From new data from Market Decipher is forecast for the NFT market over the next 10 years. The report has estimated the collectibles market size at $402 billion by 2021. In addition, forecasts are made that the market could reach $1 trillion by 2032.
The fastest growing sectors
Currently, the fastest growing sectors include digital art, sports NFT and (digital) trading cards. Collectibles are evolving as a high ROI industry for investors.
Market Decipher has reportedly reviewed significant databases on the NFT industry. The latest insights and forecasts have uncovered new areas of profitability. Market insights also shed light on some market sectors that are otherwise considered gray.
It is not unknown that the NFT industry has been hit hard recently. However, it is expected that new heights will be reached in and after 2022. Due to the demand for NFTs generated by online investors and collectors, the prices of several digital collectibles have already risen.
Spots NFT are also expected to be widely distributed via various online marketplaces this year. Limited edition video clips and player trading cards are 2 hugely important items that need to be tokenized.
In addition, the sports NFT world is expected to grow by approximately 60% by the end of this year. Demand has led to the development of specialized sports NFT marketplaces. Demand is skyrocketing this year and companies are emerging to reap the benefits. Sports leagues have played a vital role in contracting to launch new trading cards and NFTs of historical game moments in terms of video clips. Almost every major sports league has an exclusive trading card contract with manufacturers. It is not yet known what the next step within the NFT world will be.