Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
Due to its explosive popularity in less than two years, a VMR report predicts that the NFT market will swell to over $231 billion by 2030.
A recent Verified Market Research (VMR) report posits that the value of the non-fungible token (NFT) market will be worth $231 billion by 2030. According to the report, this spike will happen because of the continued adoption of NFTs across various industries. The adoption will continue to spread across crypto and non-crypto industries and cover everything from video games and music to art and digital collections.
More on VMR NFT Market 2030 Forecast
Ahead of its 2030 predictions, Verified Market Research valued the global NFT market at $11.3 billion in 2021. According to the global research and consulting firm, this dynamic digital assets sector will grow at a compound annual growth rate of 33.7%. The report predicts that the market will hit this growth rate over the next 8 years, further highlighting key NFT areas of interest.
The VMR report identifies the gaming sector as a crucial driver of adoption. The findings also highlight Ethereum blockchain software Enjin as a major NFT catalyst. This is because Enjin is one of the first prominent gaming firms to combine blockchain technology with its own infrastructure. Furthermore, the platform has also been able to launch its own native token ENJ. Part of Enjin’s operational milestones was transforming in-game assets into NFTs to provide gamers with a way to earn.
The AXS Filipino Success Use Case
Axie Infinity (AXS) has also been instrumental in blowing up the NFT market, using its play-to-earn gaming models. During the pandemic-induced lockdown, the platform provided users in the Philippines with an alternative means of livelihood. The option was reportedly so lucrative that one user claimed to have purchased two houses using in-game profits. In May 2021, 22-year-old Filipino player Aaron Ramos reported that he bought two houses in his country due to AXS then-surging prices. At the time, Ramos, who played under the pseudonym “Magnus TV,” announced on social media:
“I believed in AXIE’s ability to lift us up, I held an SLP, paid attention to the trend of AXIE Community and did some research […] then I played with the price of SLP to have enough funds to buy two houses and one team.”
The Philippines-based AXS player’s story made the rounds and sparked a lot of excitement and intrigue at the time. However, it also inevitably drew the attention of regulatory scrutiny. Filipino regulators demanded that AXS players pay tax on income derived from the game. Authorities also deliberated on how best to classify the NFTs. On August 23rd, 2021, Philippine’s Finance Undersecretary Antonette Tionko stated:
“Cryptocurrency is an asset, so it’s already taxable in the Philippines […] whoever earns currency from it, it’s income you should report it.”
Other NFT Milestones
The VMR report also touched on the sporting world’s foray into NFTs, highlighting Dapper Labs’ partnership with UFC to launch collectibles.
Also, leading NFT marketplace OpenSea has integrated Adobe service to enhance its own NFT service.