III. Industry Analysis

The NFT market is projected to witness substantial growth, with an estimated increase of $147.24 billion from 2021 to 2026, representing a remarkable compound annual growth rate (CAGR) of 35.27%.¹ This expansion can be attributed to the rising demand for digital artworks. Similarly, the global fintech technologies market, valued at $110.57 billion in 2020, is anticipated to reach $698.48 billion by 2030, exhibiting a CAGR of 20.3% between 2021 and 2030.² In order to compete with traditional financial methods and enhance the delivery of financial services, the company aims to employ various technologies such as application programming interface (API), artificial intelligence (AI), blockchain, and data analytics. Furthermore, the global SaaS market, which reached a valuation of $143.77 billion in 2021, is expected to achieve a market size of $720.44 billion by 2028, experiencing a CAGR of 25.89% during the forecast period of 2022 to 2028.³  

NFTs are heralded as the future of ownership, capturing the imagination of users worldwide. Inevitably, various forms of property, ranging from event tickets to houses, will undergo tokenization to establish verifiable ownership. The concept of owning digitally created content is expected to be a significant driving force behind the market growth. Digital art stands as the primary catalyst propelling the NFT market forward. NFTs empower digital artists by granting them true ownership of their creations. By leveraging NFTs, artists can unlock greater revenue streams through royalties earned with each subsequent transaction. This lucrative incentive structure stimulates artistic output and facilitates enhanced monetization. The NFT collectibles market is poised for substantial expansion, propelled by heightened fan engagement. Additionally, the Metaverse and virtual real estate sectors are set to experience significant growth, further fueling the NFT market's expansion. The advent of digital art has opened doors to novel artistic expressions, attracting a broader audience to the art world.The continuous innovation of artists within this domain continually pushes the limits of conventional art forms, sparking heightened curiosity and involvement. This ongoing process of creative evolution serves as a driving force propelling the advancement of the NFT market. 

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.alliedmarketresearch.com/fintech-technologies-market
3. https://www.globenewswire.com/en/news-release/2022/06/06/2456875/0/en/The-Global-SAAS-Market-is-expected-to-reach-a-value-of-USD-720-44-Billion-by-2028-at-a-CAGR-of-25-89-over-the-forecast-period-2022-2028-SkyQuest-Technology.html#:~:text=Westford%2C%20USA%2C%20June%2006%2C,forecast%20period%20of%202022%20%2D%202028.