Reflecting the growing interest in the non-fungible token (NFT) space among current investors, new research predicts that the size of the current market of 3,000 million dollars will reach 13,600 million dollars by the end of 2027.
In the next five years, key factors linked to the global rise of NFTs will continue to be the growing involvement of influencers, gaming communities and the growing demand for digital artwork.
Interestingly, the research company MarketsandMarkets foresees other factors that will contribute to the explosive growth of the NFT market, such as its growing use cases in supply chain management, retail and fashion.
Some of the other catalysts well positioned to further accelerate the growth of the NFT market are metaverse initiatives from existing market leaders, such as social media giant Meta, and personalization of NFTs.
In November 2021, Cointelegraph reported on the growing interest from Asia-Pacific (APAC) investors as local Google searches related to NFTs increased in the region. Also MarketsandMarkets cited this trend:
“APAC countries are emerging towards constant developments and market launches in the given sector to offer creators and buyers the same opportunities in the ecosystem.”
One of the key factors attributed to the rise in NFT searches in countries such as Hong Kong, Singapore and China is a lack of regulatory acceptance for trading or mining cryptocurrencies.
Non-fungible token markets—platforms that allow investors to buy and sell NFTs—are expected to contribute the most to the growth of the NFT ecosystem. While existing players like OpenSea are now leading this space, Cryptocurrency exchanges such as Coinbase and Binance have started offering similar services for trading NFTs on the open market..
Elon MuskCEO of Tesla, who has been an active supporter of Dogecoin (DOGE), recently changed his Twitter profile picture to a collage of multiple popular NFTs released by Bored Apes Yacht Club (BAYC).
As Cointelegraph reported, Musk’s temporary screen image change caused BAYC’s base price to rise by 10 Ether (ETH).
@elonmusk as much I admire your work I’d like you to remove your pfp that I created for our Sotheby’s sale. Or you credit me. Happy to send you the original file minted with the buyer approval pic.twitter.com/e83ZyxWGH5
— Michael Bouhanna (@michaelbouhanna) May 4, 2022
@elonmusk as much as I admire your work I would like you to remove your profile picture that I created for our sale at Sotheby’s. Or credit me. Happy to send you the original minted file with the approval of the buyer.
Nevertheless, As part of the community saw the movement as Musk’s entry into the NFT space, the businessman clarified his position tweeting:
“I don’t know…it seems a bit expendable.”
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