Predictions for the NFT market in the next 5 years according to specialists
As a digital asset, non-fungible tokens are becoming more and more popular. Proof of this is that the first NFT gallery with Virtual Reality will be created in the Vatican, and also that they have become a sought -after object of desire for cybercriminals. Therefore, it is worth keeping an eye on the predictions for the NFT marketplace development in the near future, and evaluating whether it is worth investing now.
US-UK based research firm MarketsandMarkets has published new research predicting the behavior of NFTs for the next 5 years.
The market for NFTs is now thought to be about $3 billion. According to projections, it will reach $13.6 billion by the end of 2027.
Why is the NFT market being viewed with such optimism?
One reason analysts cite is the boom in digital art and the interest of high-profile investors such as big companies, entrepreneurs and celebrities. The expanding use cases in supply chain management, retail, and fashion are a benefit for the NFT sector.
However, its connection with the video game industry, particularly those that are already created in the metaverse, may be the key to its acceptance. For example, we have platforms like Roblox and SandBox, which are registering more and more users to access or create their virtual worlds. Not forgetting the game Axie Infinity, which has its own cryptocurrency and has created micro -economies around its NFTs in countries like the Philippines and Venezuela?
In this sense, the development of Mark Zuckerberg's metaverse and its integration with Meta's social networks will be crucial. It is expected that with the growth of Horizon Worlds , and the arrival of its new models of virtual reality headsets , in the future people will be able to enter their virtual universe from Facebook, Instagram, WhatsApp or Messenger , platforms owned by the company.
Currently, the OpenSea marketplace dominates the NFT Marketplace Development Company, but it does not mean that it does not have competition. Some cryptocurrency exchange platforms, such as Coinbase and Binance, already allow their users to buy, sell, and trade NFTs.