NFT is booming and ain’t going to stop growing anytime soon. According to a recent report, NFT market will be worth more than $13 billion by 2027.
NFT (non-fungible tokens) became a thing only last year. But now it is one of the crypto technologies that are supposed to drastically change the world we live in.
NFTs have already gained more interest from the broad audience than cryptocurrencies. Bitcoin, Ether and other tokens are still some vague financial instruments to most of the people. While NFTs are quite plain and easy to comprehend.
It’s just a picture or a video that you own solely. A no-brainer, basically.
No wonder analysts of all kinds keep predicting the most bright future for NFT. Metaverse is helping extensively, as NFT is, generally speaking, the profound technology to establish the virtual world economy.
Now, a new study suggests that within just five years NFT market is going to grow enormously. The numbers are rather impressive.
NFT market will hit $13 billion
According to a recent Markets and Market research, the NFT market is poised for a 35 percent increase by 2027.
This means that the existing $3 billion market size will reach $13.6 billion by the end of that year if the interest among investors continues to grow.
Main driving forces of that interest are mainstream influencers, gaming communities, and the expanding demand for digital artworks.
Celebrities of all kinds fuel the momentum of NFT adoption, transforming the gaming sector and helping the sluggish but persistent rise in demand for digital artworks.
All of that will make the global NFT market grow.
NFT is an alternative to cryptocurrency
There is a very important element contributing to the success of NFTs. China and other Asian countries are not welcoming cryptocurrencies. Citizens of those countries often have to legal options to invest in Bitcoin or other crypto. But NFTs are still legal there.
So millions of users who would like to invest in digital assets will have to stick to NFTs. And that will be another driving force for the booming NFT market.
Recent Google Search Trends data indicates that countries in the Asia-Pacific area are trending toward constant market developments and marketplace launches. NFT marketplaces are platforms that enable investors to buy and sell digital artwork.
So people are creating a huge NFT market right now.
The NFT market is changing rapidly
As of now, NFT market is dominated by well established companies like OpenSea.
But there is a hint of the big change there. Crypto exchanges such as Binance and Coinbase have begun to offer comparable services for buying and selling NFTs in the open market.
As soon as the Metaverse concept comes to life, NFT market is going to gain even more momentum. NFTs are to represent all kinds of assets in the Metaverse, including virtual land, homes, offices, avatars and, of course, pieces of art.
NFT market is booming and will grow to a whopping $13 billion by 2027
Main driving forces of that growth are celebrities with all the hype around NFTs, the oncoming Metaverse and crypto restrictions in China and some Asian countries.