Non-Fungible Tokens (NFT): Global Market
NEW YORK, 7 November 2022 /PRNewswire/ — Report scope:
In this report, the market has been segmented based on market type, asset type, product type, end user and geography. The report provides an overview of the global NFT market and analyzes market trends.
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Using 2021 as the base year, the report provides estimated market data for the forecast period 2022-2027. Market values are estimated based on the total income of NFT suppliers.
The report covers the market for NFTs with respect to the user base across various regions. It also highlights major trends and challenges that affect the market and the supplier landscape.
The report estimates the global market for NFTs in 2021 and provides estimates for the expected market size through 2027. The scope of the study includes NFTs platforms and related services.
The report includes:
– 37 data tables and 37 additional tables
– A comprehensive overview and up-to-date analysis of the global markets for non-fungible tokens (NFTs)
– Analyzes of the global market trends, with historical market revenue data for 2021, estimates for 2022 and projected compound annual growth rates (CAGRs) through 2027
– Estimation of actual market size and revenue forecast for non-fungible tokens in USD million values, and their corresponding market share analysis by technology type, product segment, end-use industry and geographic region
– Updated information on market opportunities and drivers in NFTs and other blockchain-based crypto markets, important changes and trends, regulations and industry-specific challenges and other factors that will shape this market demand over the coming years (2022-2027)
– Coverage of the technological, economic and business considerations of non-fungible tokens market, with analysis and growth forecasts through 2027
– Discussion of the industry’s value chain analysis for non-fungible tokens provides a systematic study of key intermediaries involved, with an emphasis on solutions and service providers and main types of end-use industries across different regions
– Evaluation of the companies best positioned to meet this market demand due to their proprietary technologies, product launches, mergers and acquisition agreements and other strategic advantages
– A relevant patent analysis on NFTs with significant allocations of patent data across each main category
– Identification of the largest stakeholders and analysis of the competitive landscape based on recent developments and segment revenues
– Company profiles of major industry players, including Cloudflare, Inc.; Foundation Inc.; Gemini Trust Company, LLC; OpenSea and Rarible
Summary:
In this report, BCC Research examines how the NFT market is changing and how it has developed. This analysis includes a detailed examination of new organizations in the market as well as existing organizations.
At the industry level, BCC Research identifies, examines, describes and provides global and regional market sizes for 2021 and forecast demand from 2022 to 2027. The global market for NFTs was estimated to be REDACTED billion USD in 2021.
The NFT market is estimated to grow at a CAGR of REDACTED % and is predicted to reach REDACTED trillion by 2027. The global market for NFTs has been segmented based on market type, asset type, product type, end user, and geography.
NFTs experienced a rapid increase in 2021, but this growth has not been steady and has plateaued so far in 2022. Companies including McDonald’s and Coca-Cola, as well as Gucci and Ray-Ban, began offering NFTs.
The revolutionizing gaming sector, the slow but steady increase in demand for digital artwork, and the growing influence of celebrities in the market are the main drivers of NFT acceptance. In addition, NFT vendors will benefit financially from growing applications of NFT in supply chain management, retail and fashion, as well as from industry titans’ attempts to make the Metaverse a reality and from the personalization of NFTs.
The NFT market is driven by the following characteristics –
– Heterogeneous asset.
– High market transparency.
– NFTs are verifiable.
– Market availability 24/7.
– Low liquidity.
– Relatively high transaction costs.
– Price evaluation is not objective.
Metaverse is a concept for a virtual environment accessible over the internet where users can interact with digital objects using Augmented Reality (AR), Virtual Reality (VR) and Augmented Reality (ER) (XR). Therefore, the metaverse is estimated to be a new opportunity for the overall NFT market during the forecast period.
NFT transactions are linked to expensive and undetected gas taxes which have hindered market growth. In addition, price volatility, negative environmental impacts and fraud concerns are also among the factors limiting market growth during the forecast period.
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