.
Before Everything Else, How Do NFTs Stand in 2022?
The year 2022 has been a rollercoaster ride as far as cryptocurrencies are concerned due to multiple geopolitical tensions around the world that have been weakening the global economy. Still, trades based on assets backed by non-fungible tokens have been pretty strong as primary and secondary sales of various famous PFP (Profile Picture) communities occur every day. Gaming and metaverse platforms also contribute their fair share to ensure that the NFT space is thriving. Also, more and more brands are taking measures to get into the virtual realm through NFTs that makes things positive for the Web3 space.
Top-selling NFT Collections in July 2022
- Bored Ape Yacht Club (BAYC) – A profile picture community based on ape-themed NFTs.
- CryptoPunks – A profile picture community based on pixelated punk NFTs.
- Otherdeed – Virtual resources for the OtherSide metaverse platform from the creators of BAYC.
- Sorare – A fantasy soccer-based play-to-earn game where player cards take the form of NFTs.
- Mutant Ape Yacht Club (MAYC) – A derived profile picture community similar to BAYC, created by the same firm.
- Art Blocks – Generative art-based NFT platform where art NFTs will be randomly generated (based on algorithm provided beforehand) when the buyer purchases it.
- Ethereum Name Service (ENS) – Domain name-based NFTs on the Ethereum network can be bought, used, and traded by Web3 users.
- Moonbirds – A profile picture community based on pixelated owl-themed NFTs.
- CloneX – An avatar-based ecosystem with NFT characters designed by the popular artist Takashi Murakami.
- Doodles – A colorful NFT collection based on line drawings created by the masterminds behind the legendary NFT game “CryptoKitties.”
Top NFT Marketplaces in July 2022
- OpenSea – A long-running horizontal trade-based platform that sells various NFT assets.
- X2Y2 – A general NFT marketplace platform that sells virtual assets based on various themes.
- Magic Eden – A general NFT marketplace platform running on the Solana blockchain.
- CryptoPunks – A platform selling pixelated punk-themed profile picture NFTs.
- LooksRare – An NFT marketplace that sells generic digital assets that run on community governance.
- Axie Marketplace – The marketplace platform for the famous Web3 battle game Axie Infinity.
- Decentraland – The marketplace for the metaverse platform Decentraland.
- Mobox – A gaming NFT marketplace for the game Mobox that combines decentralized financial elements.
- Rarible – A horizontal trade-based marketplace platform running on community consensus.
- Objkt.com Marketplace – An NFT marketplace on the Tezos blockchain selling various assets.
Predictions for the Next Decade
The NFT market was valued at $232 million in 2020, which surged to a humongous $22 billion in 2021 (Source: Marketdecipher.com). The NFT world in 2022 has been concentrating on implementing other Web3 applications such as decentralized finance on NFTs, which has found some initial success.
As far as regional adoption is concerned, North America tops the list as the region has been home to the earliest NFT enthusiasts. Asia follows suit, mostly powered by the rise of play-to-earn games. Europe has seen an increase in Web3 firms, which is expected to continue well into this decade. Other continents are seeing improvement with new pathways being exposed.
While the most in-demand NFT category during the 2021 boom was art and sports collectibles, the next decade could see in-game NFTs, and phygital NFTs sold massively. Still, the craze for the former two would not fade very quickly, as proven by new creators striking the Web3 space like lightning from the blue.
All these together could take the global market of NFTs to a whole new level in the next decade, which experts have predicted to be near $231 billion in 2030.
Some Concluding Thoughts
If you want to utilize the NFT market’s growth through a business or want to have your initial market research done in a professional setting, Blockchain App Factory has every solution tailored for you. We have experts in every aspect of Web3 platform development, including business analysis and marketing. With the NFT market expected to thrash new barriers in the next decade, it might be the time for you to get on board the virtual world as a venture owner!