III. Industry Analysis

The NFT industry is currently experiencing remarkable growth and is expected to continue flourishing in the future. As tokens are increasingly utilized for diverse purposes, there are numerous projections and opportunities within this space. It is advantageous for those interested in entering the NFT sphere to stay informed about the latest developments and trends, as it will enable them to make informed decisions and capitalize on the potential benefits in the years to come. The global non-fungible token (NFT) market revenue is experiencing substantial growth due to the rapid adoption of the metaverse and increasing demand for decentralized marketplaces. Furthermore, the use of NFTs for domain name ownership is anticipated to contribute significantly to the market's revenue growth. Owners of blockchain domains have the ability to manage their respective domains through private keys, providing them with enhanced control and security.  

The non-fungible token (NFT) market is poised for significant growth, with a projected increase of $147.24 billion from 2021 to 2026. The market is anticipated to expand steadily at a compound annual growth rate (CAGR) of 35.27% throughout the forecast period.¹ Revenue in the NFT market is predicted to experience a CAGR (2023-2027) of 18.55%, reaching a projected total of $3,162.00 million by 2027. The average revenue per user in the NFT market is estimated to be $114.80 in 2023. Among global comparisons, the United States is anticipated to generate the highest revenue, with $781,900.00k projected in 2023. The number of users in the NFT market is expected to reach 19.31 million by 2027. User penetration is forecasted to be 0.2% in 2023 and is projected to reach 0.2% by 2027. These statistics indicate the significant growth potential and increasing popularity of NFTs among users worldwide.²  

1.https://www.prnewswire.com/news-releases/non-fungible-token-nft-market-size-to-grow-by-usd-147-24----technavio-301529125.html
2.https://www.statista.com/outlook/dmo/fintech/digital-assets/nft/worldwide#:~:text=Revenue%20in%20the%20NFT%20market,US%241%2C601.00m%20in%202023