With today’s investors’ growing interest in the non-fungible token (NFT) space, new research predicts that the existing $3 billion market size will reach $13.6 billion by the end of 2027.
Over the next five years, the key drivers of the global NFT boom continue to be the growing involvement of mainstream influencers, gaming communities, and the increasing demand for digital artworks.
Interestingly, research firm MarketsandMarkets sees 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.
Some of the other catalysts that are well positioned to further accelerate the growth of the NFT market are Metaverse initiatives from existing market leaders like social media giant Meta and the personalization of NFTs.
In November 2021, Cointelegraph reported on rising investor interest from Asia Pacific (APAC) as local NFT-related Google searches surged in the region. MarketsandMarkets also quotes this trend:
“APAC countries are evolving into constant developments and launches in their respective markets to give developers and buyers an equal opportunity in the ecosystem.”
One of the key factors attributed to the surge in NFT searches in countries like Hong Kong, Singapore and China is the lack of regulatory acceptance for crypto trading or mining.
NFT marketplaces – platforms that allow investors to buy and sell NFTs – are expected to be the biggest contributors to the growth of the NFT ecosystem right now. While existing players like OpenSea are now leading this space, crypto exchanges like Coinbase and Binance have started offering similar services for exchanging NFTs on the open market.
Related: Elon Musk trades Twitter avatar for a horde of bored monkeys, BAYC land price surges 10 ETH
Tesla CEO Elon Musk, who was an active supporter of Dogecoin (DOGE), recently changed his Twitter profile picture to a collage of several popular NFTs published by the Bored Apes Yacht Club (BAYC).
As Cointelegraph reported, the temporary change in Musk’s display image caused BAYC’s reserve price to increase by 10 ether (ETH).
@elonmusk As much as I admire your work, I would like you to remove your PFP that I created for our Sotheby’s sale. Or you write to me. I would be happy to send you the original file embossed with the buyer’s release pic.twitter.com/e83ZyxWGH5
— Michael Bouhanna (@michaelbouhanna) May 4, 2022
However, when part of the community saw the move as Musk’s entry into the NFT space, the entrepreneur clarified his stance tweet:
“I don’t know… seems kind of interchangeable.”
https://cointelegraph.com/news/nft-market-well-positioned-to-grow-35-into-a-13-6b-industry-by-2027 The NFT market is well positioned to grow 35% to a $13.6 billion industry by 2027