Chicago, Jan. 16, 2024 (GLOBE NEWSWIRE) -- 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, according to a new report by MarketsandMarkets™. NFT provides various benefits such as single authority, royalties, profits through trading, etc.
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82 - Tables
22 - Figures
111 - Pages
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Non-Fungible Tokens Market Dynamics:
Drivers:
- Increasing Influence of Celebrities to Fuel Momentum Of NFT Adoption
- Revolutionizing Gaming Industry
- Slow But Continuing Rise In Demand For Digital Artworks
Restraints:
- Issues With Copyright Protection
Opportunities:
- Increasing Use Cases of NFT In Supply Chain Management, Retail, And Fashion
- Efforts Of Industry Giants Toward Making Metaverse a Reality
- Personalization Of NFT
List of Key Players in Non-Fungible Tokens Market:
- 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)
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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 industryby 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.
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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.
The 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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