Press release
Non-fungible Token Market Drivers, Key Players, Share, Market Size And Forecast To 2033
Non-fungible Token Market Analysis
The Business Research Company offers in-depth market insights through Non fungible Token Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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.
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Market Segmentation:
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
Major Driver - Rising Digital Art Demand Boosts Non-Fungible Token Market
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.
Competitive Landscape:
Major companies operating in the non-fungible token market report are SemiDot Infotech, Blockchain App Factory, Cineverse Corp., Funko Inc., Liquid Media Group Ltd., Oriental Culture Holding Ltd., SemiDot Infotech Pvt. Ltd., Takung Art Co. Ltd., WISeKey International Holding Ltd., OpenSea, Rarible Inc., Sky Mavis, Cloudflare Inc., Dapper Labs Inc., Dolphin Entertainment Inc., Gemini Trust Company LLC., Onchain Labs Inc., Ozone Networks Inc., PLBY Group Inc., YellowHeart LLC, TSB Gaming Ltd., Larva Labs, SuperRare Labs, Mintbase Inc., Sorare SAS, Solanart, Gala Inc., Animoca Brands Corporation Ltd., Jiayin Group Inc., AppDupe, KnownOrigin Labs Limited
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https://www.thebusinessresearchcompany.com/report/non-fungible-token-global-market-report
Top Trend - New Nft Platforms Reshaping The Non-Fungible Token Market
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 Table Of Content For The Market Report Include:
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. Non fungible Token Market Size And Growth
…..
27. Non fungible Token Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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