Global Non-Fungible Token (NFT) Market Size to Reach USD 20 Billion by 2028

Delhi, Sept. 12, 2022 (GLOBE NEWSWIRE) — Global Non-Fungible Token (NFT) is booming at a high growth rate mainly due to a rapidly increasing demand for digital art and adoption of cryptocurrencies by various digital platforms worldwide.

BlueWeave Consultinga leading strategic consulting and market research firm, estimated in its recent study the global the global the non-fungible token (NFT) market the size was USD 4.36 billion in 2021. BlueWeave also predicts that the global NFT market will grow at an impressive rate CAGR of 23.9% under 2022–2028and reaches a huge market size of USD 19.57 billion at the end of the forecast period.

Global NFT Market – Recent Technological Advancements

Tapinator Inc., a developer and publisher of category-defining mobile games, has announced the development of NFT500, a subscription casting service and fundraising platform centered around blue chip NFTs. The term “casting” refers to presenting digital art on a physical screen in the form of NFTs. In partnership with Dolphin Entertainment, Inc., the Hall of Fame Resort & Entertainment Company announced its first NFT offering.

Growing demand for digital art to drive the global NFT market

One of the main factors driving the NFT market is the growing demand for digital art worldwide. This is because consumers use cryptocurrencies to buy digital assets. The money raised by NFT firms also boosts market growth. Paradigm is a leader in receiving major investments, which also included grants from Solana Ventures and Sequoia Capital. The company aims to use the funds to expand its products and services.

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Global NFT Market – By Type

Gaming and digital art NFTs are expected to account for the highest number of NFT transactions. In gaming, in-app purchases or virtual currency purchased in free-to-play games could not be withdrawn, reused, resold or otherwise used across games or platforms until recently. In other words, they were perishable consumer goods. With NFTs, everything purchased in the games becomes the owner’s property. The user’s name will be used to register the asset. Each object is uniquely identified, has a provably limited number of copies, and can be shared between users without the developer’s permission. Even better, it can be moved outside of the game, sold in the market, or even used in another game, providing extra utility and playability across different games. New inventions are made as digital art allows more people to become interested in and active in the art world. The artists in this space will continue to experiment and produce work that pushes the boundaries of the current art form. However, there is a downside to typical digital art creation in that products can be reproduced and replicated endlessly without cost. To address this flaw, digital art is now stored on the blockchain and converted to an NFT, making it impossible to duplicate. This has given digital artists an opportunity to profit from their creative work. As a result, it is expected that digital art will have a significant share in the global NFT market.

The story continues

The impact of COVID-19 on the global NFT market

Due to global lockdowns imposed by governments due to the Covid-19 pandemic, people have been forced to adopt a more sedentary lifestyle. These populations, of all ages and backgrounds, have had to learn new ways of interacting socially after being confined for so long. As a result, these users joined a number of online Metaverse platforms to increase social engagement and gain exposure to NFTs. For example, during a lock-in period, Axis Infinity, a blockchain-based digital pet world, attracted thousands of newbies to the blockchain technology from underdeveloped and developing countries looking for new revenue streams. According to NonFungible.com, the global NFT market expanded by 299% in 2020 compared to the previous year.

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America to dominate the global NFT market

In terms of market size, the Americas region is expected to be the highest contributor in the global NFT industry. Despite the lack of strict legislation, accounting standards and disclosure requirements in the US, firms invest in NFTs. After making its first cryptocurrency investment, KPMG Canada’s finance department purchased a digital artwork from the “World of Women” NFT. The business model is practical and a viable option for novice NFT producers to get started, with the OpenSea platform seeing huge success in 2021.

Challenging landscape

North America is home to major companies such as OpenSea, Larva Labs, Cloudflare and Dapper Labs. Artists are being motivated to be a part of this burgeoning NFT world of investments and creative digital works, which can be a major contributor to the NFT market growth during the forecast period.

Recent developments

• TapinatorInc., a patron and publisher of order-leading mobile games, revealed in March 2021 that it was developing NFT500, a subscription casting service and fundraising platform centered around blue chip NFTs. The term “casting” refers to presenting digital art on a physical screen in the form of NFTs.

Scope of the report

By category

• Formulation of business strategy

• NFT creation and management

• The NFT platform – marketplace

Upon application

• Entertainment and media

• Banking operations

• Tool

• Health Service

• Gaming

• Sport

• Second

At end use

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