The market of non-fungible tokens (NFTs) is getting bigger and bigger. And if it is up to research company MarketsandMarkets, it will only get bigger in the coming years. In a new study, the company says the NFT market could be worth as much as $13.6 billion by 2027.
NFT to $13.6 Billion as Growth Continues
In the research states MarketsandMarkets to base its forecast on the Compound Annual Growth Rate (CAGR). It would currently be 35%. And with the current NFT market size of $3 billion, growth could reach $13.6 billion by 2027.
According to the researchers, a number of factors are responsible for the growth that the market has experienced over the past two years. For example, the work of influencers would have played a role. The growth of the crypto gaming sector and rising demand for digital art also contributed to the rapid growth.
In addition to the above factors, other applications can also contribute to growth in the coming years. Namely, the use of NFTs in the retail sector and supply chain management. There, NFTs could, for example, be used to trace the origin of products.
NFTs are especially popular in Asia
According to the research, the market could grow rapidly, especially in Asia. The unique digital tokens are already very popular there:
“In these booming times of NFTs, Google Trends Data shows that countries in Asia Pacific have the most searches about NFTs, their trends, developments and investments. China, Singapore and Hong Kong are the top three countries with the highest number of questions related to NFTs.”
Today, NFTs are an important part of the marketing campaigns of the largest companies. Crypto exchange FTX recently launched another NFT collection in partnership with the Mercedes-AMG Petronas F1 team.
Not only companies are participating in the NFT madness, the Vatican is also not left behind. He wants to launch a collection consisting of the best-known works in the possession of the Vatican.