The NFT market could be worth $13.6 billion in 2027. Democratization and interest are unabated.
Following the ever-increasing interest in non-fungible tokens (NFTs), new research suggests that the current $3 billion market will grow to $13.6 billion by the end of the month of 2027.
The NFT market could be worth $13.6 billion in 2027
Over the next five years, the key factors driving the current popularity of NFTs will continue to grow as democratization is exacerbated by influencers, video game communities, and an ever-increasing demand for digital creations. But research firm MarketsandMarkets lists several other factors that will fuel the explosive growth of the NFT market, including their increased use in supply chain management, commerce and fashion.
Other catalysts for the growth of this NFT market are the metaverse-related initiatives of current market leaders such as social media giant Meta, and the personalization of NFTs.
Democratization and interest that does not abate
NFT marketplaces where you can buy and sell NFTs should also go a long way towards democratizing the entire ecosystem. While existing players such as OpenSea are leading the way now, cryptocurrency exchanges such as Coinbase or Binance have begun offering similar services for NFT trading in the market.
Tesla CEO Elon Musk, who has always been a strong supporter of Dogecoin (DOGE), recently changed his Twitter profile photo to a collage of several popular NFTs published by the Bored Apes Yacht Club (BAYC). As Cointelegraph reported, this simple profile picture change resulted in the minimum price being raised to 10 ETH. That being said, while the community saw this as a sign of Elon Musk entering the NFT market, the entrepreneur cleared things up by tweeting, “I don’t know… this seems pretty unnecessary.”