According to NFT Valuations data shared by crypto influencer 6529, the total NFT market cap has increased by 11,664% in two years, rising to around $10 billion from $85 million in December 2020.
Despite the harsh conditions of the bear market, the impressive two-year growth rate was maintained.
The total NFT market cap in late December 2021 was around $20 billion, which is 50% higher than today’s volume and 23,429% higher than in late December 2020.
Total NFT Market Cap
late Dec 2020: ~$85M
late Dec 2021: ~$20B
late Dec 2022: ~$10Beverything is fine.
don't worry, we are just getting started.— 6529 (@punk6529) December 28, 2022
Dozens of NFT platforms have been launched in the last few years as industry titans such as Apple, Reddit, Starbucks, Winamp, and MetaMask entered the NFT field.
The NFT market was one of the most resilient in crypto. It remained mostly intact during the coldest bear market in crypto history, while some areas, such as Sports NFTs, saw impressive growth rates.
Furthermore, recent studies indicate that the NFT market will expand even further.
According to a recent report, the NFT industry will grow steadily in the African and Middle Eastern regions between 2022 and 2028, with a compound annual growth rate of 34.3%.
The current NFT spend value of $3.42 billion, on the other hand, is expected to rise to $18.22 billion by 2028.
To read our blog on “Reddit has launched an NFT marketplace that is Ethereum-compatible,” click here
