NFT Market is growing due to the increasing global demand for digital art and cryptocurrency usage.
New York, US, May 18, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), " NFT Market By Offering, By End Users, And By Region and Forecast till 2032”, the market is predicted to thrive substantially during the assessment era from 2022 to 2032 at a healthy CAGR of approximately 27.60% to attain a valuation of around USD 342.54 Billion by the end of 2032.
NFT Industry Overview:
The MRFR study reports imply that the NFT Market Research Report Information by Offering, Region, and End Users - Forecast Till 2032, the global NFT market is predicted to bolter substantially during the review era from 2023 to 2032 at a substantial growth rate of around 27.60%. The reports further predict the market will acquire nearly USD 342.54 billion by the end of 2032. As per the documents, the NFT market was valued at nearly USD 38.2 billion in 2022.
An NFT, non-fungible token, or nft crypto refers to a unique token recorded in a blockchain that shows ownership of a digital or physical asset. NFTs have an NFT drop feature that enables creators to pre-announce when they toss their latest NFT projects on Coinbase NFT. NFT Drops Radar is the one-stop spot for the most popular upcoming NFT Drops. In recent times, the world has witnessed a minor NFT crash. The global NFT industry has lately demonstrated immense development. The primary parameter causing a surge in the performance of the market is the escalating global demand for digital art and cryptocurrency usage. Furthermore, the growing technological development in the industry is also boosting market performance. Moreover, factors such as massive sales to a new crypto audience, positive impact on the creator economy, rising usage of blockchain-based digital collectible platforms, and growing government initiatives worldwide are also likely to enhance the market performance over the coming years.
The listing of the prominent leaders across the global market for NFT includes players such as:
- YellowHeart, LLC.
- Gemini Trust Company, LLC.
- Cloudflare, Inc.
- Dapper Labs, Inc.
- PLBY Group, Inc.
- Takung Art Co., Ltd.
- Dolphin Entertainment, Inc.
- Ozone Networks, Inc.
- Onchain Labs, Inc
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NFT Market Report Scope:
|NFT Market Size by 2032||USD 342.54 Billion (2030)|
|NFT Market CAGR during 2023-2032||27.60%|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Market Drivers||Growing initiatives Multiple End-uses|
Market USP Covered
The global NFT industry has lately demonstrated immense development. The primary parameter causing a surge in the performance of the market is the escalating global demand for digital art and cryptocurrency usage. Furthermore, the growing technological development in the industry is also boosting market performance. Moreover, factors such as massive sales to a new crypto audience, positive impact on the creator economy, rising usage of blockchain-based digital collectible platforms, and growing government initiatives worldwide are also likely to enhance the market performance over the coming years.
On the contrary, some parameters may restrict the market's development. The main parameter limiting the market's development is the high costs associated.
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Among all the offerings, the business strategy formulation segment secured the leading position across the global market for NFTs, with the largest contribution of around 45%-50%. The main parameter supporting the segment's growth is the increasing use of NFTs for business purposes, like supply chain management and logistics innovation. Furthermore, logistic companies are incorporating blockchain technology into their operations, producing new opportunities for the segment's growth.
Among all the end-users, the media and entertainment category contributed to the maximum revenue share across the global NFT market. In the media and entertainment industry, NFTs have the latent to completely translate the filmmaking, distribution, and production processes, thereby democratizing this unipolar industry. NFT specifically helps aspiring filmmakers and artists not widely recognized in the industry.
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The COVID-19 pandemic has had a massive impact on several industry areas worldwide. The NFT market is no different than others. The market experienced a tremendous setback during the pandemic, given the halt of several industrial operations and manufacturing activities. However, with the world recovering from the impact caused by the global health hazard, the market is anticipated to grow considerably over the coming years.
The global market for NFT is studied across five major parts: Asia-Pacific, Europe, North America, Latin America, and Middle & Africa.
The research reports by MRFR suggest that the North American region held the top position across the global NFT industry in 2022. The main parameter supporting the development of the regional market is the growing millennial adoption of NFTs across the region. Furthermore, the increase in the number of artists creating digital artwork in countries such as Canada and the United States is also projected to positively impact the growth of the regional market over the assessment period. Moreover, the substantial regional blockchain industry players boost up well for the regional market over the coming years.
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The European regional market for NFT is anticipated to ensure the second top position across the global NFT market over the assessment period. The main parameter supporting the development of the regional market is the presence of major blockchain industry players across the region.
The Asia-Pacific NFT Market will showcase the maximum growth rate over the assessment period. The growth of the regional market is ascribed to the factors such as the rise in the development of metaverse platforms by regional businesses, growing cryptocurrency adoption, and expanding gaming industry.
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