Will NFT Revenue Grow 80% in 2023?

Key Takeaways:

• NFT sector sales rose 137% in Q1 2023.
• Statistics say revenue will grow 80% this year.
• What will propel the non-fungible tokens?

YEREVAN (CoinChapter.com) – Despite the absence of the 2021-level fuss around NFTs, the sector is not dying and could promise rewards in 2023. Despite a slight decrease in trading volume in March, the overall performance has been bullish, with $4.7 billion in sales in Q1, a 137% increase from the previous quarter.

In detail, non-fungible tokens made a splash in 2021, as their collective valuation rose nearly $40,000% year-over-year. 2022 was significantly less kind to the crypto market, shaving 67% off the sector’s market cap. However, NFTs managed to not only stay afloat but boast a 10% revenue increase YoY.

The predicted growth of the NFT sector in 2023 stands at 80%

Furthermore, according to predictions from Statista.com, the expected revenue in 2023 could stand at $1.6 billion, a potential near-80% increase from 2022, doubling by 2027.

Meanwhile, NFT company growth does not necessarily translate to user revenue. But Statista still predicts a 32% YoY growth in user revenue in 2023.

Ethereum currently dominates the sector accounting for over 89% of the market share in March. As a result, the blockchain boasted a 245% NFT trading volume quarterly increase in Q1, 2023.

Furthermore, Polygon had a bullish start to the year. […] Looking at the quarterly data, it had a trading volume of $85 million in Q1 2023, which is a remarkable 125.04% increase from the previous quarter and one of the best quarters recorded since Q4 2021. 

also stated the dappradar report.

What will propel NFTs this year?

NFTs are a powerful tool, propelling the Web3 movement, as per crypto analyst CryptoKoryo, and the hyped-up sector is “far from dead.” Moreover, the entertainment industry is a major propeller pushing NFTs forward.

In the next 5-10 years, the biggest animation studio, the biggest IP franchise, the biggest toy brand… Will have the mark of “web3 native.” I suggest not to invest right away… Just follow the developments…

mentioned a linked thread.

Furthermore, Amazon’s decision to launch its own NFT trading platform testifies to the expected revenue. The marketplace was originally scheduled to launch in 2022. The new launch date, after several delays, is set to May 15, but nothing is yet confirmed with certainty.

However, the goal of the marketplace is reportedly the ability to purchase products directly by trading NFTs and, by extension, opening the non-fungible token sector for a much broader audience.

Also read: Crypto Investor Loses 88K CRO tokens At Poloniex — What Happened to the Funds?