According to NFT Valuations data shared by crypto influencer 6529, the total market cap of NFT increased by 11,664% in just two years, rising to about $10 billion from $85 million in December 2020, Crptoslate noted.
According to Cryptoslate, despite the harsh bear market conditions, the impressive two-year growth rate was still recorded. The total NFT market cap was around $20 billion at the end of December 2021, which is a growth of 23,429% from the end of December 2020 and a 50% increase over today’s volume.
Numerous NFT platforms have been introduced in the last few years as industry heavyweights like Apple, Reddit, Starbucks, Winamp, and MetaMask have entered the market. One of the cryptosphere’s most resilient subfields was the NFT space.
Recent studies also suggest that the NFT market will expand even further. According to a recent report, the NFT market is expected to expand steadily in the African and Middle Eastern regions between 2022 and 2028, with a Compound Annual Growth rate of 34.3%. On the other hand, the $3.42 billion total value of NFT spending today is predicted to rise to $18.22 billion by 2028, Cryptoslate further informed.
(With insights from Cryptoslate)