NFT and Metaverse have been on the decline lately
Investing.com – OpenSea, the market’s largest NFT market by daily trading volumes, shows that demand for NFTs has been declining recently with the decline in trading volumes.
While the NFT market left its mark on 2021, it attracted the attention of the whole world by both the increase in transaction volumes and Google (NASDAQ:GOOGL) searches.
On the largest NFT market, OpenSea, daily trading volumes rose up to $250 million, while the latest data shows that trade declined to as low as 70 million with declines in transaction volume. According to the latest trading volume figures, the NFT market is seeing declines of more than 70 percent from its peak level.
The NFT market has become the focus of attention as many global companies, celebrities and the music industry have implemented their projects in this sector. However, the recent lack of new projects in the NFT market is causing the market to stagnate.
Despite the recession in the NFT market, data shows that crypto wallets buying NFT are still at high levels.
Research predicts growth in Metaverse market
There are opinions that the Metaverse field, which has a close relationship with the NFT market, will continue to grow in the coming years. The latest research data published by Grand View Research on this subject reveals that Metaverse can become a market that can reach a value of $ 678.8 billion by 2030.
It is estimated that the Metaverse market, which is estimated to be at the level of 38 billion dollars at the end of 2021, can see an annual growth of 40 percent according to the research.
Among the companies that could be a catalyst for growth in the report are Fortnite, Roblox, Minecraft, and decentralized projects like Decentraland and The Sandbox.
The research firm thinks that the increasing demand for crypto assets and growing peer-to-peer payment systems will also be the trigger for the Metaverse market. As a warning, it is emphasized that the digitalized world may be more exposed to the risks of cyber attacks.
However, a recession can be mentioned at this time for the Metaverse domain as well as for the NFTs. Because earlier this month, Google Trends data shows that the interest in the Metaverse field has also decreased. However, the fact that the company continues to work to operate in the Metaverse may help return the interest in this field in the coming periods.