Non-Fungible token (NFT) market value is projected to hit $300+ millions by the end of 20320, according to a report published by NonFungible.com.
What is Non-Fungible Token (NFT)?
Unlike other tokens, a non-fungible token is a crypto or item that cannot be exchange for another. In other word, it’s not interchangeable.
To illustrate the different between fungible and non-fungible, let’s take a $20 bill. You can enter a traditional bank and exchange that currency for for the same amount in other forms; $1, $5, $10 and some change.
In contrary, a with non-fungible, an exchange is not possible. A university student graduated with a degree in economics cannot decide to change it for one in marketing.
Moreover, a cryptocurrency trader can exchange a bitcoin for ethereum or another crypto coin. However, a BTC may not be exchanged for another BTC. A token with such features is called Non-Fungible token (NFT).
Non-Fungible tokens 2020 growth projections
According to financial data collected by NonFungible.com, the NFT market was around $210 millions in 2019. However, It is projected to grow to $315 by end of 2020. That’s a 66.67 percent growth is projection holds.
However, Non-Fungible tokens only accounts for a small fraction of the overall cryptocurrency market. Cypto’s current market cap is $250 billions.
Crypto gaming is leading NFT market, which experienced a 30% serge in early 2020.
Mathieu is a Information technology professional with over 15 years of experience. He started one of the first bitcoin blogs existed in 2010. He started writing about, investing in bitcoin and promoting the first cryptocurrency when only a few technological savvy people knew about it. Mathieu is a world traveler who enjoys culture, technology, finance, salmon, rice and beans. He’s cool, collected and knows a great deal about blockchain technology.