🤷‍♀️Market Overview

Between the idea and the development stage there is one more process to complete - market research. No matter how great the idea is, absence of market research can lead to project failure. Market research helps to acknowledge the target market, understand the needs of the final consumer and adapt the solutions accordingly.

NFT marketplaces are still a new concept, the demand and success in the market should be defined by a few key factors: crypto, blockchain and NFT collections tendencies. As we grow our user base, keeping an eye on the state of social media is uniformly important as the community itself. The whole crypto market is still growing and it’s believable that in 2023 it will increase by almost 93% compared to 2021. In case you are looking for a shorter period of time, predictions show that Bitcoin price should increase by a bit more than 7% until the end of 2022. The increase of Bitcoin price shows that the crypto market will be growing as well, which is great news for the crypto environment.

In addition, the market size in 2017 was 1.57 billion US dollars, it is expected to be worth more than a hundred times its current value by the 2027 - we’re talking about 163 billion US dollars. Moreover, these predictions show that the interest of society in crypto and blockchain technologies is rapidly growing, which means that the numbers of final consumers and specialists will increase as well.

Taking a deeper look into the NFT market itself, we are able to find out that this market has grown 21%. According to CNBC, trading in non-fungible tokens hit $17.6 billion in 2021. Regarding current years, NFT market value is expected to reach $35 billion in net sales volume in 2022. Experts predict that the growth trend will continue and reach $80 billion in sales by 2025. Furthermore, our project is focusing on social networks. The usage of social media is increasing - there were over 3.6 billion social media users worldwide. It’s expected to reach up to 4.41 billion users by 2025. As a result, the possibilities of reaching clients will increase. To sum up, rapid growth and current time creates perfect conditions to join the cryptocurrency community.