NFT market well-positioned to grow 35% into a $13.6B industry by 2027

Reflecting the increasing involvement successful the non-fungible token (NFT) abstraction among today’s investors, caller probe predicts that the existing $3 cardinal marketplace size volition scope $13.6 cardinal by the extremity of 2027.

For the adjacent 5 years, the cardinal factors tied to the planetary NFT roar proceed to origin successful the increasing engagement of mainstream influencers, gaming communities and the rising request for integer artworks.

Interestingly enough, probe steadfast MarketsandMarkets envisions respective different factors that volition lend to the explosive maturation of the NFT market, including its expanding usage cases successful proviso concatenation management, retail and fashion.

Global NFT marketplace trends. Source: MarketsandMarkets

Some of the different catalysts well-positioned to further velocity up the maturation of the NFT marketplace are metaverse initiatives by existing market leaders specified arsenic societal media elephantine Meta and the personalization of NFTs.

In November 2021, Cointelegraph reported connected the rising involvement from Asia-Pacific (APAC) investors arsenic section NFT-related Google searches surged successful the region. MarketsandMarkets, too, cited this trend:

“APAC countries are emerging toward changeless developments and marketplace launches successful the fixed marketplace to springiness creators and buyers adjacent opportunities successful the ecosystem.”

One of the cardinal factors attributed to the emergence successful NFT searches successful countries similar Hong Kong, Singapore and China is the deficiency of regulatory acceptance for crypto trading oregon mining.

NFT marketplaces — platforms that let investors to acquisition and merchantability NFTs — are presently expected to lend the highest to the maturation of the NFT ecosystem. While existing players similar OpenSea present pb this space, crypto exchanges similar Coinbase and Binance person started offering akin services for exchanging NFTs successful the unfastened market.

Related: Elon Musk swaps Twitter avatar for a horde of Bored Apes, BAYC level terms surges 10 ETH

Tesla CEO Elon Musk, who has been an progressive Dogecoin (DOGE) supporter, precocious changed his Twitter illustration representation to a collage of aggregate fashionable NFTs released by Bored Apes Yacht Club (BAYC).

As Cointelegraph reported, the impermanent alteration successful Musk’s show representation resulted successful BAYC’s level terms surging 10 Ether (ETH).

@elonmusk arsenic overmuch I respect your enactment I’d similar you to region your pfp that I created for our Sotheby’s sale. Or you recognition maine . Happy to nonstop you the archetypal record minted with the purchaser support pic.twitter.com/e83ZyxWGH5

— Michael Bouhanna (@michaelbouhanna) May 4, 2022

However, arsenic a portion of the assemblage assumed the determination arsenic Musk’s introduction into the NFT space, the entrepreneur clarified his stance by tweeting:

“I dunno … seems kinda fungible.”