Ellen Britt for CNT #NFT
Anyone who is pessimistic about the future of the NFT market has simply not done enough research. A new report spells out the forecast in detail.
The report on non-fungible tokens by the research firm Markets And Markets, forecasts a 35 percent increase in market size by 2027.
The Numbers Please
The existing market is a healthy $3 billion and based on a compound annual growth rate (CAGR) of 35 percent, that market size is expected to reach a whopping $13.6 billion by the end of 2027. Of course, that assumes that interest by investors will continue to grow.
Market Drivers
The Markets And Markets report believes that the drivers behind this increase will continue to be gaming communities, the increasing influence of various celebrities and the continued demand for digital art.
They also see the more utilitarian aspects of NFT use increasing in supply chain management, as well as in fashion and retail.
The Way We See It
Here at City News & Talk, in addition to the already listed market drivers, we are also very bullish on NFT usage in virtual real estate, as well as the tokenization of physical real estate such as homes and fractionalized ownership of properties such as hotels. NFT usage in medical records management, event ticketing and special access to ticket holders will also continue to increase.
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