Market Trend
Last updated
Last updated
The NFT market saw massive growth in 2021. According to market research agency DappRadar, about 200,000 wallets were used daily for transactions of NFTs in the first quarter of 2022¹⁾, topping $12 billion in total transactions. The market is expected to grow even further as the number of NFT-based metaverse services increases in the future.
The size of the global metaverse market is projected to grow by an annual average of 43.3% to reach $1,607 billion in 2030³⁾. The popularization of NFTs and technological advances in artificial intelligence (AI), virtual reality (VR) and augmented reality (AR) will also speed up the market growth.
The number of active accounts connected to DeFi surpassed 4.6 million in April 2022, and the number of participants in DeFi is on a constant rise when all chains are counted. Funds deposited in DeFi also amounted to about $200 billion in April 2022⁴⁾. The number of active DeFi wallets is increasing today, and the market volume is forecasted to record a sharp growth in line with DeFi flourishing. According to Cointelegraph, the DeFi market has the potential to grow 100-fold within the next five years⁵⁾.
Blockchain technology created a new wave of Play to Earn (P2E) games in the gaming industry by allowing individuals to directly own items or goods within a game as a virtual asset. It enabled users to participate in the operation of games and communities, beyond the unilateral environment where games were operated solely by service providers, and such a wave has been supported by numerous users. In the third quarter of 2021, the blockchain game market recorded $23.2 billion in sales, and we foresee the growth will continue⁶⁾.
References 1) https://www.bloomberg.com/news/articles/2022-04-22/nft-hype-is-on-the-rise-again-as-market-steadies-after-slump 2) https://decrypt.co/96983/nft-market-rebound-q1-trading-tops-12-billion 3) https://www.emergenresearch.com/industry-report/metaverse-market 4) https://consensys.net/blog/cryptoeconomic-research/defi-market-commentary-march-2022/ 5) https://cointelegraph.com/news/defi-can-be-100-times-larger-than-today-in-5-years 6) https://cointelegraph.com/magazine/2022/05/03/can-p2e-gaming-grind-away-market-share-from-mainstream-games
