USA, Rockville MD, July 07, 2022 (GLOBE NEWSWIRE) — According to a newly published report from Fact.MR, a market research and competitive intelligence provider, the global non-fungible tokens (NFT) market is at USD 34 billion in 2022 and is predicted to expand at an astonishing CAGR of 25% during the forecast years (2022-2032). The market is set to rise due to the changing dynamics in the digital content creation and ownership space.
NFTs are crypto-tokens created using hashing algorithms and tied 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 offers great investment opportunities and has many use cases in the financial sector.
The development of ICT infrastructure is one of the main drivers of 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 monetization complexities.
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Digital transactions are on the rise and this is predicted to have a beneficial impact on the non-fungible token business space. Moreover, 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 of monetization 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 projected to expand at an impressive CAGR of 25% to be valued at USD 316.7 billion by 2032.
- The market witnessed 652.1% CAGR for the period 2017-2021.
- Under category type, digital assets dominate the market and is estimated to exceed USD 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, 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 grow at CAGRs of 35.3% and 22.2% in the Americas and EMEA, respectively, during the forecast period.
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Development of the market
The NFT space has expanded significantly, especially during the pandemic period, from raising digital cats to programming assets. Collaboration is the key to successfully creating, minting 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. Due to this, the market players are developing long-term constructive collaborations with companies, enterprises and governments to help facilitate the NFT business, which will lead to consistency in their revenue generation.
Challenging 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.
For example :
- In April 2021, Cloudflare introduced a new API that takes an ERC-721 token ID and contact address and puts it on a video. In this way, each video on stream can be represented by an NFT.
- In November 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, raised over $1.5 billion across more than 340 investments.
Non-Fungible Token Industry Research by Category
- NFT market by asset type:
- Physical assets
- Digital assets
- Metadata
- NFT market by category:
- Artwork
- Collectibles
- Domain name
- Gaming
- Identity
- Memes
- Metaverse
- Music and media
- Assets in the real world
- Sporting goods
- Tickets
- Virtual objects
- Second
- NFT market by end use:
- NFT market by region:
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More valuable insights Available
Fact.MR, in its new offering, presents an objective analysis of the global non-fungible token (NFT) market, presenting historical market data (2017-2021) and forecast statistics for the period 2022-2032.
The study uncovers key insights based on asset type (physical assets, digital assets, metadata), category (artwork, collectibles, domain names, identity, memes, Metaverse, music and media, real-world assets, sporting goods, tickets, virtual items, other ), and end use (personal, commercial), across major regions of the world (Americas, EMEA, Asia Pacific).
About the ICT department at Fact.MR
Expert analysis, practical insight and strategic recommendations from the highly experienced ICT solutions at Fact.MR help customers from all over the world with their unique business information needs. With a repertoire of over a thousand reports and more than 1 million data points, the team has been analyzing prominent end users in over 50 countries for over a decade. The team offers unmatched end-to-end research and consulting services.
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