Despite a lackluster investment environment across the board, 2022 has been a year in which we see the NFT market boom where no other has. As quality NFT collections like the Book of Gates work to embed this new investment vehicle in the public consciousness, we see confident predictions of a global NFT market boom in the next 5 years.
Projected NFT Market Growth
In 2021, the global NFT market sat at $4.36B. By 2028, it is projected that we will see that number hit $19.57B or thereabouts. One of the primary fuels for the fire in this market is the growing demand for digital art and assets globally, especially as we become habituated to a more digital world. Following up the rear, we have the growing interest across the board, from individuals to major corporations, in the growing web3 and Metaverse developments.
Within this booming market, we see both gaming and digital art NFTs accounting for the bulk of NFT transactions, a trend that is also set to grow. For gaming, specifically, this transformation is partly driven due to the ‘perishable’ nature of classic gaming products.
As virtual in-game currency and in-app purchases have become the gaming norm, we’re seeing considerable kickback from players who invest relatively large amounts into games, only to be unable to withdraw, re-use, or resell what they’ve invested in. With an NFT-based format, on the other hand, what you purchase becomes your property, and can also be used in a wider space than just one game world.
On the art and asset side, we see NFTs work synergistically with the new focus on the creator economy, empowering owners and creators alike with a more secure way to control ownership, IP, and copyright digitally. This drives more profit to the creator’s pocket, incentivizing creation, while also giving peace-of-mind to the buyer, too.
To date, the Americas have been the driving force behind much of the global NFT market. However, we’re also seeing significant strides in NFT adoption globally.
Into the NFT Future with the Book of Gates
For those not yet in the know, the Book of Gates Trading Card Game NFT Collection, one of the hottest dropping this year, exemplifies all of these global pushes in NFT development. Powered by the ever-popular Ethereumblockchain, it’s conceptualized as a thoroughly unique web3 gaming world, with a pleasing nod to the ever-popular trading card gaming style of Pokémon or Magic: The Gathering. With a compelling storyline drawn from the Alexander Black graphic novel of the same name, it’s intriguing enough in itself.
However, it also represents the birth of a new NFT trend, too- that of the actual artistic collectors piece. Each unique NFT in the collection, from characters to artifacts, has a fully-visualized, mischievous art piece rich in the aura of adventure and mystery powering the underlying game. It’s the perfect example of how valuable NFTs can be both for artists and gamers alike, and it’s a trendsetter in an arena that’s set to boom over the next few years. If you’re looking for the perfect time to consider your own NFT investments, there’s no time like the present to get in on the ground floor of a booming market.
