According to data presented by AltIndex.com, the annual growth rate in the NFT market is expected to drop to just 2.6% by 2028.
As collectors spend less and less money on digital artworks, global NFT sales have been falling steadily since peaking in September 2021. And this trend will continue in the following years.
Although revenue from NFT markets is still expected to see a double digit growth, increasing 41% year over year to $2.37 billion in 2024, The market is losing momentum. According to data presented by AltIndex.com, the rate of Annual growth in the NFT market will fall to just 2.6% by 2028.
According to a Statista survey, NFT markets They will raise 2.37 billion dollars in 2024, 41% more than last year. Although 41% is a high figure, it is only half the growth rate seen last year and almost 1000 times less than the growth rate reported in 2021, the record year for global NFT sales.
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NFT: Why the market is expected to continue losing momentum
Statista expects the market to continue losing momentum in the coming years. In 2025, revenue from NFT marketplaces is projected to increase 21% to $2.87 billion, just half the growth projected for this year. Statistics show that 2026 will bring less than 10% annual growth in the NFT space.
One of the reasons for such a poor market projection is the dwindling number of active NFT wallets and people willing to invest in NFTs.
Last week, the NFT market had around 25,700 active wallets, or a 72% less than in March of last year, according to data from NonFungible. The number of unique buyers plummeted 78% in this period, going from more than 63,100 a year ago to 13,500 last week. Statistics also show that the NFT marketplace had 15,200 unique sellers last week, or a 67% less than in the same month of the previous year.
A largest number of sellers indicates more supply than demand in the NFT space, which may cause NFT owners to lower their prices, resulting in a further drop in the NFT market value.
Source: Ambito
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