NFTs seem to be everywhere as of late, being touted by celebrities ranging from Justin Bieber to Heidi Klum, but data show they account for just 1% of the overall cryptocurrency market.
Nonfungible tokens have a combined value of about $16 billion (¥1.8 trillion), which is only a sliver of the roughly $2 trillion ecosystem of thousands of digital assets, according to an analysis of NFTGo data by crypto information and research firm Messari. That’s even with some selling for millions of dollars.
"The market can be saturated in some regards, but it can also be small compared to where it will be in several years from now,” said Mason Nystrom, senior research analyst at Messari. "Within the next five years, I expect this industry to grow significantly and the reason for that is because NFTs can be anything, it’s just a file standard.”