NFTs have gone from being in the shadows for a long time to becoming an integral part of the crypto market in the last few years. With this new reality, analysts and market participants have predicted a good fortune for the market. According to a recent survey by MarketsandMarket, the NFT market is well placed to witness a jump of 35% by 2027. With this, the market should recoup about $13.6 billion by 2027.
MarketsandMarket tips the sector for a 35% jump by 2027
According to the report, one of the main factors driving the adoption of NFT art pieces is the influence in the sector. The majority of the market is either in the digital art collection or playing games tied with NFTs. These aspects of the market have communities that are pushing their respective markets.
Other factors pinpointed by the firm include using NFTs by retail companies and on the fashion scene. The market has been witnessing an infusion into the fashion scene owing to the entrance of brands like Nike into the market. The report also mentioned the Metaverse as another catalyst that could help increase the sector’s adoption. According to several media outlets, the search for NFTs worldwide has seen a huge spike, eliminating Bitcoin from the top spot on several occasions.
NFT marketplaces continues to spring up
The market provides a free ground for both buyers and sellers to thrive massively in the NFT market. With this, both the buyers and the sellers can earn massive amounts in different ways. Another factor that has seen NFT thrive in countries like China and other Asian countries is the stiffness towards crypto. Among other countries located in Asia, China has been having a tough time providing a legal framework for crypto, with the government choosing to favor its CBDC plans over crypto.
The report also mentioned that NFT marketplaces are tasked with more jobs than others to provide massive exposure to the market. In the last few months, we have seen many marketplaces listing and selling NFTs debut in the market. One of the most popular is OpenSea, although it now has excellent rivals in Coinbase and Binance. Elon Musk, who has been an avid supporter of the meme coin, Dogecoin, has been moving towards NFTs in the last few days. This is evidenced by changing his profile picture on Twitter to a BAYC.