The global Non-Fungible Token (NFT) market size is expected to reach around £84bn ($97.6 billion) by 2028, rising at a market growth of 31.6%, according to a new global study. The new research entitled The Global Non-fungible Token Market Size, Share & Industry Trends Analysis Report comes amidst market turbulence in the cryptocurrency space.

NFTs, which are unique digital assets, such as artwork and music and are verified and stored using blockchain technology, but sceptics claim they are overhyped and potentially harmful to the environment given the energy-intensive nature of cryptocurrencies. Many NFTs are built on the network behind Ethereum, the second-biggest token after Bitcoin.

NFTs have received widespread support from celebrities like Justin Bieber and Madonna, but a recent cooling of the market has led others to question the viability of the digital asset in the long term.

Emily Wigoder, CEO and founder of Ad Astra, a UK specialist NFT agency targeting the traditional art world said: “NFTs are still a relatively new technology with a vast range of use cases spanning across pretty much every industry. The excitement over the initial introduction of the technology led to a rapid increase in projects and the value of those projects, beyond what they would be if simply based on the utility of that project (including aesthetic utility). What we are now seeing is the cooling down of that initial excitement, and with it, a cooling off of prices of NFTs. This 'winter' is in no way tracking a decrease in the use cases for NFTs or their aesthetic value, and therefore does not imply any real loss of value.”

Wigoder continued, “Instead of panicking, we should be using this lull to understand what projects are worth investing our time and energy into and building those to enter the market. Media perception tends to be very black and white, and the current slamming of the industry will shift again to a more positive angle. When it does, the companies that have survived the 'winter' and spent the time building projects of value will be ready and waiting. We hope and look forward to being one of these companies.”