According to SkyQuest Technology, the Global Non-Fungible Tokens (NFTs) Market was valued at USD 15.70 Billion in 2021, and it is expected to reach USD 122.43 Billion by 2028, with a CAGR of 34.10 % during the forecast period of 2022 – 2028. Use of NFT in the art segment is projected to augment market growth.
Westford, USA, May 26, 2022 (GLOBE NEWSWIRE) — The rise of mainstream influencers, gaming communities, and rising demand for digital artworks will continue to fuel the Global Non-Fungible Tokens (NFTs) Market boom over the next five years. The increasing influence of celebrities to fuel the momentum of Non-Fungible Tokens (NFTs) sale, revolutionizing the gaming sector, and the sluggish but consistent rise in demand for digital artworks are expected to boost the market over the forecast period. Furthermore, the growing use of Non-Fungible Tokens (NFTs) in retail, supply chain management, and fashion, as well as the efforts of industry giants to make the metaverse a reality, would provide NFT market providers with lucrative customizing opportunities.
Although Non-Fungible Tokens (NFTs) is a relatively esoteric topic with many theories floating around, COVID-19 has accelerated the use of Non-Fungible Tokens (NFTs) technology in addition to many other established markets, particularly Non-Fungible Tokens (NFTs) connected to art. Because art galleries and other Non-Fungible Tokens (NFTs)-related assets were shuttered due to lockdown at the start of the pandemic, art vendors and collectors were compelled to use the digital arena. According to FuelArts, art fairs went online, galleries mastered virtual reality, and auction houses offered mixed bids mixing art and luxury products, which raised the desire for innovation in the art sector and attracted a variety of companies and venture capital. This resulted in a boom of new payment ways and instruments to help produce, manage, and trade Non-Fungible Tokens (NFTs), allowing users to benefit from the Art+Tech powered Non-Fungible Tokens (NFTs) technology.
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In comparison to the previous 20 years prior to the epidemic, art-fueled tech businesses received USD 640 million. According to SkyQuest’s industry experts, the exponential rise in digital markets following the outbreak of the COVID 19 pandemic played the most significant role in the acceptance and growth of the Non-Fungible Tokens (NFTs) Market. With several appealing offers and a fresh, informative approach to portray art, these platforms drew online customers. Most galleries’ static online auctions of Non-Fungible Tokens (NFTs) were likewise preferred by art collectors. Marketplaces have benefited the most from the Non-Fungible Tokens (NFTs) Industry, with digital collectibles sales increasing to USD 10.7 billion in Q3 2020, up from USD 1.3 billion in Q2 2020.
The Non-Fungible Tokens (NFTs) Market has also had a significant impact on the entertainment industry. Non-Fungible Tokens (NFTs) have the ability to totally revolutionize the way movies are created, produced, and distributed in the media and entertainment sector, while also democratizing this monopolistic industry. The Non-Fungible Tokens (NFTs) community Arabian Camels is producing Antara, a $50 million Hollywood film, to demonstrate the potential of Non-Fungible Tokens (NFTs) around the world. Non-Fungible Tokens (NFTs) is highly beneficial to inexperienced filmmakers and artists. Non-Fungible Tokens (NFTs) offers a unique opportunity for huge production companies and exceptional film franchises with millions of fans to cement their fandom in the Metaverse. Disney and Lionsgate, for example, are working on their own Non-Fungible Tokens (NFTs) marketplace. The incorporation of Non-Fungible Tokens (NFTs) into the entertainment business has the potential to allow users to actively engage in all stages of film production and distribution. Non-Fungible Tokens (NFTs) will enable viewers and artists to engage beyond the screen, propelling the industry to unfathomable heights.
