How much money do you think is passed around the Metaverse? $800 million is the likely answer over the next couple of years.
Although NFTs have been a part of the cryptocurrency market since 2014, interest and adoption ha risen rapidly over the last two years. At their height in August 2021, the total trading volume of NFTs rose to over $5 billion, kickstarting what briefly came be to known as “NFT Summer”.
While the bulk of the NFT market appeared to be concentrated in popular collections such as the Bored Ape Yacht Club and CryptoPunks, 35.8% of respondents said they were interested in NFTs linked to play-to-earn and metaverse games, and 25% stated that they prefer art NFTs. When it comes to tracking new or upcoming NFT projects, 60% of respondents said they prefer to use Discord and Twitter. The minimum price also appeared to be important for the perception of value. The report revealed that when it comes to evaluating NFTs before buying, the majority of respondents were interested in the floor price and only 23% and 21.8% selected “strong community” and “artistic value/attachment” respectively.
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