{"id":10585,"date":"2022-05-07T08:18:46","date_gmt":"2022-05-07T08:18:46","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/nft-market-well-positioned-to-grow-35-into-a-13-6b-industry-by-2027\/"},"modified":"2022-05-07T08:18:48","modified_gmt":"2022-05-07T08:18:48","slug":"nft-market-well-positioned-to-grow-35-into-a-13-6b-industry-by-2027","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/nft-market-well-positioned-to-grow-35-into-a-13-6b-industry-by-2027\/","title":{"rendered":"NFT market well-positioned to grow 35% into a $13.6B industry by 2027"},"content":{"rendered":"
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Reflecting the growing interest in the non-fungible token (NFT) space among today\u2019s investors, new research predicts that the existing $3 billion market size will reach $13.6 billion by the end of 2027.<\/p>\n

For the next five years, the key factors tied to the global NFT boom continue to factor in the growing involvement of mainstream influencers, gaming communities and the rising demand for digital artworks. <\/p>\n

Interestingly enough, research firm MarketsandMarkets envisions several other factors that will contribute to the explosive growth of the NFT market, including its increasing use cases in supply chain management, retail and fashion.<\/p>\n

Global NFT market trends. Source: MarketsandMarkets<\/figcaption><\/figure>\n

Some of the other catalysts well-positioned to further speed up the growth of the NFT market are metaverse initiatives by existing market leaders such as social media giant Meta and the personalization of NFTs.<\/p>\n

In November 2021, Cointelegraph reported on the rising interest from Asia-Pacific (APAC) investors as local NFT-related Google searches surged in the region. MarketsandMarkets, too, cited this trend:<\/p>\n

\u201cAPAC countries are emerging toward constant developments and marketplace launches in the given market to give creators and buyers equal opportunities in the ecosystem.\u201d<\/p><\/blockquote>\n

One of the key factors attributed to the rise in NFT searches in countries like Hong Kong, Singapore and China is the lack of regulatory acceptance for crypto trading or mining. <\/p>\n

NFT marketplaces \u2014 platforms that allow investors to purchase and sell NFTs \u2014 are currently expected to contribute the highest to the growth of the NFT ecosystem. While existing players like OpenSea now lead this space, crypto exchanges like Coinbase and Binance have started offering similar services for exchanging NFTs in the open market. <\/p>\n

Related: <\/strong>Elon Musk swaps Twitter avatar for a horde of Bored Apes, BAYC floor price surges 10 ETH<\/em><\/strong><\/p>\n

Tesla CEO Elon Musk, who has been an active Dogecoin (DOGE) supporter, recently changed his Twitter profile picture to a collage of multiple popular NFTs released by Bored Apes Yacht Club (BAYC).<\/p>\n

As Cointelegraph reported, the temporary change in Musk\u2019s display picture resulted in BAYC\u2019s floor price surging 10 Ether (ETH).<\/p>\n

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@elonmusk<\/a> as much I admire your work I\u2019d like you to remove your pfp that I created for our Sotheby\u2019s sale. Or you credit me . Happy to send you the original file minted with the buyer approval pic.twitter.com\/e83ZyxWGH5<\/a><\/p>\n

\u2014 Michael Bouhanna (@michaelbouhanna) May 4, 2022<\/a><\/p><\/blockquote>\n

However, as a part of the community assumed the move as Musk\u2019s entry into the NFT space, the entrepreneur clarified his stance by tweeting<\/a>:<\/p>\n

\u201cI dunno \u2026 seems kinda fungible.\u201d<\/p><\/blockquote>\n<\/div>\n