Press release
Non-Fungible Token Market Size, Share, Growth Analysis, Trends, Drivers And Forecast 2023-2032
Non-Fungible Token Market
The Business Research Company's Non-Fungible Token Global Market Report 2023 identifies the increasing demand for digital artwork as the major driver for the non-fungible token market's growth in the forecast period. 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.
The global non-fungible token market size grew from $21.48 billion in 2022 to $32.89 billion in 2023 at a compound annual growth rate (CAGR) of 53.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The non-fungible token market size is expected to grow from $0.7 billion in 2027 at a CAGR of -61.9%.
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Major competitors in the non-fungible token market are SemiDot Infotech, Blockchain App Factory, Cinedigm, Funko, Takung Art, WISeKey, Oriental Culture Holding, and Liquid Media.
A key trend in the non-fungible token market includes The development of new platforms for a non-fungible token. 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.
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The non-fungible token market is segmented -
•By Type: Art, Collectibles, Gaming, Metaverses, Sports, Utilities, Other Types
•By Market Type: Primary, Secondary
•By Cryptocurrency Usage: ETH, DAI, MANA, SAND, REVV, MATIC, CUBE, FOAM, Other Cryptocurrencies
•By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the non-fungible token market.
The Business Research Company's "Global Non-Fungible Token Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Non-Fungible Token Market Include:
1. Executive Summary
2. Non-Fungible Token (NFT) Market Characteristics
3. Non-Fungible Token (NFT) Market Trends And Strategies
4. Non-Fungible Token (NFT) Market - Macro Economic Scenario
5. Non-Fungible Token (NFT) Market Size And Growth
……
26. Africa Non-Fungible Token (NFT) Market
27. Non-Fungible Token (NFT) Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Non-Fungible Token (NFT) Market
29. Non-Fungible Token (NFT) Market Future Outlook and Potential Analysis
30. Appendix
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