ResearchAndMarkets released the NFT global market report. Taking 2021 as the base year, the report provides estimated market data for the forecast period 2022-2027.
The report shows that NFT experienced rapid growth in 2021, but this growth was not stable and had leveled off by 2022. Companies including McDonald’s and Coca-Cola, as well as Gucci and Ray-Ban, are starting to offer NFTs. The gaming industry that is being revolutionized, the slow but steady growth in demand for digital artwork, and the growing influence of celebrities in the market are the main drivers of NFT acceptance.
In addition, NFT suppliers will benefit from the growing application of NFTs in supply chain management, retail and fashion, as well as the attempts of industry giants to realize the Metaverse and the personalization of NFTs.
Therefore, Metaverse is expected to be an emerging opportunity for the overall NFT market during the forecast period. NFT transactions are associated with expensive gas fees, which has been hindering market growth. Furthermore, price volatility, negative environmental impact, and fraud concerns are also among the factors restraining the market growth during the forecast period.
