Non-fungible Token (NFT) Market Size to Grow at a CAGR of 35.02% between 2022 and 2027: Drivers, Industry Challenges, Segmentation, Key Vendor Analysis and Leading Countries

NEW YORK, 9 February 2023 /PRNewswire/ — In-depth analysis provided in the report includes:

• Current and future market trends to highlight market conditions

• Comparative analysis of the market and its segments for the historical period 2017 – 2021

• Market drivers and market barriers and their impact on market growth

• Positioning of market players and their business strategy analysis

• Download a trial now!

Not-fungible token (NFT) market size and segmentation analysis

The non-fungible the token market (NFT) is intended for grow at a CAGR of 35.02% between 2022 and 2027. The size of the market is estimated to increase by USD 113,933.5 million. The report includes historical market data from 2017 to 2021. In 2017, the market was valued at USD 178 million. The non-fungible The token (NFT) market is segmented based on applicationend user and geography.

• Based on application, the non-fungible The token (NFT) market is segmented into collectibles, sports, art and others.

• Based on end user, the market is segmented into personal and commercial.

• Based on geography, non-fungible The token (NFT) market is segmented into APAC, Europe, North America, Middle East and Africaand South America.

• For insight into the market contribution of each segment, buy the report!

Not-fungible token (NFT) market: Analysis at country level

The countries covered by non-fungible token (NFT) market report is the United States and Canada (North America); Great Britain, Germany, FranceThe rest of Europe (Europe); China and India (APAC); Saudi Arabia, South Africaand the rest of Middle East & Africa (Middle East & Africa); and Chile, Braziland Argentina (South America).

• APAC is intended to stand for 39% of the growth in the global market during the forecast period. The growth in APAC can be attributed to several factors, including the growing demand for digital assets in countries such as Singapore, China, South Korea, The Philippinesand Japan.

• Furthermore, economic recovery and an increase in consumer disposable incomes will fuel the growth of the market in APAC during the forecast period.

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The geographical landscape in the report also provides market influencing factors and changes
which influence current and future trends. For detailed information, ask for a sample!

Not-fungible token (NFT) market: Dynamics and insight

Technavio’s research report on not-fungible the token market (NFT). provides analysis and insight into various drivers, along with important challenges, that affect the market throughout the forecast period.

The growing demand for digital art is driving market growth in particular. The popularity of NFTs is increasing in digital art applications through the internet, social media and other digital media. NFTs help artists increase sales. They help the public to buy art at a lower cost and in a safe and transparent way. NFTs can also be used to sell artwork directly through virtual platforms, thereby reducing the processing time of purchases. Many such benefits promote the growth of the global non-fungible the token market.

On the other hand, Uncertainty in NFT demand and pricing challenges market growth. The value of NFTs depends on various factors, including scarcity, uniqueness and the perception of owners and buyers. Therefore, it is extremely difficult to predict the identity of the next buyers of an NFT or possible factors that may drive their purchase. Also, the market is in its infancy, which makes it difficult for new investors to predict future trends. All these factors can reduce the growth potential of the market.

Not-fungible token (NFT) market: Competitive landscape and vendor analysis

Technavio’s report includes the adoption lifecycle of the market, covering from the innovator stage to the laggard stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key buying criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Some of the major players operating in non-fungible token market (NFT) are Binance Services Holdings Ltd., Cloudflare Inc, Dapper Labs Inc., Decentraland, Enjin Pte. Ltd., Foundation Labs Inc., FTX Trading Ltd., Funko Inc., Gala gameGemini Trust Co. LLC, Mintable.app, Mobox Digital Co. Ltd., Onchain Labs Inc., OpenSea, Rarible Inc., Sorare, SuperRare Labs Inc., Theta Labs Inc., Yellowheart LLC and Yuga Labs LLC, among others. For insight into the supplier’s offer, download a PDF sample!

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• The metaverse in the entertainment market is projected to grow at a CAGR of 9.07% between 2022 and 2027. The size of the market is projected to increase by USD 33,323.31 million. The increasing use of AR/VR games among individuals is particularly driving the market growth, although factors such as privacy and security concerns across the metaverse may hinder market growth.

• The metaverse in the FMCG market size is expected to increase to USD 2.11 billion from 2021 to 2026 with an accelerating CAGR of 21.8%. The increasing number of FMCG brands entering the metaverse platform in particular is driving the metaverse in FMCG market growth, although factors such as privacy and security concerns over metaverse may hinder market growth.

Table of Contents:

1 Summary

2 Market landscape

3 Market size

4 Historical market size

5 Analysis of five forces

6 Market Segmentation by Application

7 Market segmentation by end user

8 Customer landscape

9 Geographical landscape

10 drivers, challenges and trends

11 Supplier landscape

12 Supplier analysis

13 Appendix

About Technavio

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With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of businesses of all sizes, including more than 100 Fortune 500 companies. This growing customer base relies on Technavio’s comprehensive coverage, comprehensive research and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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