In 2021, the non-fungible token (NFT) industry experienced explosive growth, with global revenue increasing by 27,759% year over year. By 2032, non-fungible token sales are expected to increase about 12X globally, reaching a market value of US$ 316.7 billion.
Traditional business procedures are under threat from a new type of technology called distributed ledger technologies (DLTs), or blockchain. Previous business models relied on costly and slow-moving intermediaries to foster trust between distrusting parties. DLT developments sparked the development of ideas that may streamline and lower the cost of exchanging value. Virtually everything, including real and digital assets, have been tokenized to represent value through a distributed ledger.
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Key Takeaways from Market Study
- The global non-fungible token market is projected to expand at an impressive CAGR of 25% to be valued at US$ 316.7 billion by 2032.
- The market witnessed 652.1% CAGR for the period of 2017-2021.
- Under category type, digital assets dominate the market and are estimated to exceed US$ 262.2 billion by 2032, registering a CAGR of 26.2%.
- APAC dominated the market by holding 45.5% market share in 2021 and is expected to maintain its position.
- Collectively, artwork and collectibles are likely to represent 52.9% of the overall market share in 2022.
- Demand for non-fungible tokens is expected to surge at CAGRs of 35.3% and 22.2% in the Americas and EMEA, respectively, over the forecast period.
Competitive Landscape:
Prominent non-fungible token market players are Art Blocks, Axie Infinity, Cloudflare Inc., CryptoKitties, Dapper Labs Inc., Dolphin Entertainment Inc., Foundation, Funko, Gemini Trust Company LLC., Onchain Labs Inc., OpenSea, Ozone Networks Inc., PLBY Group Inc., Rarible, Semidot Infotech, Takung Art Co. Ltd., The Sandbox, and YellowHeart LLC.
In the non-fungible token business, prominent companies employ a competitive market fee strategy along with better performance. Companies are forming cooperative relationships with government agencies and other institutions.
Moreover, companies are helping developers who have difficulty in building Blockchain infrastructure to connect their desired digital items or assets with simple system integration. Non-fungible token companies are extending their offerings due to the high demand from diverse end users, such as from gaming to artwork.
For instance :
- In April 2021, Cloudflare introduced a new API that takes an ERC-721 token ID and contact address and sets it on a video. This way, every video on stream can be represented with an NFT.
- In Nov. 2021, Dolphin Entertainment announced the launch of Creature Chronicles: Exiled Aliens, the content studio’s first generative NFT collection.
- In June 2022, Hong Kong-based Animoca Brands, which invests in non-fungible tokens and Metaverse projects, put in over US$ 1.5 billion across more than 340 investments.
Fact.MR has provided detailed information about the price points of key non-fungible token companies positioned across regions, sales growth, and speculative technological expansion, in the recently published report.
Development of Market
The NFT space has expanded significantly, particularly during the pandemic period, from raising digital cats to programming asset ownership. Collaboration is the key to successfully creating, minting, and selling NFTs.
Individual producers and collectors may be able to handle this more simply, while corporations may find it tough, necessitating the use of professionals. Owing to this, market participants are developing long-term constructive collaborations with enterprises, businesses, and governments to aid easing the NFT business, which will lead to consistency in their revenue generation.
Non-Fungible Token Industry Research by Category:
· By Asset Type :
- Physical Assets
- Digital Assets
- Metadata
· By Category :
- Artwork
- Collectibles
- Domain Names
- Gaming
- Identity
- Memes
- Metaverse
- Music and Media
- Real-world Assets
- Sport Items
- Tickets
- Virtual items
- Others
· By End Use :
- Personal
- Commercial
· By Region :
- Americas
- EMEA
- Asia Pacific
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Questionnaire answered in the Market outlook Report of Non-Fungible Token (NFT) include:
- What is the key strategy deployed by large players to maximize Non-Fungible Token (NFT) growth?
- What are the main challenges faced by players in the Non-Fungible Token (NFT) Demand?
- With the advent of technological advancement, how will the Non-Fungible Token (NFT) landscape change over the forecast period?
- What does player bring to the table which is unique as a strategy, and is easy to emulate for new investors in the Non-Fungible Token (NFT) size?
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