The impressive two-year growth rate was still recorded despite the heavy conditions of the bear market. On late December 2021, the total NFT market cap was around $20 billion, which is 50% higher than today’s volume and 23,429% higher than in late December 2020.
Dozens of NFT platforms were launched in the last couple of years as giants like Apple, Reddit, Starbucks, Winamp, and MetaMask entered the NFT field. The NFT sphere was one of the most resilient areas of crypto. It remained more or less intact during the coldest bear market the crypto history has witnessed, while some areas like Sports NFTs recorded impressive growth rates.
Moreover, recent studies indicate that the NFT market will grow even more. A recent report estimates that the NFT industry will grow steadily in the African and Middle Eastern regions during the 2022-2028 period, with a Compound Annual Growth rate of 34.3%. The current NFT spend value, which is at $3.42 billion, on the other hand, is likely to see $18.22 billion by 2028.