The Non-fungible token (NFT) market has the potential to hit $800 billion over the next two years; a new report has indicated.
The report, which is the product of a survey conducted by CoinGecko, indicated that this sentiment was shared by more than 50% of active respondents in the industry.
The metaverse sector is projected to move around $800 billion over the next two years, and gaming appears to be the most likely entry point into the NFTs market.
The respondents stated that NFTs would play an indispensable role in the future, and based on this, they are HODLing their tokens.
The respondents were selected from Asia and the Pacific region, and over 50% of them own at least five NFTs —over 70% own one 1 NFT.
The survey concluded that
Gaming and metaverse NFTs, propelled into the spotlight by Axie Infinity the hooha surrounding Metaverses, tops the spot as the most popular type of NFT to be owned. Most respondents self-identified as flippers who are in to make a quick buck out of NFTs, but at the same time, the combined majority (51%) still expressed interest in hodling either to collect or for the underlying utility.
NFTs Investment Styles
The report further stated that respondents have indicated that ‘flip & earn’ was the primary motivation behind their non-fungible token purchases a
This can be attributed to the ease of using a PC to navigate time-sensitive NFT mints/trades.
The pre-purchase assessment report of most respondents shows that 38.5% chose floor price, 23% selected “strong community,” and 21.8% were inclined to “artistic value.”
It is important to note that over the last nine months, the space has grown in leaps and bounds. It has also led to wider adoption and growth of the overall crypto industry.
For context, as of the third quarter of 2021, the transaction volume of NFTs grossed over $5 billion. This positive run continued into this year when the leading marketplace, OpenSea, saw its trading volume reach a new ATH.