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According to new study, the current $3 billion market capitalization for nonfungible tokens (NFTs) will increase to $13.6 billion by the end of 2027, reflecting the growing interest in the field among today's investors.
The expanding involvement of mainstream influencers, gaming communities, and the increased demand for digital artworks will continue to be major elements in the worldwide NFT boom over the next five years.
Surprisingly, MarketsandMarkets believes that numerous other factors will contribute to the NFT market's exponential expansion, including its growing use cases in supply chain management, retail, and fashion.
Metaverse activities by existing market players such as social media giant Meta and the personalization of NFTs are two further catalysts that are well-positioned to accelerate the expansion of the NFT sector.
Cointelegraph reported in November 2021 on an increase in interest from Asia-Pacific (APAC) investors as local NFT-related Google searches increased in the region. This pattern was also mentioned by MarketsandMarkets:
"In the given market, APAC countries are rising toward constant developments and marketplace debuts to give producers and consumers equal opportunities."
The lack of governmental acceptance for crypto trading or mining is one of the primary factors ascribed to the surge in NFT searches in countries like Hong Kong, Singapore, and China.
NFT marketplaces, which allow investors to buy and sell NFTs, are currently predicted to contribute the most to the NFT ecosystem's growth. While established firms such as OpenSea currently dominate the market, crypto exchanges such as Coinbase and Binance have begun to offer comparable services for exchanging NFTs on the open market.
Elon Musk, the CEO of Tesla and a long-time advocate of Dogecoin (DOGE), recently altered his Twitter profile picture to a composite of several popular NFTs issued by Bored Apes Yacht Club (BAYC).
According to Cointelegraph, the temporary change in Musk's display picture caused BAYC's floor price to rise 10 Ether (ETH).
@elonmusk as much I admire your work I’d like you to remove your pfp that I created for our Sotheby’s sale. Or you credit me 😂. Happy to send you the original file minted with the buyer approval 🫡 pic.twitter.com/e83ZyxWGH5
— Michael Bouhanna (@michaelbouhanna) May 4, 2022
However, after some in the community misinterpreted Musk's move as an entry into the NFT space, the entrepreneur explained his position on Twitter:
“I dunno … seems kinda fungible.”
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