Non-Fungible Tokens (NFT) Market scrutinized in the new analysis

The 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)

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 new research report by MarketsandMarkets™

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82 – Tables
22 – Figures
111 – Pages

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The increasing influence of celebrities to fuel the momentum of NFT adoption, revolutionizing the gaming industry, slow but continuing rise in demand for digital artworks are expected to boost the growth of the NFT market across the globe during the forecast period. Moreover, with increasing use cases of NFT in supply chain management, retail, and fashion, efforts of industry giants toward making metaverse a reality, personalization of NFTwould provide lucrative opportunities for NFT market vendors.

NFT Platform – Marketplace to have a higher market share and expected to grow at the fastest CAGR during the forecast period

NFT marketplaces are the digital platform that is chosen by creators to sell their digital assets. The platform choosing criteria can depend on numerous factors, such type of blockchain used (Ethereum), supported standards and formats, accessibility, and a price to mint an NFT. In the current times, the majority of NFT marketplaces are curated in the crypto space. Non-curated platforms have emerged as a viable alternative to curated ones since they provide free access to all. One non-curated platform is OpenSea, which allows users to mint and trade NFTs, view data on them, and check statistics. Created in 2017, OpenSea keeps all crypto art collections, as well as an enormous number of items from many popular blockchain games. To expand their growth, various organizations are stepping into the NFT space. For example, Coinbase Global Inc, a US crypto exchange platform, launched its NFT marketplace very recently. Developments like this have contributed to the growth of the NFT market.

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.

Report: www.marketsandmarkets.com/.asp?id=254783418

Key Market Players

Major vendors in the global NFT 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)

Regional Analysis for Non-Fungible Tokens Market

• The NFT market has benefited greatly from contributions from the US and Canada. The market is expanding due to the existence of a thriving community for digital art, blockchain firms, and the broad use of cryptocurrencies.
• A notable increase in NFT activity has been observed in European nations, such as the UK, Germany, and France. The gaming and creative communities, along with blockchain innovation, contribute to the market’s growth.
• China, Japan, and South Korea are among the nations that have expressed interest in NFTs. The impact of the gaming industry and technology developments fuels market expansion in this area.
• Latin American nations are investigating NFTs, as innovators and artists make use of the technology. Interest in blockchain applications and cultural variables impact the market.
• There is growing interest in blockchain and NFTs throughout the Middle East and Africa. Market expansion is facilitated by initiatives in the art sector and the investigation of blockchain applications.

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