Non-Fungible Token Market is valued at USD 55.46 billion in 2022 and is projected to reach a value of USD 125.07 billion in 2030 expanding at a CAGR of 10.7% over the forecast duration of 2022-2030.
Non-fungible tokens (NFTs) are cryptographic assets on a blockchain that can be distinguished from one another by their distinctive identifying codes and metadata.
NFTs are blockchain-based tokens that are kept on specialised marketplaces and can be used to represent digital assets. Because NFTs use smart contract technology, they may be configured so that the original artists can receive a cut of all future sales. One of the most prominent public accomplishments of the blockchain technology can be considered to be the current growth of the non-fungible token (NFTs) industry. Blockchain technology makes heavy use of non-fungible tokens (NFTs) to represent unique and non-transferable assets. Blockchains produce NFTs when they append earlier records with cryptographic hash records, which are characters that uniquely identify a group of data. This results in a chain of recognisable data blocks. This cryptographic exchange makes authentication possible.
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Global Non-fungible token market- Key Trends
Rise in awareness and demand for digital artwork.
There are a number of factors that have increased the market growth. One of the major factor that has boosted the market growth is the rising awareness and demand for digital artwork. Also, the increase in demand for decentralised market places have also increased the market growth.
Concerns regarding scams and frauds as well as lack of standardization
On the flip side, concerns regarding scams and frauds as well as lack of standardization are expected to hamper the growth of the market during the forecast year. This is because NFTs are mostly unregulated and anyone can get the access to create as well as sell an NFT without a certainty of its actual worth.
Global Non-fungible token market- Segmental analysis
Based on type
- Physical asset
- Digital asset
Based on application
- Collectibles
- Art
- Gaming
- Utilities
- Metaverse
- Sports
- Others
Based on market type
- Primary market
- Secondary market
Based on end-user
- Personal
- Commercial
Commercial segment is projected to have the largest share in the market. This is because the rise in demand for NFTs for business usage is projected to drive revenue growth of the commercial segment over the forecast year.
Table of Contents
- Market Introduction and Market Overview
- Market – Executive Summary
- Market Trends, Outlook, and Factors Analysis
- Market: Estimates & Historic Trend Analysis (2018 to 2021)
- Market Estimates & Forecast Trend Analysis, by Deployment
- Market Estimates & Forecast Trend Analysis, by Component
- Market Estimates & Forecast Trend Analysis, by Content Type
- Market Estimates & Forecast Trend Analysis, by End Use
- Market Analysis and Forecast, by Region
- North America Non-Fungible Token Market: Estimates & Forecast Trend Analysis
- Europe Non-Fungible Token Market: Estimates & Forecast Trend Analysis
- Asia Pacific Non-Fungible Token Market: Estimates & Forecast Trend Analysis
- Middle East & Africa Non-Fungible Token Market: Estimates & Forecast Trend Analysis
- Latin America Non-Fungible Token Market: Estimates & Forecast Trend Analysis
- Competitive Landscape
- Company Profiles
- Assumptions and Research Methodology
- Conclusions and Recommendations
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