![\"Haru](\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/haru_img_a152_reward_feel_5_600x500.jpg\")
<\/a><\/div>\nTotal NFT market cap recorded a growth of 11,664% in two years, increasing to around $10 billion from $85 million on December 2020, according to NFT Valuations<\/a> data shared by crypto influencer 6529<\/a>.<\/p>\n The impressive two-year growth rate was still recorded despite the heavy conditions of the bear market. On late December 2021, the total NFT market cap was around $20 billion, which is 50% higher than today\u2019s volume and 23,429% higher than in late December 2020.<\/p>\n Dozens<\/a> of NFT platforms were launched in the last couple of years as giants like Apple<\/a>, Reddit<\/a>, Starbucks<\/a>, Winamp<\/a>, and MetaMask<\/a> entered the NFT field. The NFT sphere was one of the most resilient<\/a> areas of crypto. It remained more or less intact during the coldest<\/a> bear market the crypto history has witnessed, while some areas like Sports NFTs recorded impressive growth rates.<\/p>\n Moreover, recent studies indicate that the NFT market will grow even more. A recent report<\/a> estimates that the NFT industry will grow steadily in the African and Middle Eastern regions during the 2022-2028 period, with a Compound Annual Growth rate of 34.3%. The current NFT spend value, which is at $3.42 billion, on the other hand, is likely to see $18.22 billion by 2028.<\/p>\n![\"Source:](\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/Screenshot-2022-12-28-at-21.16.34.png\")