According to Messari Research, the NFT market has a market capitalization of more than $15 billion. What’s more noteworthy, however, is the sector’s composition. With a market worth of close to $8 billion, NFT avatars accounted for the lion’s share of the market.
Mason Nystrom, a Messari analyst, stated that NFT avatars were worth more than NFT games, art, and collectibles combined.
“However, the long-term horizon of the NFT ecosystem is bright as the NFT industry continues to expand as newcomers enter the space and new companies issue non-fungible tokens based on existing or new intellectual property,” he added.
The NFT field is heating up as new blockchains race to implement NFT capabilities for its users in an attempt to challenge Ethereum’s dominance. Furthermore, other NFT marketplaces are emerging to compete with OpenSea’s trade volumes. As if that wasn’t enough evidence, metaverse coins are becoming increasingly popular, with Grayscale Investments taking a look at them.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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