Staggering Growth: Total NFT Market Cap Increases by Over 11,000% in Just 2 Years
The NFT (non-fungible token) market has seen tremendous growth in recent years, with the total market cap increasing by 11,664% in just two years, rising to around $10 billion in December 2020, according to data shared by crypto influencer 6529.
Despite the bear market conditions, the NFT market continued to see impressive growth, with the total market cap reaching $20 billion at the end of December 2021, a 23,429% increase from the end of December 2020.
This growth has been fueled in part by the introduction of numerous NFT platforms in recent years, as well as the entry of industry heavyweights like Apple, Reddit, Starbucks, Winamp, and MetaMask into the market. The NFT space has proven to be a resilient and thriving part of the crypto industry.
According to a recent report, the NFT market is expected to continue expanding in the coming years, with a compound annual growth rate of 34.3% predicted for the African and Middle Eastern regions between 2022 and 2028. The total value of NFT spending, which is currently at $3.42 billion, is also expected to rise to $18.22 billion by 2028.
It is clear that the NFT market has a bright future ahead, and it will be interesting to see how it continues to grow and evolve in the coming years. With more and more companies and individuals entering the market, the potential for further innovation and growth is endless.
