NFT market size to cross USD 342.54 billion by 2032, with a CAGR of 27.60% by 2032

The NFT market is growing due to the increasing global demand for digital art and the use of cryptocurrency.

New York, USA, May 18, 2023 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “ The NFT market By offering, by end-users, and by region and forecast up to 2032, the market is predicted to thrive significantly during the assessment period from 2022 to 2032 at a healthy CAGR of about 27.60% to attain a valuation of around USD 342.54 billion by the end of 2032.

NFT Industry overview:

The MRFR study reports suggest that NFT Market Research Report Information by Offering, Region, and End Users – Forecast Until 2032, the global NFT market is predicted to grow significantly during the review period from 2023 to 2032 with a significant growth of around 27 .60%. The reports further estimate that the market will acquire nearly $342.54 billion by the end of 2032. According to the documents, the NFT market was valued at nearly $38.2 billion by 2022.

Market scope:

An NFT, non-fungible token or nft crypto refers to a unique token registered in a blockchain that shows ownership of a digital or physical asset. NFTs have an NFT drop feature that allows creators to pre-announce when they are dropping their latest NFT projects on Coinbase NFT. NFT Drops Radar is the place for the most popular upcoming NFT Drops. In recent times, the world has witnessed a minor NFT crash. The global NFT industry has recently shown enormous development. The primary parameter causing an increase in the performance of the market is the growing global demand for digital art and the use of cryptocurrency. Furthermore, the increasing technological development in the industry also increases market performance. Moreover, factors such as massive sales to a new crypto audience, positive impact on the creator economy, increasing use of blockchain-based digital aggregator platforms, and increasing governmental initiatives worldwide are also likely to improve market performance in the coming years.

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Competitive analysis

The list of prominent leaders of the global NFT market includes players such as:

• YellowHeart, LLC.

• Gemini Trust Company, LLC.

• Cloudflare, Inc.

• Dapper Labs, Inc.

• PLBY Group, Inc.

• Takung Art Co., Ltd.

• Dolphin Entertainment, Inc.

• Ozone Networks, Inc.

• Funko

• Onchain Labs, Inc

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Scope of NFT Market Report:

Market USP covered

Market drivers

The global NFT industry has recently shown enormous development. The primary parameter causing an increase in the performance of the market is the growing global demand for digital art and the use of cryptocurrency. Furthermore, the increasing technological development in the industry also increases market performance. Moreover, factors such as massive sales to a new crypto audience, positive impact on the creator economy, increasing use of blockchain-based digital aggregator platforms, and increasing governmental initiatives worldwide are also likely to improve market performance in the coming years.

Market Restrictions

On the contrary, certain parameters can limit the market’s development. The main parameter that limits the market’s development is the high costs associated with this.

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Segment analysis

Among all offerings, the business strategy formulation segment secured the leading position across the global NFTs market with the largest contribution of around 45-50%. The main parameter supporting the segment’s growth is the increasing use of NFTs for business purposes, such as supply chain management and logistics innovation. Furthermore, logistics companies are incorporating blockchain technology into their operations, producing new opportunities for the segment’s growth.

Among all the end users are the media and entertainment category contributed to the maximum revenue share in the global NFT market. In the media and entertainment industry, NFTs have the potential to completely transform filmmaking, distribution and production processes, thereby democratizing this unipolar industry. NFT specifically helps aspiring filmmakers and artists who are not widely recognized in the industry.

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COVID-19 impact

The COVID-19 pandemic has had a massive impact on several areas of industry worldwide. The NFT market is no different from others. The market experienced a huge setback during the pandemic, given the halt in several industrial operations and production activities. However, with the world recovering from the impact caused by the global health threat, the market is expected to grow significantly in the coming years.

Regional analysis

The global market for NFTs is studied across five main regions: Asia Pacific, Europe, North America, Latin America, and Central and Africa.

The research reports from MRFR suggest that the North American region held the top position across the global NFT industry in 2022. The main parameter supporting the development of the regional market is the increasing millennial adoption of NFTs across the region. Furthermore, the increase in the number of artists creating digital artwork in countries such as Canada and the United States is estimated to have a positive impact on the growth of the regional market during the assessment period. Also, the significant regional blockchain industry players are increasing well for the regional market in the coming years.

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The European regional NFT market is expected to secure the second top position across the global NFT market over the assessment period. The main parameter supporting the development of the regional market is the presence of major blockchain industry players across the region.

The Asia-Pacific NFT market will show the maximum growth rate over the assessment period. The growth of the regional market is attributed to factors such as the increase in the development of metaverse platforms by regional businesses, increasing adoption of cryptocurrency, and expanding gaming industry.

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