Non-Fungible Token (NFT) Market Research Report by Technavio predicts USD 147.24 Bn growth – QNT Press Release

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NEW YORK, July 20, 2022 /PRNewswire/ — The non-fungible token (NFT) market is growing at a CAGR of 35.27% and is expected to register an incremental growth of USD 147.24 billion between 2021 and 2026. The report analyses the market size, growth, and provides accurate predictions on the growth of the market.

• The report recognizes the following as the key players in the non-fungible token (NFT) market: Asynchronous Art Inc., Binance Services Holdings Ltd., Dapper Labs Inc., Decentraland Foundation, and Enjin Pte. Ltd. among others.
• The global non-fungible token (NFT) market structure is fragmented in nature.
• APAC to have a significant share in the non-fungible token (NFT) market.
• Market to observe 30.72% YOY growth in 2022.

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Key Segments

The non-fungible token (NFT) market is segmented by application (collectibles, sports, arts, and others).

The collectibles accounted for the largest share of the market in 2021. Collectibles are unique and cannot be exchanged or traded with another collectible. The growth of this segment is mainly driven by the increasing demand for digital assets across the world. During the forecast period, the market growth in the segment is expected to further accelerate with the emergence of tokenization in the digital asset industry.

Regional Growth Analysis

The global non-fungible token (NFT) market is analyzed across five regions — APAC, South America, Middle East and Africa, North Americaand Europe.

APAC is currently the dominating region, occupying 43% of the global market share. The increasing demand for digital assets in countries such as Singapore, China, South Korea, the Philippinesand Japan is driving the growth of the regional market. In addition, the increase in the sales of NFT videos by sports enterprises is contributing to the growth of the NFT market in APAC.

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Market Dynamics

The non-fungible token (NFT) market is expected to witness substantial growth during the forecast period, primarily due to the increasing demand for digital artworks. The demand for digital artworks is increasing across social media and digital platforms. They allow buyers to purchase through online portals instead of visiting a gallery. Also, with the help of the NFT technology, the public can purchase the artwork at a power cost and in a secure, transparent manner. Moreover, NFTs help artists generate revenue by selling their artworks directly through virtual platforms. Many such benefits are driving the growth of the market in focus.

The report also covers information on the upcoming trends and challenges that will influence the market growth. Request a Sample Report.

Vendor Landscape

The non-fungible token (NFT) market is highly fragmented due to the presence of a large number of small and medium-sized players. During the forecast period, the market is expected to witness the entry of new players from the e-commerce industry that provide NFT marketplace for trading. Vendors are adopting strategic initiatives such as mergers and acquisitions to remain competitive in the market.

Here are some of the products offered by key vendors:

Binance Services Holdings Ltd.: The company offers a wide range of non-fungible tokens such as Alien Worlds Binance Mission, Bored Pixel EN, Freaky Mandrill Ape, Legendary X Squid GAME, and The Virgin Mary. Edition 17.

Dapper Labs Inc.: The company offers non-fungible tokens called NBA Top Shot.

Decentraland Foundation: The company offers a wide range of non-fungible tokens such as AustinDCL Security Helmet, Blockchain Camouflage Guardian, Stick Woman, and Energy.

Along with the market data, Technavio offers customizations as per the specific needs of companies. The following customization options are available for the non-fungible token (NFT) market report:

Regional Analysis

• Further breakdown of the market segmentation at requested regions.

Market Player Information

• Detailed analysis and profiling of additional market players, vendor segmentation, and vendor offerings.
• Know the strategies adopted by vendors during the recovery phase.

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