Research forecast: NFT market ready to become a $13.6 billion industry by 2027

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

Over the next 5 years, key factors associated with the global NFT craze will continue to include mainstream influencers, continued engagement from the gaming community, and growing demand for digital artwork.

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

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Source of global NFT market trends: MarketsandMarkets

Some other catalysts that are well-positioned to further accelerate the growth of the NFT market are the Metaverse initiatives taken by existing market leaders, such as social media giant Meta and personalization of NFTs.

In November 2021, Cointelegraph reported that as NFT-related Google searches in the Asia-Pacific region surged, investor interest in NFTs in the region was on the rise. MarketsandMarkets also cites this trend:

“Countries in the Asia Pacific region are moving towards growing and launching in specific markets to provide equal opportunities for creators and buyers in the ecosystem.”

A key factor behind the rise in NFT searches in countries like Singapore is the lack of regulatory approval for cryptocurrency trading or mining.

NFT marketplaces — platforms that allow investors to buy and sell NFTs — are currently contributing the most to the growth of the NFT ecosystem. While existing marketplaces such as OpenSea are currently leading the field, cryptocurrency exchanges such as Coinbase and Binance have started offering similar NFT trading services on the open market.

Tesla CEO Elon Musk , who has been an active supporter of Dogecoin ( DOGE ), recently changed his Twitter avatar to a spelling of several popular NFTs posted by the Bored Apes Yacht Club (BAYC). stickers.

As reported by Cointelegraph, the temporary change to Musk’s avatar caused the BAYC floor price to surge by 10 ETH.

Part of the community saw the move as a sign of Musk’s entry into the NFT space, however, the entrepreneur clarified his stance on Twitter:

“I don’t know…it seems a little homogenous.”

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/research-forecast-nft-market-ready-to-become-a-13-6-billion-industry-by-2027/
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