Non-Fungible Token Market Value to Surge to $300+ Millions in 2020 from $210m in 2019

Non-Fungible Token Market Value to Surge to $300m+ in 2020

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.

Non-Fungible Tokens 2019 to 2020 Market Capitalization and Growth

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.

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