NFT Total Market Value Is Over $18 Bln; Huobi Research

by in Blockchain News

Huobi Research NFTs

Analytical report by Huobi Research, blockchain industry reserach institute affiliated to the crypto exchange Huobi, published an analytical report on the current NFT market state and possible future developments. The report titled “Looking for the Eye of the Storm - NFT Price Analysis”, examines different types of non-fungible tokens such as game, art NFTs and collectibles along with their use cases and industry problems.

Related: Hyundai will release a limited collection of NFT

The paper mentions that since the second half of 2021, the NFT market has attracted a lot of attention both inside and outside the crypto industry. Currently, the total market value of NFTs is above $18 bln, which means 42 times increase compared to one year ago. 76.4% of the field are art NFTs and collectibles while the game market accounts for 17.8%.

Huobi Research mentions the challenges of the sector such as issues connected with inflated prices and high volatility.

Author Linhan Dong pointed out three main issues; weak value support, poor user experience, and high price volatility.

To address these challenges Huobi Research suggests combining traditional industries to seek physical value, building professional community, optimizing infrastructure, reducing fees, etc.