USA, Rockville MD, July 7, 2022 (GLOBE NEWSWIRE) – According to a new published report by Fact.MR, a provider of market research and competitive intelligence, the global market for non-fungible tokens (NFT) is $ 34 billion in 2022 and is forecast to expand with an astonishing CAGR of 25% during the forecast years (2022-2032). The market is set to rise due to the changing dynamics of 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 offers great investment opportunities and has many uses in the financial sector.
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.
For more insight into the market, get ONE Example of this report!
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 652.1% CAGR for 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 45.5% market share 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 by CAGRs of 35.3% and 22.2% in the Americas and EMEA, respectively, during the forecast period.
Ask for comprehensive insights An Analyst here
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 tough, 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.
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 with 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, invested more than $ 1.5 billion in 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 after end use:
- NFT market by region:
Customize this report for specific research solutions
More valuable insight Available
Fact.MR, in its new offering, presents an objective analysis of the global non-fungible token (NFT) market, and presents historical market data (2017-2021) and forecast statistics for the period 2022-2032.
The study reveals important insights based on asset type (physical assets, digital assets, metadata), category (artwork, collectibles, domain name, identity, memes, metaverse, music and media, real world assets, sporting goods, tickets, virtual objects, others ), and end use (personal, commercial), across major regions of the world (America, 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 need for business information. 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.
Explore more Technology Industry Reports:
Contactless biometrics market – contactless biometrics market by component (hardware, software, service), by application (face, fingerprint, iris, voice), by end use (healthcare, government, defense and security) – Global Market Insights 2022 to 2032
Data protection software market – Market analysis for data protection software by solution type (data backup and recovery, disaster recovery, data security, data compliance), by distribution type (cloud, local), by company size, by end-use industry and Regional Forecast 2022-2032
Data center market – Data center market analysis by type (new data centers, conversion of data center), by consultancy (network design, security consulting, network analysis, benchmarking), by integration (project management, installation, test and troubleshooting), by application & Regional forecast to 2032
E-commerce software and platform market – E-commerce software and platform market analysis by distribution (SaaS, local), by business model (B2B, B2C, marketplace), by end use, by region – Global forecast 2022-2032
Consumer Electronics Airport Store – Market Analysis for Consumer Electronics at Airports by Category (Fashion and Accessories, Perfumes and Cosmetics, Liquor and Tobacco, Food & Beverage), by Airport Size (Small, Medium, Large) by Type (Direct Dealer, Department Store, Specialty Dealers) and Regional Forecast to 2032
G Suite Technology Services Market – G Suite Technology Services Market analysis by service type (consulting services, migration services, integration services, design and distribution), by organization size (small and medium-sized enterprises, large enterprises), by end-use industry and region Forecast 2022-2032
Market for identity theft protection services – Market analysis for identity theft protection services by type (credit card fraud, employment and tax related fraud, telephone or tool fraud, tape fraud), by end use, by region – Global Forecast 2022-2032
Smart Parking Solutions Market – Smart Parking Solutions Market analysis by system components and services (smart parking software, smart parking system units, professional services), by solutions (smart parking access control, reservation management solutions), by end use – Global Insights 2022-2032
Computer Aided Dispatch (CAD) Market – Computer Aided Dispatch (CAD) Market analysis by component (Computer Aided Dispatch Solutions, Services), by distribution (cloud-based, local), by organization (large companies, SMEs), by application Area, by industry and regional forecast 2022-2032
MEMS sensor market – MEMS sensor market analysis by type (mechanical, optical, chemical and biological, thermal MEMS sensors), by manufacturing material (silicon, polymer, ceramics, metal MEMS sensors), by application, by region – Global forecast 2022-2032
About us:
Market research and consulting agency with a difference! That’s why 80% of Fortune 1000 companies trust us to make the most critical decisions. While our experienced consultants use the latest technologies to extract hard-to-find insights, we believe that our USP is the trust customers have in our expertise. Our coverage spans a wide range – from automotive and industrial 4.0 to healthcare and retail, but we ensure that even the most niche categories are analyzed. Our sales offices in the USA and Dublin, Ireland. Headquartered in Dubai, UAE. Contact us with your goals, and we will be a skilled research partner.
Consult:
Mahendra Singh
US Sales Office:
11140 Rockville Pike
Suite 400
Rockville, MD 20852
Email: [email protected]
Tel: +1 (628) 251-1583
