The NFT market will hit $200 billion by 2030, according to a new report published by Grand View Research.

The findings by the market insights firm highlight the burgeoning popularity of non-fungible tokens (NFTs), partly fuelled by their increasing demand due to their applications.

The report puts the current NFT market value at just over $15 billion, and focuses on the movement and progression of the market between 2018 and 2020. 

The market is forecast to expand at a compound annual growth rate of 33.9% between now and 2030, with this growth concentrated on the digital asset segment of the NFT market.

The report adds that most of this activity is predicted to occur on Ethereum, yet activity on other chains is also forecast to increase, Bitcoin.com reports.

The report shows that the collectibles sector is expected to continue leading the NFT market, with a share of over half of NFT global revenue last year. Sports and gaming collectibles have registered considerable post-pandemic growth. 

Although commercial NFTs make up just 31% of all NFTs, companies are forecast to use an increasing number of these tokens for several purposes in the coming years. 

The report states: “The growing use of NFTs for business purposes, such as innovating supply chain management and logistics, is expected to drive the segment growth. Logistic companies are increasingly integrating blockchain technology in their operations, creating new opportunities for the growth of the segment.”

As much as 31% of this growth is taking place in North America. Yet the Asia Pacific region will witness the highest growth in future, the study shows. Demand will predominantly stem from new applications such as gaming, with metaverse platforms generating fresh opportunities. Indeed, a recent report predicts the metaverse real estate market will grow by $5 billion by 2026.