Non-Fungible Tokens (NFT) Market predicted to grow to $13.6 billion by 2027

What

New research expects the global NFT market to grow by 35% to $13.6 billion by 2027

Why

Increasing use of NFTs by celebrities, the gaming industry and the rise in demand for digital artworks have fueled the momentum of adoption, the report adds

What next

The report goes on to identify Asia Pacific as the region most well-positioned to take advantage of the NFT boom

The Story

New research conducted by MarketsandMarkets predicts that the existing $3 billion NFT market will reach $13.6 billion by the end of 2027.

According to the research, the increasing influence of celebrities, the gaming industry and the rise in demand for digital artworks are expected to fuel this growth. 

Increased use of NFTs in supply chain management, retail and fashion, and the metaverse was also reported alongside the identification of Asia Pacific countries as prime hotspots for NFT adoption.

Instagram plans to support non-fungible tokens (NFTs) on its platform from four different blockchains, CoinDesk reported this weekend.

To learn more about NFTs visit our learning resource here.