Fri, March 01, 2024

The NFT Sector is Willful to Shift Around $800 Billion

People are Using Google to Learn More About NFTs 

NFTs have been part of the cryptocurrency market since 2014. However, Interest and acceptance increased rapidly, especially over the last two years. At their peak in August 2021, total NFT trade volumes rose to $5 billion; It started briefly as “NFT Summer”. According to Coingecko, the NFT market may exceed $800 billion in the next two years. The report mainly used investors from Asia and the Pacific investors, highlighting that about 72% of the 871 respondents already own NFT.

As for investors, the report indicates a balance between generations. 43.6% of investors surveyed were 18-30 years old; While 45.2% were 30-50 years old. While most of the NFT market was concentrated in popular collections, BAYC and CryptoPunks; 35.8% of respondents said they were interested in non-fungible tokens related to gambling and metaverse games. 25% said they preferred NFTs for the arts. The meta-sector is ready to shift to $800 billion over the next two years. Games seem to be the most likely entry point into the market.

NFT Projects

The main motivation for purchases was to turn around and make money. It is worth noting that the computer remains the preferred choice for trading and cutting. This can attribute to the ease of use of the computer for navigating time-sensitive NFT.

As for tracking new or upcoming projects, 60% of respondents said they prefer to use Twitter and Discord. The minimum price was also important for the perception of value. The report showed that when it came to evaluating NFTs before buying, most respondents were interested in the floor price. Only 23% and 21.8% chose “Strong Society” and “Artistic Value/Attachment”, respectively.

On the other hand, most market investors are not interested in selling their NFTs. More than 50% of respondents stressed that they have a HODL mentality and see a future where irreplaceable tokens can be an important element in games. Despite all the hype, not-fungible tokens make up only a small portion of most cryptocurrency portfolios; 70% of respondents say they represent only 0-25% of their cryptocurrency portfolio.

Ethereum remains the dominant chain of NFTs, with 46.3% of respondents. In second place is Polygon 13.8%, followed by Solana 13.5%. Together, other smart contract platforms accounted for 26.4% of Coingecko respondents trading NFTs. As for the markets, the data confirmed the dominance of OpenSea, which is responsible for 58.7% of trading activity. Solanamart had more than a 10% market share. LooksRare had less than 4%.

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