Thursday, July 25, 2024

NFT space likely to reach $13.6 billion by 2027-end.

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!

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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