Contrary to what has been said in the market for some time, NFTs are not dying out. While there have been dizzying swings in the past year, up and down, in the various segments of this asset market, with even Blue-Chips (the most expensive and rarest) losing up to 80% of their value, it is estimated that the total market value of NFTs in 2023 will equate to approximately US$28 billion to US$38 billion.
Values capable of generating annual revenues of at least $1.5 billion, according to the “NFT Landscape 2023” study commissioned by Ripio, a pioneering brand in the crypto sector in Latin America with a reach of more than 8 million users and a track record of service ten years on the market.
The one who conducted the research was Dux, a Brazilian startup that focuses on the Web3 market and works daily in areas of interest such as blockchain, crypto, NFTs, DeFi, GameFi and metaverse.
The NFT market is expected to grow in the coming years, according to research
Research shows that the market is expected to grow at a compound annual rate (CAGR) of 18% to 35%.
If it was worth around US$11 billion to US$18 billion in 2021 and from US$18 to US$25 billion in 2022, it is projected to be worth between 2026 and US$60 billion or even more than US$120 billion. can amount to. 2028 .
Another trend that can be deduced from the research is that, especially from 2023 onwards, while OpenSea remains the largest market for NFTs, other alternative marketplaces and aggregators of this type of asset, such as Blur or X2Y2, which will gain more space in the strengthen the market in the coming months.
As for the total number of estimated users, the study highlights that at least 30 or 40 million wallets have exchanged NFTs in recent years alone. Brazil occupies a prominent position on this list, with over 5 million users (approximately 2% of the population), appearing as one of the most important global markets for NFTs alongside countries such as the United States, China, Canada, India, Indonesia, Thailand and Vietnam.
According to Henrique Teixeira, Global Head of New Business at Ripio, the NFT market remains important for linking the cryptocurrency market to several other sectors.
“The NFT market is extremely important for a large portion of the operations conducted using blockchain technology as it is a type of deed or coded record attesting ownership of a “digital asset” in various segments such as electronic games, movies, music, artwork and even real estate. And it has all the potential to become more and more relevant as this technology becomes natural and present in the daily life of society as a means and support for various functionalities, and can be used for the most diverse purposes. Ripio is a company focused on the development of the crypto ecosystem and for us, revealing this unprecedented research that provides relevant information about the NFT market is essential to continue promoting the importance of these assets.
Report available for free to investors following the NFT market
Finally, the “NFT Landscape 2023” indicates the new trends and points out some of the possible directions for the industry in the short and medium term.
Among the main ones are the growth in the importance and demand for ENS (Ethereum Name Service) type domains, which has become quite remarkable in the web3 scenario, market centralization, more correlation between the crypto market and NFTs, and a greater using these digital assets in logistics chains of various products and supplies, an integral part of virtually every business, with the aim of making it more transparent, cheaper and more efficient.
For Felipe Barros, Head of Education at DUX, a better understanding of the size of the NFT market and the current context of the industry is essential not only to make better decisions and seize opportunities, but also to understand the market itself. consolidate.
“It is very important that institutions like Ripio take care of the publication and dissemination of studies and reports like this one, especially because it is freely accessible material that provides very up-to-date data, not only because this kind of research simply does not exist in Portuguese, but also because it generates a lot of value for the community and gives investors more confidence and information.”
The new study is available on Ripio’s Discord and can be downloaded for free by investors.
Do you want access to our exclusive eBook “NFT Landscape 2023” in collaboration with @wearedux_? 😎
The report provides an overview of the current state and future projections of the NFT market in Brazil and worldwide.
➡️ Join Discord to download: https://t.co/phhu4QYebv pic.twitter.com/KyjkeBK1n6
— Ripio Brazil (@ripioBR) May 31, 2023
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
