Report Reveals Nearly $114,000 Million Growth for NFT Industry
A recent report by Reportlinker estimates the Non-Fungible Token (NFT) market is bound to grow by $113,933.5 million during 2023-2027, accelerating at a CAGR (Compound Annual Growth Rate) of 35.02% during the forecast period.
NFT Industry Continues to Grow
The report offers a comprehensive analysis of the NFT industry, including its market size and forecast, as well as trends, growth drivers, and challenges. The growth of the NFT industry continues to accelerate, even in the current bear market. The increasing demand for digital art and growing investments in digital assets are the main drivers of the predicted growth of the NFT market.
This study finds that one of the main reasons driving the growth of the non-fungible token (NFT) market in the next five years is the increasing number of big brands entering the market.
Additionally, the emergence of fractionalized NFTs and the growing number of strategic initiatives in the NFT market will also contribute to significant demand in the market. Fractionalized NFTs make for a more affordable investment, allowing NFTs to be owned by multiple people and making them accessible to a wider audience.
Despite the market’s challenges, such as regulatory concerns and scalability issues, the potential for growth in the NFT industry remains strong. The increasing acceptance and adoption of NFTs by both consumers and businesses indicate that there is a bright future ahead, even as we continue to mud through the current crypto winter.
Big Brands Entering the NFT Market
The entry of big brands into the NFT market indicates the growing popularity and acceptance of Non-Fungible Tokens both as a technology and an asset class. These factors, along with the strategic initiatives in the NFT market, lead to increased demand and growth in the market.
There has been no shortage of big brands entering the NFT market in the last few months. As the aforementioned report points up, this may be one of the key factors pushing the NFT industry as we move forward. The FIFA World Cup 2022 in Qatar is a prime example of this.
An incredible roaster of mainstream brands and companies has stepped forward to celebrate the sporting event. Names like Coca-Cola and Visa have partnered with blockchain tech companies to drop World Cup-themed NFT collections and initiatives that have seen coverage from mainstream outlets, further pushing the NFT technology into the public eye.
Of course, big brands and companies have been stepping into the world of NFTs outside of this context as well. Just this week, Nike announced its first “native web3 sneaker”, an initiative spearheaded by its NFT arm, RTFKT. Other big names in the sneaker world, like Reebok, have also shown interest in the world of NFTs and metaverse.
These are just a few of the latest examples of mainstream brands venturing into the NFT world. The list goes on and on, which leaves a bullish sentiment for the NFT industry as a whole and provides a solid foundation for a $113,933.5 million growth over the next five years.
