As many crypto experts report, over the next five years, the trends surrounding the NFT space will take into account the growing number of popular personalities in the space, as well as gaming communities and the growing demand for digital works of art.
A new study by experts shows that the existing market size of $3 billion will reach $13.6 billion by the end of 2027, given the growing interest in the NFT space among modern investors.
NFT Market Growth Factors
It is also worth noting that MarketsandMarkets, a research firm, predicts several other factors that will drive the NFT market skyrocketing, including the increasing use of tokens in various areas, including retail and fashion.
The metaverse initiatives being taken by giants like Meta and many others, as well as the personalization of NFTs, are major factors that will drive sales growth in the space.
MarketsandMarkets noted the growing interest in the NFT space in the Asia-Pacific region:
“APAC countries are committed to the continuous development and launch of trading platforms in this market in order to provide creators and buyers with equal opportunities in the ecosystem.”
“One of the key factors explaining the rise in NFT search in countries such as Hong Kong, Singapore and China is the lack of regulation of cryptocurrency trading or mining,” adds MarketsandMarkets.
Also, while OpenSea remains the leader among NFT trading platforms, the emergence of competing platforms such as Coinbase and Binance will contribute the most to the growth of the NFT ecosystem.
In terms of influencers, the NFT market can also noticeably change in a positive direction. For example, the billionaire and founder of Tesla, Elon Musk, who is also an active supporter of the Dogecoin (DOGE) cryptocurrency, influenced the growth of the APE token, as well as the value of the Bored Apes Yacht Club (BAYC) collection, with a minor step. To do this, he only had to temporarily change his Twitter avatar to one of the collection tokens. By the way, the price of BAYC jumped by 10 ETH. However, as part of the community saw the move as Musk’s entry into the NFT space, the entrepreneur clarified his position by tweeting:
“I don’t know… it seems like it’s some sort of interchangeability