The NFT market to grow 35% by 2027
A new study conducted by MarketsandMarkets showed that today’s investors pay more and more attention to the market of non-fungible tokens (NFTs). Based on the data received, analysts predict the market size to grow 35% by 2027.
The key factors tied with the fast development of the industry continue to be the mainstream influencers, the gaming community and the increasing demand for digital artworks.
However, MarketsandMarkets also highlights some other reasons that will contribute to the explosive growth of the NFT market, including the fashion industry, the use of non-fungible tokens in supply chain management, as well as retail.
Additionally, metaverses and NFT personalization can play the lead role in the development of the industry of art tokens.
Another factor of NFT rise may also be the lack of regulatory acceptance for crypto trading or mining in regions such as China, Hong Kong and Singapore. For this reason, investors in these countries are more likely to purchase NFT, since in this area the laws are not so strict.
MarketsandMarkets experts think that the major contribution to the development of the NFT industry should be made by platforms which allow investors to sell and buy NFTs, since their work depends on the growth of this industry.
Previously, Chainalysis conducted a study and found out that Asia, North America and Western Europe are the leaders in the number of investors in NFTs. The least number of NFTs are purchased in Africa, Eastern Europe and the Middle East. However, according to analysts, there is an increased interest in the NFT industry around the world.
A lot of companies are also interested in NFTs and actively introduce them into their products. For example, Coinbase is going to launch its own platform for NFT trading, and Visa has developed an educational program for NFT creators. Samsung Electronics has announced a new smart TV lineup with an NFT marketplace.