Due to the global NFT boom, it continues to impact the growing demand for gaming communities and digital artworks.
Reflecting the growing interest of investors in the non-tradable token (NFT) space, new research estimates the current market size of $3 billion to reach $13.6 billion by the end of 2027.
MarketsandMarkets anticipates several other factors that will contribute to the explosive growth of the NFT market, including increased use cases in supply chain management, retail and fashion.
The metaverse initiatives and customization of NFTs by current market leaders like social media giant Meta is fueling the growth of the NFT market.
Local Google searches for NFT are on the rise. In addition, the interest of Asia-Pacific (APAC) investors is increasing. MarketsandMarkets on this topic:
APAC countries are moving towards continuous developments and marketplace openings in specific market to provide creators and buyers with equal opportunities in the ecosystem.
The main reasons for the increase in NFT searches in countries like Hong Kong, Singapore and China have been the lack of regulatory acceptance for crypto trading or mining.
Crypto exchanges such as OpenSea, Coinbase and Binance have started to offer similar services for NFT exchange in the open market.
Elon Musk replaced his Twitter profile picture with a collage of several popular NFTs published by the Bored Apes Yacht Club (BAYC).
This event caused the floor price of BAYC to rise by 10 Ether (ETH).