With the growing popularity and interest in non-fungible tokens, new research foresees the $3 billion NFT market size reaching $13.6 billion by the end of 2027. Factors pushing the NFT space are the growing involvement of mainstream influencers, gaming communities, and surging demand for digital artworks.
A research firm MarketsandMarkets highlighted other factors contributing to the explosive growth of the NFT market. It includes increasing use cases in supply chain management, retail, and fashion. And there are also the metaverse initiatives by existing market leaders such as social media giant Meta and the personalization of NFTs. MarketsandMarkets stated that APAC countries are inclining toward constant developments and marketplace launches to give creators and buyers equal opportunities in the ecosystem.
The rise in NFT searches in Singapore, Hong Kong, and China is because of a lack of regulatory acceptance for crypto trading. Experts see NFT marketplaces contributing to the highest growth of the NFT ecosystem. OpenSea is currently leading this space, with crypto exchanges like Binance and Coinbase offering similar services for exchanging NFTs in the open market.
Recently, Tesla CEO Elon Musk changed his Twitter profile to a collage of multiple popular NFTs released by Bored Ape Yacht Club. This resulted in BAYC’s floor price surging 10 Ether. Musk tweeted that it seems kinda fungible!