Market Overview

NFTs/automotive market analysis

NFTs were once an object of admiration and bragging rights for holders, but over time, they have seen expanding use cases; they are now utilized as collateral for loans, as characters in play-to-earn games, and have lately been linked to real-world assets. According to NonFungible, the NFT market size in 2017 was $30 million, $180 million in 2018, $210 million in 2019, and $315 million in 2020. BlueWave estimated the NFT market value as $4.3 billion in 2021. Nansen's recent publication reveals the current NFT market value to be $11.3 billion in 2022, while BlueWave estimated it to grow to $19.5 billion in 2028 at a compound annual growth rate of 23.9%. Their assumption is based on the increasing utility in the gaming industry, celebrities' influence, and the continuous rise in demand for digital artworks.

According to Statista, the automotive industry worth $2.86 trillion in 2021 and $2.95 trillion by the end of 2022. However, classic, rare, and exotic automobile collections may generate millions of dollars for professional collectors but might be a disastrous investment for novices. According to hotcars.com, Toyota 2000GT sold for $6,800 in 1967 today has a market worth of $825,000, signifying a more than 1000% increase in its principal value. Additionally, the 1962 Ferrari 250 GT0, one of the rarest cars ever made, was purchased for $18,000 in 1962 but is currently valued at $42,000,000. 1995 McLaren F1 was sold for $800,000 and had a market valuation of $12,000,000.

However, based on these figures, integrating exotic, vintage, and rare automobiles and NFTs will revolutionize the blockchain network and open up the market for new investors, making the market more accessible to both high-net-worth persons, medium and low-income earners.