Global Non-Fungible Token Market size was $14.02 billion in 2022, and is anticipated to grow to a value of more than $82.43 billion by 2030, registering a growing CAGR (Compound annual growth rate) of over 40% from 2022 to 2030.
Global Non-fungible token Market– Overview
NFTs are tokens that we can use to address responsibility for things. They let us tokenise things like craftsmanship, collectibles, even real estate. They can have each official proprietor in turn and they’re obtained by the Ethereum blockchain . Nobody can change the record of possession or copy/paste another NFT into reality.
NFT represents non-fungible token. Non-fungible is a financial term that can be used to portray things like furniture, a tune document, or PC. These things are not tradable for different things since they have special properties.
Global Non-fungible token market- Key Trends
Rise in awareness and demand for digital artwork.
There are a number of factors that have increased the market growth. One of the major factor that has boosted the market growth is the rising awareness and demand for digital artwork. Also, the increase in demand for decentralised market places have also increased the market growth.
Concerns regarding scams and frauds as well as lack of standardization
On the flip side, concerns regarding scams and frauds as well as lack of standardization are expected to hamper the growth of the market during the forecast year. This is because NFTs are mostly unregulated and anyone can get the access to create as well as sell an NFT without a certainty of its actual worth.
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Segmentation Analysis of Global Non-fungible token Market
Based on type –
- Physical asset
- Digital asset
Digital asset dominates the market with the largest market share and projected to lead in terms of income contribution to the global NFT market.
Based on application –
- Collectibles (video clip, audio clip, gamification)
- Art (pixel art, factual art, computer generated painting, 2D/3D Painting, 2D/3D Computer Graphics, and GIFS.
- Gaming – trading card game (TCG), video game, and strategy role playing (RPG).
- Utilities – Tickets, Domain names, and assets ownership.
- Metaverse
- Sport
Collectible’s segment held highest market share, with the growing CAGR.
Based on end-user –
- Personal
- Commercial
Commercial segment held the largest market share among others and is anticipated to grow at a significantly fast CAGR in the global non-fungible token market.
North America is anticipated to hold the largest market share
North America, Europe, Latin America, Asia Pacific, and Middle East and Africa are the major regions constituting the geographical landscape of Global Non-fungible token Market. North America hold the largest market share among other regions.
Competitive Landscape
The Key players in the Global Non-fungible token Market are Larva Labs, NBA Top Shot, Decentraland, Dapper Labs, SuperRare, Cloudflare, Inc., Dolphin Entertainment, Inc., Takung Art Co., Ltd., Funko, PLBY Group, Inc., YellowHeart, Rarible, OpenSea, Nifty Gateway, and MakersPlace.
Major development
- In March 2021, Tapinator Inc., a developer and distributer of classification driving games for mobile stages, has reported that it is being developed on NFT500, a membership projecting assistance and assortment stage zeroed in on blue chip NFTs. The expression “”projecting”” alludes to showing digital art, as NFTs, on a physical display.
- In April 2021, Hall of Fame Resort and Entertainment Company reported its first non-fungible tokens presenting in organization with Dolphin Entertainment, Inc.
Major questions answered in this report
- What is the growth rate of the Global Non-fungible Market?
- What are the primary growth determinants of the Global Non-fungible token Market?
- Which are the major regions constituting the geographical landscape of Global Non-fungible token Market?
- Which are the prominent companies operating in Global Non-fungible token Market?
Key takeaways from the report-
- The Global digital pathology Market registers a CAGR of over 40% over 2022-2030.
- The north America holds the largest market share.
- The Digital asset dominates the market with the largest market share.
- The principal driver for the development of NFT market is digital art will drive the market
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