NFT industry aims to grow 35% by 2027, making it $ 13.6 billion market

Considering the growth of traders interested in non-fungible token (NFT) space, new research estimates that the market is expected to grow by $ 3 billion it is today up to $ 13.6 billion by the end of 2027.

Over the next five years, key themes linking to the global NFT boom will need to continue to foster the participation of stakeholders, popular sports communities and professionals. digital show.

Fortunately, research firm MarketsandMarkets predicts many other factors that could contribute to the growth of the NFT industry, including its growing use in chain management, retail, and fashion.

Global NFT industry trends. Source: MarketsandMarkets

Some other areas that have been instrumental in driving the growth of the NFT market are the metaverse initiatives by current market leaders such as the major meta media and the personalization of NFTs.

In November 2021, the Cointelegraph reported interest from Asia Pacific (APAC) investors as the increase in NFT-related research areas was noted. MarketsandMarkets also mentioned this difference:

“APAC countries are moving towards continuous improvement and business start-ups to provide NFT designers and consumers with equal potential in the ecosystem.”

One of the main reasons for the increase in research on NFTs in countries such as Hong Kong, Singapore and China is the lack of security regulations for trading or mining cryptocurrencies in the this area.

You shops of NFTs – platforms that allow traders to buy and sell NFTs – are now the largest proponents of the development of a non-fungible token ecosystem. While existing players like OpenSea now take this place, cryptocurrency exchanges like Coinbase and Binance have started to provide similar services for exchanging NFTs on open markets.

Tesla CEO Elon Musk, who later became a supporter of Dogecoin (DOGE), recently changed his Twitter profile picture to various NFTs from the popular Bored Ape Yacht Club (BAYC) collection.

As reported by Cointelegraph, a temporary change in Musk profile profile increases the starting price of BAYC’s NFTs by 10 Ether (ETH).

@elonmusk As much as I admire your work, I want you to remove your pfp I created for our contest on Sotheby’s. Or you credit me. Glad to send your original minted information with the buyer agreement

– Michael Bouhanna (@michaelbouhanna)

However, as part of the community took Musk’s work as a sign of his entry into the NFT space, the entrepreneur quickly explained his feelings. published:

“I do not know … it looks fungible.”

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