The global non-fungible token market is expected to grow by nearly $114 million from 2022 to 2027, according to market research company TechNavio. NFT collectibles – which are rare tokens minted on the blockchain – are forecasted to be the biggest drivers behind the growth. This is likely due to the growing demand for digital assets, such as digital art and other unique items. The metaverse, which is also expected to grow over the coming years, will aid the NFT market’s growth by allowing more artists to create online portals where people can purchase their products.
However, the overall growth of the NFT market does face a few different challenges. One issue that scares off investors is how young the market is, which makes it difficult to see any future trends. The market’s growth will also be challenged by the demand for and pricing of unique digital collectibles. Valuation of NFTs relies heavily on the perception of scarcity and uniqueness, which poses plenty of risks to owners.
In other news, OtterBox has released new Apple Watch accessories just in time for your holiday shopping needs. The new items include new watch cases and bands, as well as AirPod and AirTag cases. The new watch case, called the Eclipse case, features a slim design with a watch bumper and built-in screen protector. OtterBox is promising any orders placed by December 16 will arrive in time for Christmas.
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