BitcoinCasinos.com’s statistics suggests that long-term NFT markets are bleak. These are expected to be worth $2.7 billion by 2025, far less than previously estimated. Details are here.
The once-burgeoning NFT market has faced new hurdles, registered lackluster sales statistics, and been given negative growth estimates for the upcoming years despite a promising start in 2023 and several excellent months.
In reality, despite an 80% increase year over year, sales are still far below pre-2022 estimates.
As is well known, the cryptocurrency winter has significantly decreased investor interest in NFTs, resulting in a significant decline in both the volume and dollar worth of sales from the prior year.
Additionally, the positive outlook for future market growth has been dimmed by NFTs’ recent poor performance. According to Statista data, we can observe that NFT markets made $810 million in revenue in 2021.
Despite 2022 being one of the most challenging years in the history of the cryptocurrency sector, this amount climbed to $890 million last year.
A spectacular market recovery was predicted by Statista in November 2022, with an expected value of $3.68 billion in 2023 and more than $6.2 billion by 2025.
However, Statista’s predictions have been drastically reduced six months later. In fact, the market for Non-Fungible Tokens is anticipated to create roughly $1.6 billion this year, which is 56% less than the prior prediction, according to the most recent data from April.
It is forecast to grow by 70% over the next four years, reaching $2.75 billion in 2025, which is significantly less than the $6.2 billion previously estimated.
In marketplaces for Non-Fungible Tokens, sellers outnumber purchasers
We can see from the facts that forecasts for user growth are also significantly less optimistic.
Statista predicted in November that there will be 50.3 million traders in NFT markets this year and that number would nearly double to 60 million by 2025.
But as of right now, these numbers are down to 13.9 million in 2023 and 18.3 million in 2025.
Following alarming information on the total number of buyers and sellers in this market as well as the number of active NFT wallets, the most recent market estimates were made public.
NFTGo statistics shows that as of May 23, there were 5,056 buyers and 6,054 sellers in the NFT market.
This information raises questions because a high number of sellers suggests that there is an oversupply compared to demand, which may encourage many NFT owners to lower their prices, further depreciating the market value of NFTs.
At the time of writing, NFTs’ entire market value was roughly $7.71 billion, a 42% decline from the same month the year before.
The overall amount of NFT sales, which totaled $9.9 billion, fell 68% from the previous year.
Major NFT project investments lose 95% of their value in ether
Major NFT projects including Doodles, Invisible Friends, Moonbirds, and Goblintown had losses of up to 95% of their ether (ETH) value.
Blue-chip NFT collections, which are high-quality NFT collections, also saw a decrease in value of, on average, more than 40%.
Furthermore, according to statistics given by NFTGo, the blue-chip index has decreased from its annual top of 12.394 ETH attained in July 2022 to a current level of 7.446 ETH.
Nevertheless, not all investors in the NFT sector have been deterred despite this negative trend.
In actuality, while some investors predict lengthy additional price declines in NFT, other investors think that now is the ideal time to act, hoping for a potential recovery in the future.