NFT market well-positioned to grow 35% into a $13.6B industry by 2027

Business

NFT market well-positioned to grow 35% into a $13.6B industry by 2027

For the next five years, trends tied to the global NFT boom continue to factor in the growing involvement of mainstream influencers, gaming communities and the rising demand for digital artworks.

NFT market well-positioned to grow 35% into a $13.6B industry by 2027

Reflecting the growing interest in the non-fungible token (NFT) space among today’s investors, new research predicts that the existing $3 billion market size will reach $13.6 billion by the end of 2027.

For the next five years, the key factors tied to the global NFT boom continue to factor in the growing involvement of mainstream influencers, gaming communities and the rising demand for digital artworks.

Interestingly enough, research firm MarketsandMarkets envisions several other factors that will contribute to the explosive growth of the NFT market, including its increasing use cases in supply chain management, retail and fashion.

Global NFT market trends. Source: MarketsandMarkets

Some of the other catalysts well-positioned to further speed up the growth of the NFT market are metaverse initiatives by existing market leaders such as social media giant Meta and the personalization of NFTs.

In November 2021, Cointelegraph reported on the rising interest from Asia-Pacific (APAC) investors as local NFT-related Google searches surged in the region. MarketsandMarkets, too, cited this trend:

However, as a part of the community assumed the move as Musk’s entry into the NFT space, the entrepreneur clarified his stance by tweeting:

“I dunno … seems kinda fungible.”

Rate article
( No ratings yet )
FORECRYPTO