Global spike in demand for NFTs, driven by their distinctness, transparency, and other remarkable attributes to drive market growth. North America emerged as the largest market for the global non-fungible token market, with a 58% market revenue share in 2022.
Newark, Sept. 05, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 3.5 billion non-fungible token market will reach USD 81.5 billion by 2032. Non-fungible tokens (NFTs) have the potential to provide financial benefits to suppliers as their uses increase in sectors such as supply network administration, retail, and the fashion industry. Furthermore, the efforts of industry titans to realise the Metaverse and the capacity of NFTs to be personalised contribute to the financial prospects of NFT suppliers. NFTs, electronic assets replicating real-world artefacts such as music, artwork, and video games, are developed on blockchains with underlying software similar to existing cryptocurrencies. Each NFT has a unique identifying number and information that distinguishes it. As the general public becomes more aware of NFTs, the industry's demand will likely skyrocket soon.
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North America to account for the largest market size during the forecast period.
North America is expected to have the essential non-fungible token market share due to the increased utilisation of modern technologies and cryptocurrency. It is also projected that a rise in the number of entrepreneurs developing metaverse platforms would accelerate the expansion of the non-fungible token business. Furthermore, the region's expanding gaming sector will create several business opportunities over the forecast period, propelling the non-fungible tokens market expansion.
The digital asset segment dominated the market with the most significant revenue of USD 1.99 billion.
The digital asset segment dominated the market with the most significant revenue of USD 1.99 billion, as a result of artists all around the world employing NFTs to protect their digital creations. Furthermore, growing public awareness of these assets will drive segment expansion in the future years.
The commercial segment dominated the market with the most significant revenue of USD 2.06 billion.
The commercial segment dominated the market with the most significant revenue of USD 2.06 billion. The increasing usage of NFTs for business objectives, such as supply chain management and logistics innovation, will likely boost segment growth. For example, VeChain, an enterprise-friendly blockchain project, announced cooperation with DHL, a logistics business, in October 2021 to issue NFTs on the VeChainThor network.
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Drivers: Rising Scope
One of the primary reasons for the explosive growth in NFT demand is that NFTs have broadened their scopes beyond music, films, and sports to embrace other streams such as Metaverse and, primarily, gaming. Enjin, for example, was one of the first major gaming companies to integrate blockchain technology into its infrastructure and launch ENJ. This gaming cryptocurrency was officially whitelisted for use in Japan in 2017. Gamers can create income from their in-game assets by converting them into NFTs.
Restraint: Risk of Legitimate
There is a risk of copying legitimate works, such as photos, photographs, music pieces, etc. Such replicated assets can be easily personalised and disseminated online without the creator's permission. This is limiting the non-fungible tokens market's growth.
Opportunity: Rising Acceptance
NFT platforms and creators can concentrate on educating the public about the benefits and unique features of NFTs, emphasising scarcity, ownership rights, and investment possibilities. Collaborations with well-known businesses and celebrities can also help mainstream NFTs and enhance trust and familiarity among a broader audience. Furthermore, building rigorous verification methods and open marketplaces can inspire buyer confidence in the validity and provenance of NFTs.
Challenge: Lack of Adoption
The need for mainstream adoption and comprehension of NFTs among the general population is a significant restriction in the NFT sector. Many prospective buyers and investors may need to be more familiar with owning a digital asset or may be concerned about the value and validity of NFTs. Education and awareness initiatives are critical for overcoming this constraint.
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Some of the major players operating in the non-fungible token market are:
● YellowHeart, LLC.
● Cloudflare, Inc.
● PLBY Group, Inc.
● Dolphin Entertainment, Inc.
● Ozone Networks, Inc.
● Takung Art Co., Ltd.
● Dapper Labs, Inc.
● Gemini Trust Company, LLC.
● Onchain Labs, Inc.
Key Segments cover in the market:
● Digital Asset
● Physical Asset
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About the report:
The global non-fungible token market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.