2022 was not kind to the crypto market generally, and the NFT market specifically. From the May 2022 crash to NFT scams and hitting an all-time low, many gave up their NFT business venture. However, many others still are hopeful about the industry and know that the bearish phase will eventually come to an end. If you’re not familiar with the term, you’ll wanna learn the basic NFT lingo before you continue! Why? Because today, we’re gonna take a look at the NFT market size in 2023 and discuss where it’s heading!
We’re not gonna bore you with all the details, so here goes nothing. In the first two quarters of 2022, the crypto market took a hit and the trend went down. The NFT market size, in turn, took a hit, and people started losing. In fact, NFT trading was for the first time ever not profitable. So you can understand how some people could lose their patience and give up on their NFT venture. However, Q3 rolled around, and new trends started happening.
After a massive 77% drop in NFT trade volume, the market started stabilizing. So you could call everything that went down market correction. After an abundance of NFT scams and non-serious traders, 2022 filtered all that out. Profit and money-making seem to take a backseat in 2023 while usefulness takes center stage. In other words, NFT utility and roadmap are now the most important asset a collection can have, not rarity.
Yes, absolutely – the short answer.
The long answer is that it’s worth it depending on how you look at it. If you’re here for some fast money, maybe NFTs aren’t for you. The initial appeal of the market was that there were no restrictions, which had pros and cons. However, people are becoming more aware of the whole thing, and they’re learning how to trade responsibly. That results in healthy trading behaviors in the market. We’re not saying that scams will disappear, but well, every market has its share of scams, right?
Anyway, if you’re looking for a long-term investment, NFTs are definitely worth looking into. In fact, the projected NFT market size for 2030 is $211.72B. That means a 34.2% increase from 2023 to 2030. So if you’ve got some money you’d like to invest in, NFTs are a pretty good place to look. However, we always recommend that you do your own research (DYOR) when it comes to money investment.
Finally, if you don’t wanna put all of your eggs in one basket, we got you. Why not invest in sneakers? After all, the sneaker market proved time and time again that it’s here to stay! If you wanna know more about that, our blog is ready to take you through the journey from A to Z. Godspeed
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