The rising popularity of non-fungible tokens (NFTs) is also contributing to the decentralized technology’s growth. NFTs are digital assets that represent a wide range of unique tangible and intangible items, from collectible sports cards to virtual real estate and even digital sneakers. The global blockchain technology market is expected to grow at a CAGR of 43% over the next six years to hit $30.70 billion by 2027.
As companies focus on innovation to boost profitability in the wake of pandemic-driven losses, blockchain technology development companies are expected to witness a significant uptick in demand over the near term. Given this backdrop, we think blockchain ETFs, such as Siren Nasdaq NexGen Economy ETF (BLCN) and First Trust Indxx Innovative Transaction & Process ETF (LEGR) should prove to be wise investment bets now.