NFT marketplaces are expected to be worth $2.7 billion by 2025, which is less than half of the earlier prediction, according to a recent report by BitcoinCasinos.com.

According to the report, which was made available to Peoples Gazette on Monday, the new projections, which are a 50 per cent downgrade from an earlier projection, come after the once-booming NFT market experienced headwinds and weak sales figures.

The report detailed that “the crypto winter has definitely cooled investors’ appetite for non-fungible tokens, with the number of sales and sales value remaining deep below last year’s levels.”

“However, NFT’s poor performance over the past few months has also knocked down optimistic scenarios about future market growth,” it added.

According to the report, there are almost 20 per cent more NFT sellers than buyers in the market.

The analysis further reduced the projections for NFT user growth as Statista anticipated that 50.3 million users would trade on NFT marketplaces this year and that figure would nearly double to 60 million by 2025. However, the figures have now decreased to 13.9 million in 2023 and 18.3 million in 2025.

NFT markets generated $810 million in sales in 2021, according to statistics from Statista. Despite 2022 being one of the most difficult years in the history of cryptocurrency business, this amount increased to $890 million last year. Statista forecasts from November 2022 indicated that the market as a whole would significantly recover, reach a value of $3.68 billion in 2023, and increase to almost $6.2 billion by 2025.