According to a new published report by Fact.MR, a market research and competitive intelligence provider, the global non-fungible token (NFT) market stands at US$ 34 billion in 2022 and is predicted to expand at an astounding CAGR of 25% during the forecast years (2022-2032). The market is set to surge owing to the changing dynamics in digital content creation and the asset ownership space.
NFTs are crypto tokens created using hash algorithms and tied to a digital asset such as a video clip, JPEG, or PNG, as well as physical assets such as real estate, all while utilising Blockchain technology. NFT presents great investment opportunity and has numerous use cases in the economic sector.
ICT infrastructure developments are one of the primary drivers for the growth of the non-fungible token market. Due to the availability of digital platforms to mint, sell, price, and bid for NFTs, they are both, cost- and time-effective; however, there are certain revenue generation complexities.
Digital transactions are on the rise and this is predicted to have a beneficial impact on the non-fungible token business space. Moreover, digital assets are defined as anything that is uniquely identifiable and is stored digitally that can be used to realize an underlying value. As a result of NFTs, new modalities of monetisation and ownership are becoming a reality, and it is reasonable to predict that their widespread adoption will have an important impact on a wide range of businesses.
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Non-Fungible Token Industry Research by Category
- NFT Market by Asset Type :
- Physical Assets
- Digital Assets
- Metadata
- NFT Market by Category :
- Artwork
- Collectibles
- Domain Names
- Gaming
- Identity
- Memes
- Metaverse
- Music and Media
- Real-world Assets
- Sport Items
- Tickets
- Virtual items
- Others
- NFT Market by End Use :
- NFT Market by Region :
- Americas
- EMEA
- Asia Pacific
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Key Takeaways from Market Study
- The global non-fungible token market is projected to expand at an impressive CAGR of 25% to be valued at US$ 316.7 billion by 2032.
- The market witnessed 652.1% CAGR for the period of 2017-2021.
- Under category type, digital assets dominate the market and are estimated to exceed US$ 262.2 billion by 2032, registering a CAGR of 26.2%.
- APAC dominated the market by holding 45.5% market share in 2021 and is expected to maintain its position.
- Collectively, artwork and collectibles are likely to represent 52.9% of the overall market share in 2022.
- Demand for non-fungible tokens is expected to surge at CAGRs of 35.3% and 22.2% in the Americas and EMEA, respectively, over the forecast period.
Competitive Landscape
Prominent non-fungible token market players are 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.
In the non-fungible token business, prominent companies employ a competitive market fee strategy along with better performance. Companies are forming cooperative relationships with government agencies and other institutions.
Moreover, companies are helping developers who have difficulty in building Blockchain infrastructure to connect their desired digital items or assets with simple system integration. Non-fungible token companies are extending their offerings due to the high demand from diverse end users, such as from gaming to artwork.
For instance :
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- In April 2021, Cloudflare introduced a new API that takes an ERC-721 token ID and contact address and sets it on a video. This way, every video on stream can be represented with an NFT.
- In Nov. 2021, Dolphin Entertainment announced the launch of Creature Chronicles: Exiled Aliens, the content studio’s first generative NFT collection.
- In June 2022, Hong Kong-based Animoca Brands, which invests in non-fungible tokens and Metaverse projects, put in over US$ 1.5 billion across more than 340 investments.
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Development of Market
The NFT space has expanded significantly, particularly during the pandemic period, from raising digital cats to programming asset ownership. Collaboration is the key to successfully creating, minting, and selling NFTs.
Individual producers and collectors may be able to handle this more simply, while corporations may find it tough, necessitating the use of professionals. Owing to this, market participants are developing long-term constructive collaborations with enterprises, businesses, and governments to aid easing the NFT business, which will lead to consistency in their revenue generation.
