PUBLISHER: Allied Market Research | PRODUCT CODE: 1365820
PUBLISHER: Allied Market Research | PRODUCT CODE: 1365820
According to a new report published by Allied Market Research, titled, "Non-Fungible Tokens Market," The non-fungible tokens market was valued at $22.5 billion in 2022, and is estimated to reach $395.6 billion by 2032, growing at a CAGR of 33.5% from 2023 to 2032.
The non-fungible token market is driven by creative expression and monetization and growing interest in blockchain technology, which propels the demand for non-fungible token services as NFTs provide artists with new ways to promote and monetize their digital creations directly. They can tokenize their artwork, music, films, or other types of digital material into unique NFTs, retaining ownership, control, and attribution. This allows artists to skip traditional intermediaries, communicate directly with their audience, and be fairly compensated for their work. In addition, the NFTs enable collectors and enthusiasts to own exclusive digital artifacts with sentimental and investment value, whether it is rare digital artwork, virtual trading cards, or in-game objects, NFTs offer a new opportunity for people to assemble and display their digital collections and monetize their art through NFTs. However, the high volatility and speculative nature of the market and scalability and environmental concerns provide obstacles that are anticipated to hinder the non-fungible token (NFT) market expansion by limiting transaction capacity and raising worries about the carbon footprint of blockchain networks utilized for NFT transactions. However, the integration of NFTs into gaming and virtual reality (VR) platforms presents opportunities for non-fungible tokens by creating new avenues for monetization, ownership, and engagement within immersive digital environments.
The non-fungible token market is segmented on the basis of offering, application, end user, and region. By offering, the market is segmented into business strategy formulation, NFT creation and management, and NFT platform-marketplace. By application, it is segmented into collectibles, utilities, art, gaming, metaverse, and others. On the basis of end user, it is segmented into personal and commercial. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the non-fungible token market such as Binance, CONSENSYS, Enjin, Gala Games, Mintable, Nifty Gateway, Ozone Networks Inc, Rarible Inc., SuperRare, and The Sandbox. These players have adopted various strategies to increase their market penetration and strengthen their position in the non-fungible token market.
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