Non-Fungible Token Global Market Report 2023
Major players in the non-fungible tokens (NFT) market are SemiDot Infotech, Blockchain App Factory, Cinedigm, Funko, Takung Art, WISeKey, Oriental Culture Holding and Liquid Media. The global non-fungible token market grew from $21.48 billion in 2022 to $32.89 billion in 2023 at a compound annual growth rate (CAGR) of 53.1%.
New York, April 03, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the “Non-fungible Token Global Market Report 2023” report –
Major players in the non-fungible tokens (NFT) market are SemiDot Infotech, Blockchain App Factory, Cinedigm, Funko, Takung Art, WISeKey, Oriental Culture Holding and Liquid Media.
The global non-fungible token market grew from $21.48 billion in 2022 to $32.89 billion in 2023 at a compound annual growth rate (CAGR) of 53.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions against several countries, an increase in commodity prices and supply chain disruptions, causing inflation across goods and services and affecting many markets worldwide. The non-fungible token market is expected to grow from $0.7 billion in 2027 at a CAGR of -61.9%.
The market for non-fungible tokens (NFTs) includes revenue earned by entities from event tickets, music and media, virtual objects, real-world assets, identity, memes and domain names. The market value includes the value of related goods sold by the service provider or included in the service offer.
Only goods and services traded between entities or sold to end consumers are included.
The non-fungible tokens (NFT) are cryptographic assets on the blockchain with unique authentication codes and metadata that distinguish them from each other. The non-fungible tokens (NFT) are engaged in delivering digital assets.
North America was the largest region in the non-fungible tokens (NFT) market in 2022. Asia-Pacific is expected to be the fastest growing region during the forecast period.
The regions covered in the Non-Fungible Tokens (NFT) report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of non-fungible tokens are art, collectibles, games, metaverses, sports, utilities, and others. Paintings, sculptures and other images of things that are made for people to enjoy or think about are called art.
Artists value non-fungible tokens because they ensure the validity and uniqueness of the blockchain representation of their work. The different market types include primary market and secondary market and are used in various cryptocurrencies such as ETH, DAI, MANA, SAND, REVV, MATIC, CUBE, FOAM, others.
The growing demand for digital artwork is expected to drive the growth of the non-fungible tokens (NFT) market in the coming years. The word digital art refers to art that is created or displayed using digital technology.
Artists value non-fungible tokens because they ensure the validity and uniqueness of the blockchain representation of their work. For example, in 2021, Grimes is the latest artist to cash in on the NFT gold rush, with around $6 million worth of digital artwork sold.
Additionally, in 2021, digital artist Pak’s collection was sold for around $17 million, and in 2020, digital artist Beeple sold $3.5 million worth of artwork through Nifty Gateway. Therefore, the growing demand for digital artwork is driving the growth of the non-fungible tokens (NFT) market.
The development of new platforms for non-fungible tokens is shaping the market for non-fungible tokens (NFT). Major companies operating in the non-fungible token sector are concentrating on creating new platforms for non-fungible tokens to provide customizable exposure through a unique premium casting program.
For example, in March 2021, Tapinator, Inc., a US-based mobile game and app developer, announced that the company is developing NFT500, a premium casting service and fundraising platform based on blue-chip NFTs. The word casting refers to the process of viewing digital art on a physical screen in the form of NFTs. The service is set to debut this summer, with a demo companion mobile version to follow later this year.
In April 2021, Hall of Fame Resort & Entertainment Company, a US-based entertainment and media company announced its initial offering of non-fungible tokens (NFT) in partnership with Dolphin Entertainment, Inc and Elite Holdings LLC. Through this partnership, the companies will develop, promote, market and sell NFTs linked to H2H Legends.
Dolphin Entertainment, Inc., is a US-based entertainment marketing and premium content development company, and Elite Team Holdings LLC is a US-based brand management company.
The countries covered in the Non-fungible token (NFT) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the income that enterprises receive from the sale of goods and/or services within a specified market and geography through sales, grants or donations in the form of currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, regardless of where they are produced. It does not include income from resale along the supply chain, either further down the supply chain or as part of other products.
The Non-Fungible Tokens (NFT) Market Research Report is one of a series of new reports that provides Non-Fungible Tokens (NFT) market statistics, including the Non-Fungible Tokens (NFT) industry global market size, regional shares, competitors with a Non-Fungible Tokens (NFT) (NFT) market shares, detailed Non-fungible Tokens (NFT) market segments, market trends and opportunities, and any additional data you may need to thrive in the Non-fungible Tokens (NFT) industry. This Non-fungible tokens (NFT) market research report provides a complete perspective of everything you need with an in-depth analysis of the current and future scenario of the industry.
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