A recent report by Research and Markets predicted that the global non-fungible token (NFT) market will grow at a CAGR of 51% from 2023 to 2028, to reach $278,475 million, with a CAGR of 37.1%.
One of the regions where the NFT market expanded the most was Latin America.
“The adoption of some names in the visual artists and music industry is contributing to the growth of the NFT industry in Brazil and Mexico. NFT markets seek to tap the potential of a high growth market. Therefore, companies are forming strategic alliances with footballers who have millions of fans worldwide in an effort to fuel their growth in the NFT market.”
The report notes that some NFT markets are becoming more mainstream, such as the United Kingdom, where the government is providing support to companies in the sector, which could mean more growth if there is public interest. Additionally, strong market expansion was observed in Latin America in 2022.
Companies looking to expand NFT adoption into new markets
Research and Markets explained the following.
“The growing influence of celebrities on NFT adoption, the modernization of the gaming business, and a modest but steady increase in demand for digital artwork are all important elements driving the growth rate of NFT. Furthermore, as NFT startups continue to innovate and develop differentiated NFT products, this will further accelerate their global growth.”
Weeks ago, Research and Markets predicted that the NFT market in Mexico alone would end 2022 with a 46.3% increase to $1.123 billion, as the market is in its “early phase” in the country.
In the case of Mexico, the report estimates the NFT market to grow by 33.4% between 2022 and 2028, while the spending value will grow to $5,777 million by 2028 as industries use it to better communicate and interact with your customers. offer exclusive benefits to your most regular customers.
BeInCrypto reported in October that Spanish bank BBVA launched the first “Digital Economy Fund” in Mexico, offering financial services clients the opportunity to invest in digital projects, FinTech, NFT, metaverse and other business models related to Web 3.0.
Disclaimer
All information contained on our website is published in good faith and for general information purposes only. Any action a reader takes with respect to information found on our site is strictly at their own risk.