Non-fungible Token (NFT) Market Size Expected to Multiply Ninefold by 2031 Amid Rising Digital Art Popularity

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Non-fungible Token (NFT) Market - (By Offering (Business Strategy Formulation, NFT Creation, and Management, NFT Platform - Marketplace), End-user (Media and Entertainment, Gaming)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the Global Non-fungible Token (NFT) Market is valued at US$ 4.4 billion in 2023, and it is expected to reach US$ 40.1 billion by 2031, with a CAGR of 32.4% during the forecast period of 2024-2031.

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Non-fungible tokens (NFTs) are distinctive digital assets secured on decentralized ledgers, providing a reliable and verifiable method to establish ownership and authenticity for a wide range of digital items, including media, entertainment content, and artwork. The growing adoption of NFTs is largely attributed to their ability to create enhanced revenue streams across diverse industries such as logistics management, retail, and apparel manufacturing. Moreover, strategic initiatives by leading market players aimed at advancing metaverse development, coupled with the customizable features inherent to NFTs, are expanding the market opportunities for NFT service providers.

The COVID-19 pandemic acted as a significant accelerator for NFT adoption, as the shift to remote working environments and increased digitalization fostered favorable conditions for market growth. The rising demand for digital marketplaces, along with the expansion of online retail platforms during this period, further stimulated the growth of NFT-related services. Additionally, a growing interest in innovative digital art has driven increased engagement with NFTs. The heightened participation of investment firms and entrepreneurs in the post-pandemic era has also been instrumental in propelling the market's advancement.

List of Prominent Players in the Non-fungible Token (NFT) Market:
• Cloudflare
• Gemini Trust
• Cloudflare, Inc.
• Gemini Trust Company, LLC
• SemiDot Infotech Pvt. Ltd.
• Dapper Labs, Inc.
• The Sandbox
• Axie Infinity
• Rarible
• Art Blocks Foundation
• Superrare
• Mintbase
• Larva Labs
• Appdupe
• CryptoKitties
• Sorare SAS
• YellowHeart LLC
• Onchain Labs, Inc.
• Solanart NFT Marketplace
• Gala Games, Inc.
• OpenSea

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Market Dynamics
Drivers:
The growing demand for non-fungible tokens (NFTs) is predominantly driven by the rising popularity of digital art. Digital sculpture-art created or showcased through digital technologies-is gaining significant traction alongside the expansion of digital platforms such as social media and the internet, thereby accelerating NFT adoption. Tokenization enables secure linkage of digital art to NFTs, allowing artists to accurately value their creations. NFTs provide considerable benefits by guaranteeing the authenticity and exclusivity of digital works, making the increasing demand for digital art a principal factor fueling the growth of the NFT market.

Challenges:
The expansion of the NFT market is hindered by the absence of comprehensive regulatory frameworks and guidelines. Environmental concerns, particularly the high energy consumption associated with blockchain networks-especially those relying on proof-of-work consensus mechanisms-pose challenges amid rising sustainability awareness among consumers and investors. The substantial environmental impact of NFT creation may discourage participation from environmentally conscious stakeholders. As a result, the growing focus on reducing carbon emissions is expected to drive NFT developers toward more sustainable practices, which may temporarily restrict market growth until greener solutions are widely adopted.

Regional Trends:
North America is projected to maintain a significant share of the global NFT market, supported by robust compound annual growth rates (CAGR) driven by strong demand for NFT applications within the gaming sector and the presence of leading market players that promote accelerated development. Additionally, expanding adoption of NFTs in sectors such as retail and art is anticipated to further enhance regional market growth. Simultaneously, the Asia-Pacific region is expected to secure a substantial market share, underpinned by widespread cryptocurrency adoption and technological advancements. The region's numerous industry leaders developing online platforms are also poised to contribute to sustained expansion in the NFT market.

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Recent Developments:
• In July 2024, Kodansha Ltd. authorized The Sandbox, Minto, and Copro Corporation to create non-fungible tokens (NFTs) and build Attack on Titan LAND in "The Sandbox," a decentralized metaverse for Web3 gaming. In a statement on Monday, the three declared that Attack on Titan would be taking part in a LAND auction as they inaugurated their presence on The Sandbox Map.

Segmentation of Non-fungible Token (NFT) Market-
By Offering
• Business Strategy Formulation
• NFT Creation and Management
• NFT Platform - Marketplace
By End Users
• Media and Entertainment
• Gaming
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa

Read Overview Report- https://www.insightaceanalytic.com/report/non-fungible-token-nft-market/2706

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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.

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This release was published on openPR.