Read market research report, ” Global Non-Fungible Tokens (NFTs) Market segmented By Type (Physical Asset, Digital Asset), By Application (Collectibles, Art, Gaming, Utilities, Metaverse, Sport, Others), By End-Use (Personal, Commercial), By Region – Forecast and Analysis 2022-2028” by SkyQuest
Browse summary of the report and Complete Table of Contents (ToC):
The Global Non-Fungible Tokens (NFTs) Market segmentation is based on Type, Application, End-Use and Region. Based on the Type, the market is segmented as Physical Asset, Digital Asset. Based on Application, the market is segmented as Collectibles, Art, Gaming, Utilities, Metaverse, Sport, Others. Based on End-Use, the market is segmented as Personal, Commercial. Based on Region it is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Based on Application, the Art segment is anticipated to dominate the market in the given forecast period (2022-2028). The global sales value of art and collectibles non-fungible tokens (NFTs) increased dramatically in 2021, culminating at 11.16 billion US dollars. Overall, Non-Fungible Tokens (NFTs) sales in the art industry reached 2.57 billion USD in 2021, up from roughly 20 million USD in 2020. Meanwhile, Non-Fungible Tokens (NFTs) transactions in the collectibles market generated approximately $8.6 billion USD in 2021, up from around 10 million USD the previous year.
By region, North America is likely to be the largest contributor to the Global NFT Market. The existence of key Non-Fungible Tokens (NFTs) marketplace suppliers such as OpenSea, Larva Labs, Cloudflare, Dapper Labs, and others are likely to open up profitable options for North American Non-Fungible Tokens (NFTs) consumers. Furthermore, the Asia Pacific market is predicted to develop at the fastest CAGR during the forecast period. The increasing acceptance of cryptocurrencies across Asia Pacific countries is projected to boost the market growth in the region. A surge in the creation of metaverse platforms by startups in the region is also likely to boost Non-Fungible Tokens (NFTs) Industry growth. Furthermore, the region’s expanding gaming industry is opening up new avenues for Non-Fungible Tokens (NFTs) Market growth.
The Non-Fungible Tokens (NFTs) Market report published by SkyQuest Technology Consulting provides in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions.
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What does this Report Deliver?
- Market Estimation for 20+ Countries
- Non-Fungible Tokens (NFTs) Market demand by Region, Sub-Region, and Country
- Customization on Segments, Regions, and Company Profiles
- 100+ tables, 150+ Figures
- Global, Regional and Country specific Non-Fungible Tokens (NFTs) Market Trends
- Comprehensive Mapping of Non-Fungible Tokens (NFTs) Industry Parameters
- Attractive Investment Proposition in the Global NFT Industry
- Competitive Strategies Adopted by Non-Fungible Tokens (NFTs) Market Key Players
- Drivers, Restraints, Opportunities, Challenges and the impact on the Non-Fungible Tokens (NFTs) Market Size
- Market growth rate till 2028
- Regulatory scenario, regional dynamics, and Non-Fungible Tokens (NFTs) market insights of leading countries in each region
- In-depth Market insights by Region and Country
- Market Segmentation Trend Analysis, Opportunities and Growth
- Porter’s five force analysis to know the market’s condition
- Pricing Analysis and Non-Fungible Tokens (NFTs) Market Sales
- Parent market analysis
- Product portfolio benchmarking
SkyQuest has segmented the Global Non-Fungible Tokens (NFTs) Market by Type, Application, End-Use, and Region:
- Global Non-Fungible Tokens (NFTs) Market by Type (Revenue, USD Million, 2021 – 2028)
- Physical Asset
- Digital Asset
- Global Non-Fungible Tokens (NFTs) Market by Application (Revenue, USD Million, 2021 – 2028)
- Global Non-Fungible Tokens (NFTs) Market by End-Use (Revenue, USD Million, 2021 – 2028)
- Global Non-Fungible Tokens (NFTs) Market by Region (Revenue, USD Million, 2021 – 2028)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Central & South America
- Rest of CSA
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
- North America
List of Key Players in the Non-Fungible Tokens (NFTs) 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)
- 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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