Art experts predict a multiple growth of the Russian NFT market by 2030. Now it is measured in hundreds of millions of dollars, but by the end of the decade it could reach $10 billion, representatives of platforms that invest in art estimated for Izvestia. Market growth can also be facilitated by the introduction of cryptocurrency regulation, which is now being widely discussed in the government. In particular, it will become easier for museums to engage in dialogue with the state on the legal status of token ownership, as it remains uncertain.
The share of Russian players in the global NFT market can be up to 5%, which in absolute terms amounts to hundreds of millions of dollars. This opinion was expressed in an interview with Izvestia by Inna Bazhenova, publisher of the international network The Art Newspaper, co-founder of the art investment platform The Art Exchange.
A more pessimistic assessment was expressed by Olga Dvoretskaya, the founder of the community of digital authors #Rassvet and NFT Academy: in her opinion, it is worth talking about 0.1-0.5% of the global market. In any case, if we take the upper limit of the “corridor” indicated by her as a guideline, we are talking about more than $100 million.
According to Chainalysis, the global NFT market was $40.9 billion at the end of last year. In turn, DappRadar cryptocurrency market researchers estimated NFT sales in 2021 at $24.9 billion. However, several major market researchers, including Morgan Stanley predict growth to $240 billion or more by 2030. Then, accordingly, the Russian share may already be about $10 billion, Inna Bazhenova points out.
An important factor in the growth of the market may be the entry into the game of museums. Last year, the placement of digital copies of five of its masterpieces in the form of NFTs by the Hermitage created a sensation. The museum earned almost $450,000 from this, but the deal had to be carried out through many intermediaries, inventing a complex legal scheme.
More details – in the exclusive material of “Izvestia”:
“Art-preparation: the NFT market in Russia was predicted to grow to $10 billion”
Source: IZ
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
