Research Predicts: NFT Market Is Poised to Become a $13.6 Billion Industry by 2027

A new study predicts that the existing $3 billion market will reach $13.6 billion by the end of 2027, reflecting the growing interest of investors in the non-fungible token (NFT) space today.

Over the next 5 years, key factors associated with the global NFT boom will continue to include mainstream influencers, continued engagement of 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.

Source of global NFT market trends: MarketsandMarkets

Some other catalysts that are poised to further accelerate 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 that as the number of NFT-related Google searches in the Asia-Pacific region surged, investors in the region are showing rising interest in NFTs. MarketsandMarkets also cites this trend:

“Countries in APAC 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 currently lead the field,cryptocurrency exchanges such asCoinbase and Binance have begun offering similar NFT trading services on the open market.

Tesla CEO ElonMuskhas been an active supporter of Dogecoin(DOGE), recently swapping his Twitter profile picture for a number of popular NFTs released by the Bored Apes Yacht Club (BAYC). stickers.

According to Cointelegraph, the temporary change of Musk's avatar caused the floor price of BAYC to surge by 10 ETH.

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

"I don't know ... it seems a bit homogeneous."