The NFT market is in a good position to grow by 35% by 2027 and reach a valuation of $13.6 billion by the same time so let’s have a closer look at today’s latest crypto news.
For the next five years, the trends are tied to the global NFT boom which is a huge factor in the growing involvement of the mainstream influencers and gaming communities with the rising demand for digital artworks. Reflecting the interest in the NFT space among the investors, the new research predicts that the existing $3 billion market size will hit $13.6 billion by the end of 2027. The NFT market is in a good position to grow further and for the next five years, the key factors to grow the market include gaming communities, mainstream influencers, and the rising demand for digital artworks.
@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
The research company MarketsandMarkets envisions a few other factors that will contribute to the growth of the NFT market including the increasing use cases in supply chain management, fashion, and retail. Some of hte other catalysts that can speed up the growth of the NFT market are the metaverse initiatives by existing market leaders and social media companies like Meta. One of the key factors that attributed to the growth in NFT searches in countries like Singapore, Hong Kong, and China is the lack of regulatory acceptance for trading or mining.
The NFT marketplaces which allow investors to buy and sell NFTs are now expected to contribute the highest to the growth of the NFT ecosystem and while the existing players such as OpenSea lead the space, exchanges like Coinbase and Binance started offering similar services for exchanging NFTs on the market. The Tesla CEO Elon Musk who has been an active DOGE supporter changed his Twitter profile picture to a collage of NFTs released by BAYC. The temporary change in the picture resulted in the BAYC price floor surging 10 ETH however, a part of the community assumed the move as Musk’s entry into the NFT space and he said:
“I dunno … seems kinda fungible.”
As recently reported, The Shanghai residents are pouring their money into NFT collection while in lockdown and are looking for novel ways to vent their frustration over the country’s zero-tolerance COVID policies. One of them was Simon Fong, a 49-year-old freelance designer from Malaysia that lived in Shanghai for the past nine years. He started creating satirical illustrations that show life under lockdown and took inspiration from the Mao-era propaganda posters.
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