New York, April 03, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Non-fungible Token Global Market Report 2023" - https://www.reportlinker.com/p06221941/?utm_source=GNW
Major players in the non-fungible token (NFT) market are SemiDot Infotech, Blockchain App Factory, Cinedigm, Funko, Takung Art, WISeKey, Oriental Culture Holding, and Liquid Media.
The global non-fungible token market grew from $21.48 billion in 2022 to $32.89 billion in 2023 at a compound annual growth rate (CAGR) of 53.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The non-fungible token market is expected to grow from $0.7 billion in 2027 at a CAGR of -61.9%.
The non-fungible tokens (NFTs) market includes revenues earned by entities by event tickets, music and media, virtual items, real-world assets, identity, memes and domain names.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
The non-fungible tokens (NFTs) are cryptographic assets on the blockchain with unique authentication codes and metadata that differentiate them from one another. The non-fungible tokens (NFT) are engaged in providing digital assets.
North America was the largest region in the non-fungible token (NFT) market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the non-fungible tokens (NFT) report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of non-fungible tokens are art, collectibles, gaming, metaverses, sport, utilities, and others.Paintings, sculptures, and other pictures of things that are made for people to enjoy or think deeply about are referred to as art.
Artists value non-fungible tokens because they ensure the validity and uniqueness of the blockchain representation of their work. The different market types include primary market and secondary market and are used in various cryptocurrencies such as ETH, DAI, MANA, SAND, REVV, MATIC, CUBE, FOAM, others.
The increasing demand for digital artwork is expected to propel the growth of the non-fungible tokens (NFT) market in the coming years.The word digital art refers to art that is created or displayed using digital technology.
Artists value non-fungible tokens because they ensure the validity and uniqueness of the blockchain representation of their work.For instance, in 2021, Grimes is the most recent artist to profit in on the NFT gold rush, with digital artworks valued at about $6 million sold.
Additionally, in 2021, digital artist Pak’s collection was sold for about $17 million and in 2020, the digital artist Beeple sold $3.5 million in artwork through Nifty Gateway. Therefore, the increasing demand for digital artwork drives the growth of the non-fungible tokens (NFT) market.
The development of new platforms for a non-fungible token is shaping the non-fungible token (NFT) market.Major companies operating in the non-fungible token sector are concentrating on creating new platforms for non-fungible tokens to provide customizable exposure through a unique premium casting program.
For instance, in March 2021, Tapinator, Inc., a US-based mobile game and app developer announced that the company is developing NFT500, a premium casting service and collection platform based on blue-chip NFTs. The word casting refers to the process of viewing digital art on a physical display in the form of NFTs. The service is set to debut this summer, with a demo companion mobile version to follow later this year.
In April 2021, Hall of Fame Resort & Entertainment Company, a US-based entertainment, and media company announced its first non-fungible tokens (NFTs) offering in partnership with Dolphin Entertainment, Inc and Elite Holdings LLC.Through this partnership, the companies will develop, market, promote and sell NFTs associated with the H2H Legends.
Dolphin Entertainment, Inc., is a US-based entertainment marketing and premium content development company and Elite Team Holdings LLC is a US-based brand management company.
The countries covered in the non-fungible token (NFT) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The non-fungible tokens (NFT) market research report is one of a series of new reports that provides non-fungible tokens (NFT) market statistics, including non-fungible tokens (NFT) industry global market size, regional shares, competitors with a non-fungible tokens (NFT) market share, detailed non-fungible tokens (NFT) market segments, market trends and opportunities, and any further data you may need to thrive in the non-fungible tokens (NFT) industry. This non-fungible tokens (NFT) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06221941/?utm_source=GNW
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