The Business Research Company has updated its global market reports with latest data for 2024 and projections up to 2033.
The Non-fungible Token by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Non-fungible Token, The non-fungible token market size has grown exponentially in recent years. It will grow from $30.54 billion in 2023 to $43.22 billion in 2024 at a compound annual growth rate (CAGR) of 41.5%. The growth in the historic period can be attributed to digital art boom, celebrity and brand endorsements, crypto enthusiast participation.
The non-fungible token market size is expected to see exponential growth in the next few years. It will grow to $173.7 billion in 2028 at a compound annual growth rate (CAGR) of 41.6%. The growth in the forecast period can be attributed to broader tokenization of assets, integration with gaming, nft marketplaces and infrastructure, regulatory clarity, enhanced interoperability. Major trends in the forecast period include blockchain technology advancements, metaverse development, brand partnerships and collaborations, royalty and resale mechanisms.
The increasing demand for digital artwork is expected to propel the growth of the non fungible token market in the coming years. The word digital art refers to art that is created or displayed using digital technology. Artists value non-fungible tokens because they ensure the validity and uniqueness of the blockchain representation of their work. For instance, in 2021, Grimes is the most recent artist to profit in on the NFT gold rush, with digital artworks valued at about $6 million sold. Additionally, in 2021, digital artist Pak’s collection was sold for about $17 million and in 2020, the digital artist Beeple sold $3.5 million in artwork through Nifty Gateway. Therefore, the increasing demand for digital artwork drives the growth of the non fungible token market.
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The non-fungible token market covered in this report is segmented –
1) By Type: Art, Collectibles, Gaming, Metaverses, Sports, Utilities, Other Types
2) By Market Type: Primary, Secondary
3) By Cryptocurrency Usage: ETH, DAI, MANA, SAND, REVV, MATIC, CUBE, FOAM, Other Cryptocurrencies
Top Major Players:
SemiDot Infotech
Blockchain App Factory
Cineverse Corp
Funko Inc.
Liquid Media Group Ltd
North America was the largest region in the non-fungible token market in 2023..
The development of new platforms for a non-fungible token is shaping the non fungible token market. Major companies operating in the non-fungible token sector are concentrating on creating new platforms for non-fungible tokens to provide customizable exposure through a unique premium casting program. For instance, in March 2021, Tapinator, Inc., a US-based mobile game and app developer announced that the company is developing NFT500, a premium casting service and collection platform based on blue-chip NFTs. The word casting refers to the process of viewing digital art on a physical display in the form of NFTs. The service is set to debut this summer, with a demo companion mobile version to follow later this year.
The non-fungible token market report table of contents includes:
1. Executive Summary
2. Non-fungible Token Market Characteristics
3. Non-fungible Token Market Trends And Strategies
4. Non-fungible Token Market – Macro Economic Scenario
5. Global Non-fungible Token Market Size and Growth
….…………
31. Global Non-fungible Token Market Competitive Benchmarking
32. Global Non-fungible Token Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Non-fungible Token Market
34.Non-fungible Token Market Future Outlook and Potential Analysis
35.Appendix
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