Global NFT Market Expected to Hit $97.6B by 2028, Recording a CAGR of 31.6%

Since non-fungible tokens (NFTs) help build authentic intellectual property, this is one of the key drivers expected to push the sector to a $97.6 billion valuation by 2028, according to a report by Research and Markets.  

NFTs are viewed as stepping stones towards more economic prospects. This is the other key driver anticipated to render more growth in this market. Per the report:

“For a very long period, the primary focus of NFT experts has been on their essential characteristics. In the modern era, NFTs have a wide range of applications in the field of digital content.”

A compound annual growth rate (CAGR) of 31.6% will be recorded during the forecast period. 

By ensuring that intellectual property is stored in a tamper-proof blockchain, Research and Markets expects NFTs to continue gaining steam. For instance, a fashion designer can have their garment embedded in a blockchain-powered smart contract.

The study also highlighted that the ERC-721 token standard played an instrumental role in the materialization of NFTs. Moreover, the ERC-1155 was pivotal in enhancing non-fungible tokens by lowering storage and transaction costs. 

Research and Markets noted:

“The ERC-721 standard gave rise to NFTs. ERC-721 defines the basic interface, such as ownership details, security, and metadata, that are required for the distribution and exchange of gaming tokens.”

Key market players included Gemini Trust Company, LLC, Dapper Labs, Inc., The Sandbox, Cloudflare, Inc., Ozone Networks, Inc., and Semidot infotech.

The NFT market was segmented based on applications: gaming, art, collectables, metaverse, sport, and utilities. 

On the other hand, the threat of digital replication emerged as the main stumbling block to NFT growth. The report stated:

“While a blockchain’s integrity is unassailable, NFTs can also be utilized to propagate fraud. There are various instances, in which, several artists have reported finding their work for sale as NFTs on online marketplaces without their permission.”

Meanwhile, South Korean companies adopted NFT strategies to attract the younger generation seeking special and new products while revitalizing brand loyalty, Blockchain.News reported. 

Image source: Shutterstock


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The True Power of ERC-20 and ERC-721 Tokens

The True Power of ERC-20 and ERC-721 Tokens

The True Power of ERC-20 and ERC-721 TokensUnless you have been living under a rock, you will have heard about Ethereum. It is a blockchain that has given Bitcoin a run for its money over the years. A decentralized protocol, meaning no interference from Governments, intermediaries or even the tax man, it allows developers to build their own open-source decentralized apps, with

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New report predicts NFTs will explode in popularity during 2021

Canadian-based analytics company NonFungible has released a report predicting that 2021 is poised for “a new Bull Market in the NFT industry.”

Although NFTs have been around since ERC-721 was invented by William Entriken, Dieter Shirley, Jacob Evans, and Nastassia Sachs in January 2018, the sector largely remained an obscurity outside of hardcore crypto circles until the latter part of 2020. The second half of 2020 saw NFT sales increase by 200% to more than $9 million.

However, NFT sales have since risen at an incredible rate with approximately $60 million non-fungible tokens sold in the last 24 hours.

The value of highly-sought NFTs has similarly skyrocketed, with multiple NFT sales garnering more than $1 million each in February so far. On Feb. 22, one collectible in the Cryptopunk series sold for 550 ETH, worth more than $1 million at the time of sale.

Three days earlier, another CryptoPunk sold for 800 ETH with a value of $1.55 million at the time of sale, while another sold four days ago for 650 ETH.

According to the report, the total market cap for project-based NFTs finished was $338 million at the close of 2020. Messari research analyst Mason Nystrom believes this figure could rise to more than $1.3 billion in 2021.

Nystrom noted the art industry has embraced NFTs, driving more than $120 million in sales from conception to December 2020. He also noted great potential in the gaming and collectible categories, emphasizing that critical infrastructure is expected to launch in 2021.

Ethereum NFT project Ether.Cards has designed NFT cards that will randomly be given special utility traits such as reduced platform fees, increased future drop rates, or even shared royalties of the platform’s ongoing revenue. The platform will allow artists to set up raffles, bingos, deathmatches, and other games on their NFTs.

The NBA is arguably the biggest corporation to embrace non-fungible tokens, partnering with CryptoKitties’ creator Dapper Labs to release collectible NFTs in the form of NBA Top Shot “moments” for the past year.

Over the last 24 hours, more than 34,000 people traded the basketball-themed cards on Top Shot’s secondary market, generating for more than $46.7 million worth of trade. Earlier today, one card featuring Lebron James sold for $208,000, according to Cryptoslam.

Several celebrities have also attempted to jump on the NFT bandwagon, with Lindsay Lohan selling an Daft Punk-themed NFT for $15,000.

A Russian “artist” also sought to profit from NFTs earlier today, turning a video of him eating a live bat in front of the European Parliament into an NFT.