Brooklyn, New York, Sept. 13, 2023 (GLOBE NEWSWIRE) -- According to a new market research report published by Global Market Estimates, the global music NFT marketplaces market is expected to grow at a CAGR of 27.8% from 2023 to 2028.
The music NFT marketplace is driven by the desire for artists to regain control of their music and revenue streams. NFTs offer unique digital ownership of music assets, enabling artists to sell and monetize their music directly to fans, reducing intermediaries. Additionally, the blockchain technology underlying NFTs provides transparency, copyright protection, and the potential for ongoing royalties, appealing to artists and collectors alike.
Key Market Trends
- Artist-Driven NFT Releases: Musicians and artists were increasingly embracing NFTs to release exclusive content directly to their fans. This trend allowed artists to maintain creative control, connect with their audience, and explore innovative monetization strategies.
- NFT Royalties and Resales: NFT marketplaces were exploring ways to incorporate royalties for artists on secondary sales of their music NFTs. This development aimed to provide ongoing income to artists as their works were resold in the secondary market.
Browse 147 Market Data Tables and 115 Figures spread through 163 Pages and in-depth TOC on “Global Music NFT Marketplaces Market - Forecast to 2028’’
Key Market Insights
- Based on product type, the album segment held the largest share of the market as of 2022.
- As per the application outlook, the secondary market segment will be the fastest-growing segment during the forecast period
- The Asia Pacific region is analyzed to be the fastest-growing region in the market
- The North American region is analyzed to have the largest share in the global market during the forecast period of 2023-2028
- Key players operating in the global music NFT marketplace market include OpenSea, SuperRare, Nifty Gateway, Mintable, Async Music, Enjin Marketplace, Rarible, Blockparty, Mintbase, and Zora, among others.
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Product Type (Revenue, USD Billion, 2023-2028)
- Album
- Single Song
- Music NFT Collection
- Others
Application Type (Revenue, USD Billion, 2023-2028)
- Primary Market
- Secondary Market
Payment Method (Revenue, USD Billion, 2023-2028)
- ETH
- wETH
- Cryptocurrencies
- Stable Coins
- Credit and Debit Cards
- Others
Regional Outlook (Revenue, USD Billion, 2023-2028)
North America
- U.S.
- Canada
- Mexico
Europe
- Germany
- U.K.
- France
- Spain
- Italy
- Netherlands
- Rest of Europe
Asia Pacific
- China
- India
- Japan
- South Korea
- Thailand
- Indonesia
- Malaysia
- Singapore
- Vietnam
- Rest of APAC
Central & South America
- Brazil
- Argentina
- Chile
- Rest of Central & South America
Middle East and Africa
- Saudi Arabia
- UAE
- Israel
- South Africa
- Rest of Middle East and Africa
Contact: Yash Jain
Director - Global Accounts & Strategic Advisory
Email address: yash.jain@globalmarketestimates.com
Phone Number: +1 6026667238
LinkedIn: https://www.linkedin.com/in/yash-jain-global-market-estimates/
Website: www.globalmarketestimates.com
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