The NFT creative economy is booming

According to a recently published report by Fact.MR, provider of market research and competitive intelligence, the global non-fungal token (NFT) market stands at $ 34 billion in 2022 and is forecast to expand to an astonishing 25% CAGR over the course of the year. of forecast year (2022-2032). The market is set to rise due to the changed dynamics in digital content creation and the ownership area.

NFTs are crypto-tokens created using hash algorithms and linked to a digital asset such as a video clip, JPEG or PNG, as well as physical assets such as real estate, all while using Blockchain technology. NFT presents a great investment opportunity and has many uses in the financial sector.

The benefits of Non-Fungible Tokens (NFT) have led to the development of a whole new creative economy, says Fact.MR

The development of ICT infrastructure is one of the main drivers for the growth of the non-fungible token market. Due to the availability of digital platforms to create, sell, price and bid on NFTs, they are both cost and time efficient; However, there are certain revenue generation complexities.

Digital transactions are on the rise, and this is predicted to have a beneficial impact on the non-fungible token business area. In addition, digital assets are defined as anything that is uniquely identifiable and stored digitally that can be used to realize an underlying value. As a result of NFTs, new modalities for revenue generation and ownership are becoming a reality, and it is reasonable to predict that their widespread use will have an important impact on a wide range of businesses.

Important things from market research

The global market for non-fungible tokens is estimated to expand at an impressive 25% CAGR to be valued at $ 316.7 billion by 2032.

The market witnessed a CAGR of 652.1% from the period 2017-2021.

Under the category type, digital assets dominate the market and are estimated to exceed $ 262.2 billion by 2032, registering a CAGR of 26.2%.

APAC dominated the market by having a market share of 45.5% in 2021 and is expected to maintain its position.

In total, works of art and collectibles will probably represent 52.9% of the total market share in 2022.

Demand for non-fungible tokens is expected to increase with CAGRs of 35.3% and 22.2% in the Americas and EMEA, respectively, during the forecast period.

“Advances and digitization in Blockchain technology are expected to increase non-fungal token market growth in the coming years,” said a Fact.MR analyst.

Market development

The NFT area has expanded significantly, especially during the pandemic period, from raising digital cats to programming assets. Collaboration is the key to success in creating, embossing and selling NFTs.

Individual manufacturers and collectors may be able to handle this more easily, while companies may find it difficult, requiring the use of professionals. Because of this, market participants are developing long-term constructive collaborations with companies, firms and governments to help facilitate NFT operations, which will lead to consistency in their revenue generation.

This insight is based on a report on the Non-Fungible Token (NFT) Market by Fact.MR.