NFTs came to the limelight in the year 2017, with the launch of cryptopunks, later than, it's growth graph kept on rising and risning. Data shows that in the year 2018, the sales volume of NFT is 41 million, later in 2021, it raises up to 2.5 billion. Very recently, the total sales volume of NFTs surged to 12 billion USD.
Reason behind the popularity of NFTs
NFT business can’t fit in a single box, it is a vast domain. Almost all industries from Art to e-commerce are disrupted by NFTs. There are quite a series of reasons behind this nft craze.
Some NFTs are tagged as most popular and sold out for such a huge price. The most expensive NFT is Beeple NFT, which is sold for 69 million USD. Some other popular NFTs are Crypto Punks. These expensive NFTs have created a hype for Non Fungible Tokens among people.
Celebrities from all domains have launched their own NFTs, which triggers their fans and followers over the globe to get started with NFTs. Popular Musicians like Justin bieber, A.R,. Rahman have launched their own NFTS. and popular personalities from Sports, Art,etc, have also launched their NFTs.
Play To Earn Games
Play to earn games is the most prominent reason behind the surge of NFTs. Popular games like Axie Infinity, Zed Run are designed in a way to provide passive income for users which invite many more games to NFTs
Global Adoption Of NFT
Many countries seem to welcome Non Fungible Tokens but yet the truth is 66% of the global population have no knowledge about the existence of NFTs. The Shocking fact is that the lack of NFT knowledge is more in developed countries like the USA and Japan. 90% of Japanese have no idea about digital assets and nearly 70% People in the US have not heard about Non Fungible Tokens. Asian Countries are more likely to adopt NFTs than European countries.
Top Countries adopt NFTs
Phillippines holds almost 32% of NFT owners. Report says that 9.5% people are planning to own NFTs. 41.5% is the forecast adoption.
Thailand has 27% of NFT ownership and also 7.9% out there are planning to buy NFTs.
Next to Thailand, Malaysians hold 24% NFT Owners and 10.5 % poll participants are planning to buy Non Fungible Tokens in the Future.
With a difference of 1%, UAE holds fourth position with 23% of NFT owners and 11.5% planning to buy NFTs.
17% of NFT owners are vietnamese, and in the future more 11% have plans to buy NFTs in the future. The forecast adoption is 29%.
Nigeria's growth in Cryptocurrency and NFTs are just remarkable. 13.7% of NFT owners are Nigerians and 21% out there are planning to buy NFTs.
12% of NFT owners in Brazil and the data from the survey suggests that 9.9% have plans to own NFTs.
8. Hong Kong
Hong is in the 8 th position and 10.7% of the population owns NFTs and 13% out there have derived plans to buy NFTs.
The difference between Hong Kong is 0.1%, 10.6% of NFT holders.
Peru holds the 10th position as it has a significant number of NFT holders.
Will the NFT Market Move ahead of the Crypto Market ?
Will the NFT Market move ahead of the cryptocurrency market ? Is still a big question for many. experts out there predict that there are quite a lot of possibilities, NFT Market could step ahead cryptocurrency market. The scope, hope and emerging business models in NFTs vividly showcase the bright future for NFTs.
Being the best NFT Development Company, We Bitdeal provides all kinds of NFT services like NFT Marketplace Development, NFT Gaming Development, NFT Minting Development, etc, we provide optimal solutions to our potential clients.
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