Market Analysis

With the ever-evolving idea in crypto and blockchain industry, NFT sector is expected to reach new height throughout this decade. A non-fungible token (NFT) is a media file stored on a blockchain to certify ownership of a digital asset like image, audio, video, or other types of collectibles of multimedia. As NFTs are gaining mainstream attention, brands and institutions from a wide range of sectors are getting into NFT industry to hold their position in the upcoming Metaverse era.

The recent growth of NFTs is attributable to the steady progress of cryptocurrencies. The cryptocurrency market is worth around $3 trillion and is expected to grow double in 2022, which clearly indicates that NFTs are going to be more popular in coming years.

Along with the NFT, the term ‘Metaverse’ has also been rising in popularity. It is referred to as a virtual reality experience contained various diverse digital realms however, the concept of metaverse is still being established and enhanced. The Metaverse market was valued at $209.77 Billion in 2021 which is expected to reach $716.5 Billion by 2027 with a CAGR of 22.7% over the forecast period of time.

Currently, Meta Platforms Inc. (Facebook previously) is a massive supporter and the first mover tech-giant towards the metaverse industry. Meta Platforms aids to encourage the use of the metaverse through products of the company generates such as virtual reality headsets and smart glasses. However, it is the future iteration of the internet and enormously opening up progressive opportunities for the new generation of several developers, entrepreneurs, and innovators.