The NFT market is showing signs of revival after a prolonged downturn, with projections indicating substantial growth over the coming years driven by increasing adoption across multiple sectors. According to analysis platform Coinlaw.io, the market is expected to expand from over $60 billion in 2025 to exceed $247 billion by 2029, representing a compound annual growth rate of nearly 42 percent.
The growth is being fueled by diversification beyond speculative art into gaming, fashion, and legal applications. Gaming and digital art currently dominate the space, accounting for 38 percent of global NFT transactions and 21 percent of market size respectively. Emerging sectors like real estate have surpassed $1.4 billion in volume, while phygital tokens linked to physical goods experienced a 60 percent rise in transaction volume, led by luxury brands.
Institutional interest is also growing, with venture capital firms investing $4.2 billion in NFT projects this year alone. Financial giants including Goldman Sachs and JPMorgan have explored tokenization for digital asset collateralization, while firms like SoftBank and Sequoia Capital are expanding into tokenized digital assets. Asset manager Canary Capital has filed an application for a Pudgy Penguins ETF that would hold both the PENGU meme coin and Pudgy Penguins NFT collection.
Despite these positive indicators, the market remains well below its 2022 peak. Current market capitalization stands at approximately $6 billion, representing a 76 percent decline from the $24.7 billion high reached in 2022.
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