The global NFT market is expected to grow from $3.0 billion in 2022 to $13.6 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 35% from 2022 to 2027.
The growth of the gaming community alongside the impact of mainstream influencers and the demand for digital artworks will help push the NFT space to grow, the firm argues.
MarketsandMarkets expects NFTs to get more space in sectors like fashion, retail, and supply chain management in the coming years.
Other factors which will speed up the growth of the NFT are metaverse initiatives and personalization of NFTs.
The firm says Asia Pacific countries are emerging toward new developments, and marketplace launches will give NFT creators and buyers equal opportunities in the ecosystem.
NFTs are getting attention and popularity from across the spectrum. For example, last week, Tesla Inc TSLA CEO Elon Musk changed his Twitter profile picture to a collage of Bored Ape Yacht Club NFTs. Musk tweeted about the change by poking fun at the definition of fungible.
This resulted in BAYC’s floor price surging by 10 Ethereum ETH/USD. Last month, one of Musk’s cartoon tweets was sold as an NFT.
Photo: Courtesy of Marco Verch Professional on Flickr
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