According to the research firm, MarketandMarket’s current $3 billion valuation of NFT spaces will grow to $13.6 billion based on a compound annual growth rate (CAGR) of 35.0%.
A detailed report on the NFT market
In a report entitled “Non-Fungible Tokens Market by Offering (Business Strategy Formulation, NFT Creation, and Management, NFT Platform – Marketplace), End-user (Media and Entertainment, Gaming), Region (Americas, Europe, MEA, APAC) – Global forecast to 2027,” the firm said the size of the market could increase significantly in a few years if investor interest continues to grow.
Growing celebrity influence fueling the adoption of NFT, gaming industry revolution, slow but steady rise in demand for digital artworks are expected to drive the growth of the NFT market globally whole during the forecast period. One of the latest examples is the creation of NFT by the Australia Zoo to protect the country’s fauna and flora.
MarketsandMarkets noted that these three factors have helped the sector achieve mainstream status over the past two years, especially as increased celebrity adoption has boosted its appeal. However, many influencers are being caught by investors, and the judiciary, for promoting NFT collection aimed at scamming investors.
Additionally, with the rise of NFT use cases in supply chain management, retail, and fashion, industry giants’ efforts to make the metaverse a reality, personalization of the NFT will provide lucrative opportunities for sellers in the NFT market. The use cases of NFTs are multiplying and some are making a business out of them to help collection creators choose the right utilities for their NFTs.
A new growing market
While America currently holds the largest market share, Asia is expected to witness the highest growth rate during the forecast period.
The expected growth in Asia is driven by investor interest in the Asia-Pacific region, as evidenced by Google search trends for NFT-related topics in the region. Here is an excerpt from the report, “APAC countries are emerging towards constant developments and launches of marketplaces in the given market to give creators and buyers equal opportunities in the ecosystem. Additionally, behemoths in the crypto ecosystem are backing Asian projects, like Windvane and KuCoin Ventures launching a $100 million Web 3.0 fund.
However, the US market remains ultra-dominant for now. NFT influencers and companies are mostly from the North American market. The first NFT marketplace remains OpenSea, which is integrating more and more blockchains in order to overcome the gas cost problems of the Ethereum blockchain.
This market is therefore extremely promising and will continue to expand on the various continents. Mainly Western, the report therefore informs us that we must turn to Asia to understand the continuation of its evolution and its adoption.
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The NFT market is expected to reach $13.6 billion in 2027
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