DUBLIN – (BUSINESS WIRE) – The “global market for non-fungal tokens by offering (business strategy formulation, NFT creation and management, NFT platform – marketplace), end user (media and entertainment, games), region (America, Europe, MEA, APAC ) – forecast for the 2027 “report has been added ResearchAndMarkets.com sine Offering.
The global NFT market size is expected to grow from $ 3.0 billion in 2022 to $ 13.6 billion by 2027, with a compound annual growth rate (CAGR) of 35.0% from 2022 to 2027. Key factors driving NFT The growth includes the growing influence of celebrities for NFT adoption, the revolutionary gaming industry and the slow but steady increase in demand for digital artwork.
NFT Marketplaces will grow with a higher CAGR during the forecast period
Non-curated platforms provide free access to creators, unlike the curated ones, who have a strict creative selection policy. NFT platforms such as SuperRare and Nifty gateway, creators must apply for forms with strict selection criteria and a long wait for the experts’ decision.
This is why non-curated platforms have been widely accepted by creators to sell their digital assets. To expand its growth, various organizations are entering the NFT area. For example, Coinbase Global Inc, a US cryptocurrency exchange platform, recently launched its NFT marketplace. Developments such as this have contributed to the growth in the NFT market.
In the regional segment, America will have a higher market share during the forecast period
America is expected to be the largest contributor in terms of market size in the global NFT market. The US companies invest in NFTs despite the fact that they do not have strict laws, accounting rules and disclosure requirements. KPMG Canada has acquired a piece of digital art from the “World of Women” NFT after the Ministry of Finance made its first investment in cryptocurrency.
A US company, OpenSea, unlike other platforms, does not charge a fee for creating NFTs. The platform requires a payment on the final sale price, which is currently 2.5%. With the OpenSea platform experiencing huge success in 2021, the business model seems to be viable and is an excellent option for young NFT manufacturers to get started.
Organizations are at the forefront of many developments and partnerships to explore and make people aware of trends and the use of NFTs to help them monetize their work.
Challenging landscape
Major companies such as OpenSea, Larva Labs, Cloudflare and Dapper Labs are headquartered in North America. Investments and creations similar to these motivate the artists to be a part of this thriving NFT world which can be an important factor in the growth of the NFT market.
Major suppliers offering NFT markets worldwide are Cloudflare (USA), Gemini Trust (USA), OpenSea (USA), Semidot Infotech (USA), Dapper Labs (Canada), The Sandbox (China), Axie Infinity (Vietnam) , Rarible (USA), Art Blocks (USA), Foundation (USA), Superrare (USA), Mintbase (Portugal), Larva Labs (USA), Appdupe (India), CryptoKitties (Canada), Sorare (France), Yellow Heart (USA), Onchain Labs (China), Solanart (France), Gala Games (USA)
Premium Insights
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Increased influence from celebrities for Nft adoption and increase in digital works of art to drive Nft market growth
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Nft Platform-Marketplace segment to maintain the largest market size during the forecast period
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Media and entertainment segment to have the largest market size in the forecast period
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The Americas segment will have the largest market size in the forecast period
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The Asia-Pacific region will emerge as the best market for investment over the next five years
Market dynamics
Drivers
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Increasing influence from celebrities to stimulate momentum of NFT adoption
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Revolutionizes the gaming industry
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Slow but steady increase in demand for digital artwork
Limitations
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Problems with copyright protection
Possibilities
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Increasing use of NFT in supply chain management, retail and fashion
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Industry giants’ efforts to make Metaverse a reality
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Personalization of NFT
Challenges
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High and hidden fees
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Lack of legal representation, non-compliance and regulations for NFT
Value chain
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Ecosystem: Non-fungible tokens
Technology analysis
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Blockchain
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Cryptocurrency
Patent analysis
Trends and disturbances that affect customers
Porter’s five forces analysis
Tariff and Regulatory Landscape
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Regulatory bodies, government agencies and other organizations
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General data protection regulation
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Payment card industry-data security standard (Pci-Dss)
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Act on health insurance’s portability and liability
Utility matters
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Use cases: Identification, certification and documentation
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Applications: Property
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Uses: Event tickets
Important conferences and events in 2022-2023
Table 8 Market for non-fungible tokens: List of conferences and events
Market trends
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Metaverse
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Play to earn (P2E)
Company profiles
Key players
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Cloudflare
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Gemini Trust
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Open sea
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Dapper Labs
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Semidot Infotech
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Sandboxes
Other players
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Axie Infinity
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Rarible
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Art blocks
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Foundation
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Super rare
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Mintbase
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Larve Labs
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Appdupe
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Cryptokitties
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Hurt
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Yellowheart
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Onchain Labs
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Solanart
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Gala game
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