The current trends in the NFT market could result in an annual growth rate of 35% over the next five years.
Analytical company MarketsandMarkets has introduced the results of a study predicting that the market for non-fungible tokens will reach $13.6 billion by the end of 2027. The researchers estimate the current market size at $3 billion.
The main growth drivers for the NFT industry at the moment are famous influencers, gaming communities, and the demand for digital art. Beyond the major market growth drivers, the application of NFTs for supply chain management is expected to evolve. In addition, non-fungible tokens can be used in the retail and fashion industries.
However, along with the cryptocurrency market’s fall over the last week, the activity of the NFT market also decreased. As an example, during the last 24 hours, the trading volume of the Mutant Ape Yacht Club NFT collection decreased by 37% to $3.38 million, while the total market capitalization fell to $675 million. Yuga Labs collections are among the best traded, yet their trading volume dropped by almost 50% over the last seven days, indicating a cooling down of the NFT market.