Non-fungible Token (NFT) Market to Record 30.72% Y-O-Y Growth Rate in 2022| Collectibles Segment to be Significant for Revenue Generation |Technavio
NEW YORK, July 4, 2022 /PRNewswire/ -- The non-fungible token (NFT) market estimates a market value of USD 147.24 billion from 2021 to 2026 as per the latest market forecast report by Technavio. In addition, the report projects the market to progress at a CAGR of 35.27%. The non-fungible token (NFT) market share growth by the collectibles segment will be significant during the forecast period. The growth of the collectible segment is majorly driven by the growing demand for digital assets across the world. Some of the vendors offering NFT collectibles include Funko Inc., Foundation, and Makersplace.
The key factor driving the global non-fungible token (NFT) market growth is the increasing demand for digital artworks.
Globally, NFT has gained traction in digital art applications through the Internet, social media, and other digital mediums.
In addition, NFTs permit greater accessibility to the art world. Instead of visiting a gallery, buyers can instantly visit online portals for buying NFT artworks. The tokens can be used to sell artworks directly through virtual platforms, reducing the turnaround time of purchase. Therefore, such factors are driving the demand for the global NFT market.
Non-fungible Token (NFT) Market: Major Trend
The growing number of big brands entering the market is one of the key NFT market trends that is expected to impact the industry positively in the forecast period.
Big brands such as Visa Inc. and Budweiser are showing more interest in buying NFTs rather than making their own NFTs., With a growing number of e-commerce brands, consumers are shifting toward Web 3.0.
The digitally native brands such as eBay Inc. and Amazon are showing more interest in NFTs. Such developments are expected to increase the number of transactions in the NFT market, thus fostering market growth in the coming years.
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This market research report segments the non-fungible token (NFT) Market by Application (Collectibles, Sports, Arts, and Others) and Geography (APAC, South America, Middle East, Africa, North America, and Europe).
Regional Analysis: 43% of the market's growth will originate from APAC during the forecast period. Singapore, China, and The Philippines are the key markets for non-fungible tokens (NFT) in APAC. However, market growth in this region will be slower than the growth of the market in other regions. The growing demand for digital assets in countries such as Singapore, China, South Korea, the Philippines, and Japan will facilitate the non-fungible token (NFT) market growth in APAC over the forecast period.
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Get ready to achieve excellent business outcomes from this exclusive Non-fungible Token (NFT) Market report by Technavio. The report will include highlights of the overall market which includes frequently asked questions such as -
What are historical revenue figures and estimated revenue figures as well as CAGR during the forecast timeframe?
What is the current trend taking place in the market space?
Which are business tactics that will influence competitive scenarios along with defining the growth potential of the market?
What are market drivers, restraints, and challenges impacting demand & growth of the market?
Which regions & segments will garner massive revenue and emerge as market leaders in upcoming years?
The competitive scenario provided in the Non-fungible Token (NFT) Market report analyzes, evaluates, and positions companies based on various performance indicators. Some of the factors considered for this analysis include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, growth in market share, etc. Don't wait, Make a strategic approach & boost your business goals with our Non-fungible Token (NFT) Market Forecast Report - Buy Now!
Exhibit 104: Decentraland Foundation - Product / Service
Exhibit 105: Decentraland Foundation - Key offerings
10.6 FTX Trading Ltd.
Exhibit 106: FTX Trading Ltd. - Overview
Exhibit 107: FTX Trading Ltd. - Product / Service
Exhibit 108: FTX Trading Ltd. - Key offerings
10.7 Funko Inc.
Exhibit 109: Funko Inc. - Overview
Exhibit 110: Funko Inc. - Product / Service
Exhibit 111: Funko Inc. - Key news
Exhibit 112: Funko Inc. - Key offerings
10.8 Gemini Trust Co. LLC
Exhibit 113: Gemini Trust Co. LLC - Overview
Exhibit 114: Gemini Trust Co. LLC - Product / Service
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