Connect with us

Hi, what are you looking for?

Business

NFT Market Size Projected to Grow $147.24 Billion in Five-Year Span

nft news

The market size of non-fungible tokens (NFT) is projected to grow by an astounding $147.24 billion from 2021 to 2024 with an anticipation to see a healthy growth at a CAGR of 35.27% during the forecast period, according to Yahoo Finance.

The growth is being attributed to the increasing demand for NFTs, but it is noted that the uncertainty of the NFT market can stunt the market growth during the next few years.

A recent market research report released by Technavio has illustrated the forecast and analysis (2022-2026).

According to the official press release: “APAC will account for the highest market growth of 43% during the forecast period. The growing demand for digital assets in countries such as SingaporeChinaSouth Koreathe Philippines, and Japan will drive the non-fungible token (NFT) market growth in APAC during the forecast period. However, market growth in this region will be slower than the growth of the market in other regions. SingaporeChina, and The Philippines are the key countries for the non-fungible tokens (NFT) market in APAC. Korean retail channels are expanding their footprint into the flourishing NFT business by selling art and fashion items. For instance, in January 2022, CJ OliveNetworks Co. Ltd, a subsidiary of South Korea-based CJ Corp., announced that it is partnering with a domestic blockchain company Galaxia Metaverse to sell NFT artworks.”

Technavio has announced its latest market research report titled Non-fungible Token (NFT) Market by Application and Geography – Forecast and Analysis 2022-2026

It’s not hard to see the potential of the NFT market to do just that, especially as more platforms and NFT artists are coming to the marketplace. Coinbase, in particular, has been demonstrating the demand for more NFT integrations, and the recent launch of their social platform will go a long way in furthering the connectivity of the booming industry.

 

You May Also Like

News

-UPDATE- .12.11.7 dropped today introducing Unity 2019, however no other features were added at this time. They will come in future updates, but from...

Esports

GFuel an energy-drink-based company, has been rumored that it fired seven of its partner and talent managers without warning. The employees were officially told...

Esports

Esports Team, FazeClan announced that G fuel, their very first partnership of over 10-year years has come to an end. G Fuel was Faze...

Business

Trovo Live recently announced they will be coming out of Beta on December 12th. For those not familiar with Trovo it is a live...