According to a recently published report from Fact.MR, a provider of market research and competitive intelligence, the global non-fungible token (NFT) market reached US$ 34 billion in 2022 and is anticipated to witness a remarkable Compound Annual Growth Rate (CAGR) of 25% throughout the forecast period from 2022 to 2032. The surge in the market is attributed to shifting dynamics in digital content creation and the domain of asset ownership.

NFTs, cryptographic tokens generated through hash algorithms and linked to digital assets like video clips, JPEGs, or PNGs, as well as physical assets such as real estate, leverage Blockchain technology. NFTs present lucrative investment opportunities and find diverse applications in the economic sector.

The growth of the non-fungible token market is propelled by advancements in Information and Communication Technology (ICT) infrastructure. Digital platforms facilitating the minting, selling, pricing, and bidding for NFTs are cost-effective and time-efficient, although revenue generation complexities persist.

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The rise in digital transactions is expected to positively impact the non-fungible token business, with digital assets, defined as uniquely identifiable items stored digitally, driving value realization. NFTs enable new modes of monetization and ownership, indicating a significant impact on various industries with their widespread adoption.

Key Highlights from the Market Study:

  1. The global non-fungible token market is forecasted to expand at an impressive CAGR of 25%, reaching a valuation of US$ 316.7 billion by 2032.
  2. The market experienced a remarkable 652.1% CAGR during the period from 2017 to 2021.
  3. Digital assets, under category type, dominate the market and are projected to surpass US$ 262.2 billion by 2032, registering a CAGR of 26.2%.
  4. APAC held a dominant market share of 45.5% in 2021 and is expected to maintain its position.
  5. Collectively, artwork and collectibles are anticipated to represent 52.9% of the overall market share in 2022.
  6. The demand for non-fungible tokens is poised to increase at CAGRs of 35.3% and 22.2% in the Americas and EMEA, respectively, over the forecast period.

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Market Development:

The NFT space has witnessed significant expansion, especially during the pandemic, transitioning from digital cat collections to programming asset ownership. Collaboration is identified as a key factor in the successful creation, minting, and selling of NFTs.

While individual producers and collectors may navigate this process more straightforwardly, corporations may face challenges, necessitating collaboration with professionals. Market participants are forming long-term partnerships with enterprises, businesses, and governments to facilitate the NFT business, ensuring consistency in revenue generation.

Competitive Landscape:

Prominent players in the non-fungible token market include Art Blocks, Axie Infinity, Cloudflare Inc., CryptoKitties, Dapper Labs Inc., Dolphin Entertainment Inc., Foundation, Funko, Gemini Trust Company LLC., Onchain Labs Inc., OpenSea, Ozone Networks Inc., PLBY Group Inc., Rarible, Semidot Infotech, Takung Art Co. Ltd., The Sandbox, and YellowHeart LLC.

Noteworthy Developments:

  1. In April 2021, Cloudflare introduced a new API that associates an ERC-721 token ID and contact address with a video, allowing every video on stream to be represented by an NFT.
  2. In November 2021, Dolphin Entertainment announced the launch of Creature Chronicles: Exiled Aliens, the studio’s first generative NFT collection.
  3. In June 2022, Hong Kong-based Animoca Brands invested over US$ 1.5 billion in more than 340 NFT and Metaverse projects.

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