Non-Fungible Tokens Market worth $13.6 billion by 2027- Report by MarketsandMarkets™

Chicago, June 27, 2022 (GLOBE NEWSWIRE) -- According to a new market research report "Non-Fungible Tokens Market by Offering (Business Strategy Formulation, NFT Creation, and Management, NFT Platform – Marketplace), End-user (Media and Entertainment, Gaming), Region (Americas, Europe, MEA, APAC) - Global forecast to 2027", published by MarketsandMarkets, the global Non-Fungible Tokens Market size is expected to grow from USD 3.0 billion in 2022 to USD 13.6 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 35.0% from 2022 to 2027.

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82 - Tables
22 - Figures
111 - Pages

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Scope of the Report

Due to its uniqueness, people buy NFTs similar to buying original artwork from an artist. NFT marketplaces provide an average sale price. By adding all sale prices together and dividing it by the number sold, it is equal to an average price of NFTs that will sit in the bracket of thousands of dollars. Rather than keeping the content of NFTs on the blockchain, it holds a link to wherever the NFT is stored. This link can be followed to see the digital goods that the owner has bought. Here, blockchain acts as a certificate of authenticity, tracking who owns what in a way that no one can counterfeit. However, since the content is not actually in the blockchain, the owner is reliant on the server that holds their digital collectibles to not shut down or change anything.

The biggest advantage of NFTs is that they are not limited only to specific use cases, such as artwork, but allow tokenization and commercialization of digital assets in any forms, including captured moments, games, collectibles, trading cards, music, memes, eTickets, wallets, and domain names, and even property on Metaverse. For example, NFT can bring about a drastic change in the event organizing industry by functioning as an eTicket for events such as popular music festivals to ensure transparency. For creating unique artwork for these NFT eTickets, organizers and artists can partner to transform them into high market value tradeable, collectible pieces that could be traded after the event. Hence, in future, NFTs are expected to create humongous opportunities for many use cases such as banking, digital onboarding, and identity verification.

The scope of this report covers the analysis of the NFT market since 2018, based on contemporary market trends and developments and its potential growth from 2022 to 2027. It provides detailed market trends, vendors’ market shares, market size, forecasts, and analysis of key players in the managed security services overall market. By region, the NFT market in Asia Pacific (APAC) is projected to grow at the highest CAGR during the forecast period. Countries in the region have been witnessing a significant rise in the adoption of NFT platforms and services. This growth can be attributed to the increase in technological innovations, rapid digitalization of artworks, etc., in the region. The NFT market is witnessing high growth opportunities in this region.

Increasing influence of celebrities to fuel the momentum of NFT adoption, revolutionizing the gaming industry and slow but continuing rise in demand for digital artworks are expected to boost the growth of the NFT market. Additionally, the NFT market is expected to witness rapid growth worldwide due to various factors, Increasing use cases of NFT in to supply chain management, retail, and fashion, efforts of industry giants toward making metaverse a reality, and personalization of NFT to fuel the growth of NFT market.

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Asia Pacific to grow at the highest CAGR during the forecast period

Asia Pacific includes developed and developing economies, such as China, Japan, India, Singapore, and others (Thailand, Philippines, and Malaysia). In these NFTs booming times, Google Trends Data shows that Asia Pacific countries have done most searches about NFTs, their trends, developments, and investments. China, Singapore, and Hong Kong are the top three countries showing the highest number of inquiries related to NFTs. Asia Pacific countries are emerging toward constant developments and marketplace launches in the given market to give creators and buyers equal opportunities in the ecosystem. For example, Blockchain technology firm Xfinite Ventures and influencer marketing agency MAD Influence have entered a strategic partnership to help influencers and fans enter the Web 3.0 economy, including NFTs and the metaverse. The South China Morning Post (SCMP) has launched its NFT for the ‘1997 Premium Series’ to give its people and NFT enthusiasts to own a piece of history, all from Hong Kong’s historic year of 1997.

Major vendors in the global Non-Fungible Tokens Market include Cloudflare (US), Gemini Trust (US), OpenSea (US), Semidot Infotech (US), Dapper Labs (Canada), The Sandbox (China), Axie Infinity (Vietnam), Rarible (US), Art Blocks (US), Foundation (US), Superrare (US), Mintbase (Portugal), Larva Labs (US), Appdupe (India), CryptoKitties (Canada), Sorare (France), Yellow Heart (US), Onchain Labs (China), Solanart (France), Gala Games (US).

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