An impressive two-year growth rate was still recorded despite the intense bear market conditions. NFT market cap in late December 2021 is around $20 billion, which is 50% higher than current volume and 23,429% higher than in late December 2020.
Dozens of NFT platforms have been launched in the last few years as giants such as Apple, Reddit, Starbucks, Winamp and MetaMask entered the NFT space. The NFT space has been one of the most resilient areas of cryptocurrency. It remained more or less intact during the coldest bear market cryptocurrency history has witnessed, but some like sports NFTs The sector has recorded impressive growth rates.
Moreover, recent research indicates that the NFT market will grow further. According to a recent report, the NFT industry is estimated to grow steadily in the Africa and Middle East region between 2022 and 2028, with a CAGR of 34.3%. Meanwhile, his NFT spending currently stands at $3.42 billion, but could reach $18.22 billion by 2028.