New York, United States, Nov. 06, 2023 (GLOBE NEWSWIRE) -- The Global Non-fungible Token Market Size is expected to reach USD 223.17 Billion by 2032, at a CAGR of 32.6% during the forecast period 2022 to 2032.
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A non-fungible token (NFT) is a unique digital asset based on blockchain technology, typically Ethereum. Unlike cryptocurrencies, NFTs are indivisible and cannot be exchanged on a one-to-one basis. Each NFT has distinct properties, making it distinguishable from others. NFTs have gained popularity for their ability to represent ownership and authenticity of digital assets such as artwork, music, videos, and virtual real estate. They enable creators and collectors to establish verifiable scarcity and ownership in the digital realm, opening new markets and monetization opportunities. NFTs have made headlines with high-profile sales and auctions, although there are ongoing debates regarding their environmental impact and long-term value.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Non-fungible Token Market Size, Share, and COVID-19 Impact Analysis, By Type (Physical Asset and Digital Asset), By Application (Collectibles, Art, Gaming, Utilities, Metaverse, Sport, and Others), By End-User (Personal and Commercial), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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The commercial segment is expected to grow at a CAGR of around 30.8% during the forecast period
Based on the end-user, the global non-fungible token market is segmented into personal and commercial. The commercial segment is poised for growth during the forecast period in the non-fungible token (NFT) market. Several factors contribute to this anticipated growth, businesses are recognizing the potential of NFTs as a tool for marketing, branding, and customer engagement. NFTs can be used to offer exclusive content, rewards, and experiences to customers, fostering loyalty and driving sales. Additionally, industries such as fashion, sports, and entertainment are exploring NFTs to create unique digital collectibles and merchandise, expanding their revenue streams. Moreover, NFTs provide opportunities for intellectual property protection and licensing, enabling creators and brands to monetize their digital assets and establish ownership rights. The commercial sector's increasing adoption of NFTs is expected to drive significant growth and innovation in the market.
The physical asset segment is expected to grow at a significant CAGR of around 28.4% during the forecast period
Based on the type, the global non-fungible token market is segmented into physical asset and digital asset. The physical asset segment is projected to experience substantial growth during the forecast period in the non-fungible token (NFT) market. This growth can be attributed to the rising interest in tokenizing real-world assets and bridging the gap between physical and digital realms. NFTs offer a unique opportunity to represent ownership and provenance of physical assets such as real estate, luxury goods, collectibles, and more. Tokenizing physical assets as NFTs provide enhanced liquidity, fractional ownership, and easier transferability. This trend has garnered attention from investors, collectors, and businesses, as it unlocks new possibilities for asset management, trading, and monetization. The growth of the physical asset segment in the NFT market signifies the increasing integration of digital technology into traditional asset markets.
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Asia-Pacific is predicted to grow at a higher CAGR of around 33.2% over the projected period
During the forecast period, the Asia-Pacific region is expected to experience higher growth in the non-fungible token (NFT) market. The Asia-Pacific region is home to a large and rapidly expanding digital market, with a significant population of tech-savvy individuals and a thriving digital economy. This provides a strong foundation for the adoption and acceptance of NFTs. Additionally, there is a vibrant art and gaming culture in the region, which aligns well with the NFT market's focus on digital collectibles and virtual assets. Moreover, emerging economies in the region, such as China and India, have a growing middle class with increasing disposable incomes, which can drive demand for NFTs. Overall, the Asia-Pacific region has been witnessing a rise in blockchain technology adoption, with governments and businesses actively exploring its potential, further supporting the growth of the NFT market.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the Market. Major players in the global non-fungible token market include Axie Infinity, YellowHeart, LLC., Cloudflare, Inc., PLBY Group, Inc., Dolphin Entertainment, Inc., Funko, CryptoKitties, Ozone Networks, Inc., Takung Art Co., Ltd., Dapper Labs, Inc., Gemini Trust Company, LLC., and Onchain Labs, Inc. and Other Key Vendors.
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Recent Developments
- In March 2022, The Sandbox, a virtual gaming platform, has formed a partnership with World of Women, an NFT community focused on promoting women's representation in digital spaces. The Sandbox has allocated a substantial funding amount of USD 25 million to support and amplify this mission. This collaboration aims to empower and highlight the contributions of women in the NFT and gaming industries, fostering diversity and inclusivity in the digital realm.
- In January 2022, Dapper Labs has finally introduced its much anticipated NFT collectible product, UFC Strike, in cooperation with UFC, the world's foremost mixed martial arts organization. The UFC Strike Moment NFT is intended to chronicle, memorialize, and honor a key moment in UFC history.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the Global Non-fungible Token Market based on the below-mentioned segments:
Non-fungible Token Market, By Type
- Physical Asset
- Digital Asset
Non-fungible Token Market, By Application
- Collectibles
- Art
- Gaming
- Utilities
- Metaverse
- Sport
- Others
Non-fungible Token Market, By End-User
- Personal
- Commercial
Non-fungible Token Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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