Trends related to the worldwide NFT boom will continue to figure in the expanding engagement of mainstream influencers, gaming communities, and increased demand for digital artworks during the next five years.
According to recent study, the current $3 billion market capitalization for non-fungible tokens (NFTs) will increase to $13.6 billion by the end of 2027, reflecting the rising interest in the field among today’s investors.
The expanding engagement of mainstream influencers, gaming communities, and the increased demand for digital artworks will continue to be major elements in the worldwide NFT boom over the next five years.
Surprisingly, MarketsandMarkets believes that numerous additional reasons will contribute to the NFT market’s exponential expansion, including its growing use cases in supply chain management, retail, and fashion.
Metaverse activities by established market players like Meta and the customization of NFTs are two more catalysts that are well-positioned to accelerate the growth of the NFT market.
In November 2021 on an increase in interest from Asia-Pacific (APAC) investors as local NFT-related Google searches increased in the area. This pattern was also mentioned by MarketsandMarkets:
APAC countries are moving toward continual development and marketplace releases in order to provide artists and consumers in the ecosystem equal chances.
The lack of governmental acceptance for crypto trading or mining is one of the primary causes ascribed to the surge in NFT searches in countries like Hong Kong, Singapore, and China.
NFT markets, which allow investors to buy and sell NFTs, are presently predicted to contribute the most to the NFT ecosystem’s growth. While established firms such as OpenSea currently dominate the industry, crypto exchanges such as Coinbase and Binance have begun to provide comparable services for trading NFTs on the open market.
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Elon Musk, the CEO of Tesla and a long-time advocate of Dogecoin (DOGE), recently altered his Twitter profile image to a composite of many popular NFTs issued by Bored Apes Yacht Club (BAYC).
The momentary change in Musk’s display picture caused BAYC’s floor 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
However, after some in the community misinterpreted Musk’s move as an entry into the NFT area, the entrepreneur explained his position on Twitter:
I’m not sure… It appears fungible.