Report Id: SNS/ICT/1928 | June 2022 | Region: Global | 125 Pages
Report Scope & Overview:
The Non-Fungible Token market size was valued at USD 1.48 Bn in 2021 and is expected to reach USD 11.42 Bn by 2028, and grow at a CAGR of 33.9% over the forecast period 2022-2028.
Non-fungible tokens (NFTs) are blockchain-based cryptographic assets that include unique identifying codes and data that make them apart from one another. They cannot be sold or exchanged for counterparts, unlike cryptocurrencies. Fungible tokens, on the other hand, such as cryptocurrencies, are identical to one another and may thus be traded.
Non-fungible Tokens are readily exchangeable and individually unique digital assets maintained on various blockchains, including Ethereum, Matic, Flow, Wax, and others. NFTs exist not just in a digital domain, but they may also represent any form of a physical asset, operating as a kind of "digital twin" to anything in the real world and allowing the ownership and trade of tangible assets inside digital marketplaces. True ownership is one of the defining important components of any NFT, and as digital economies grow, there's a good likelihood that NFT will play a vital part in bringing the digital and physical worlds closer together than they've ever been.
In February 2022, KPMG Canada completed its first venture into this fast-increasing technical breakthrough by purchasing digital art from the highly acclaimed World of Women (WoW) non-fungible token (NFT) collection.
e& (previously known as Etisalat Group) announced today the introduction of its first batch of non-fungible tokens in May 2022. (NFTs). As the first technology and investment conglomerate in the Middle East to introduce NFTs, this is a significant milestone for e&. It supports the company's objective of making a difference at every touchpoint by conceiving and implementing best-in-class creative solutions, leveraging sophisticated technology, and maintaining cutting-edge infrastructure.
Celebrity Influence Is Growing, Helping to Fuel Nft Adoption.
The Gaming Industry is Being Revolutionized.
Demand for digital artworks is slowly but steadily increasing.
Copyright protection Concerns.
Nft Is Getting More Popular in Supply Chain Management, Retail, And Fashion
Industry Giants' Efforts to Make Metaverse A Reality
Fees That Are Both High and Hidden.
For Nft, there is a lack of legal representation, compliance, and regulations.
IMPACT OF COVID-19:
COVID-19 accelerated the adoption of NFT technology in addition to many other conventional sectors, particularly NFT connected to art, which is still a relatively esoteric issue with a lot of conjecture. Because art galleries and other NFT-related assets were shuttered due to lockdown at the start of the pandemic, art vendors and collectors were compelled to use the internet arena. According to Fuel Arts, when art fairs moved online, galleries mastered virtual reality, and auction houses provided mixed bids mixing art and luxury products, the desire for innovation in the art sector grew, attracting a slew of entrepreneurs and venture money. This resulted in a surge of new payment ways and instruments to assist users to generate, managing, and selling NFTs, allowing users to benefit from the Art+Tech-powered NFT technology.
In 2021, the digital asset sector led the market, accounting for the largest proportion of worldwide sales. The increased usage of NFTs by artists throughout the world to secure ownership of digital creations is likely to boost segment growth. Artists may benefit from their work by preserving ownership of it through NFTs, and they are not obligated to provide it to other platforms for promotion. Over the projected period, the physical asset category is expected to develop significantly. NFTs are digital tokens that may also be used to buy actual goods like a house, a painting, or a car. NFTs are shown on physical things as a barcode or tag, which may be encoded and traded in place of tangible items.
In 2021, the collectibles category led the market, accounting for the largest part of worldwide sales. NFT coins that may be minted in NFT marketplaces are known as crypto-collectibles. The increased demand for crypto collectibles can be linked-to advantages such as asset independence and ease of use. Over the projection period, the sports category is predicted to increase steadily. NFTs are gaining popularity in the sports industry throughout the world since they allow sportsmen to market their identities while also increasing fan involvement.
In 2021, the non-fungible token (NFT) market was led by the personal segment, which accounted worldwide highest revenue share. One of the primary elements driving the segment's rise is rising expenditure on digital assets throughout the world. Over the projection period, the commercial category is expected to increase at the fastest CAGR. The increasing usage of NFTs for commercial objectives, such as supply chain management and logistics innovation, is likely to propel the industry forward. Companies in the logistics industry are progressively incorporating blockchain technology into their operations, opening up new prospects for the industry's growth.
KEY MARKET SEGMENTS:
On The Basis of Type
On The Basis of Application
Computer Generated Painting
2D/3D Computer Graphics
Trading Card Game (TCG)
Strategy Role Playing Game (RPG)
On The Basis of End-Use
In 2021, North America led the market. The regional market is growing due to the increased use of NFTs by millennials in the region. At the same time, the increase in the number of artists generating digital artwork in nations like the United States and Canada is likely to fuel regional market growth. Over the projected period, the Asia Pacific market is predicted to develop at the fastest rate. The region's market development is likely to be fueled by the increasing usage of cryptocurrencies in Asia Pacific countries. A rise in the number of companies in the region developing metaverse platforms is also projected to boost industry growth. Additionally, the region's burgeoning gaming sector is opening up new business potential.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
The major key players are YellowHeart, LLC., Cloudflare, Inc., PLBY Group, Inc., Dolphin Entertainment, Inc., Funko,Ozone Networks, Inc., Takung Art Co., Ltd., Dapper Labs, Inc., Gemini Trust Company, LLC., Onchain Labs, Inc.
|Market Size in 2021||US$ 1.48 Bn|
|Market Size by 2028||US$ 11.42 Bn|
|CAGR||CAGR of 33.9% From 2022 to 2028|
|Report Scope & Coverage||Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook|
|Key Segments||• by Type (Physical Asset and Digital Asset)
• by Application (Collectibles, Art, Gaming, Utilities, Metaverse, Sport, Others)
• by End-Use (Personal and Commercial)
|Regional Analysis/Coverage||North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
|Company Profiles||YellowHeart, LLC., Cloudflare, Inc., PLBY Group, Inc., Dolphin Entertainment, Inc., Funko,Ozone Networks, Inc., Takung Art Co., Ltd., Dapper Labs, Inc., Gemini Trust Company, LLC., Onchain Labs, Inc.|
|Key Drivers||• Celebrity Influence Is Growing, Helping to Fuel Nft Adoption
• The Gaming Industry is Being Revolutionized
|Market Challenges||• Fees That Are Both High and Hidden
• For NFT, there is a lack of legal representation, compliance, and regulations
Frequently Asked Questions (FAQ) :
Ans: - Non-Fungible Token Market Size was valued at US$ 1.48 Bn in 2021.
Ans: - Fees That Are Both High and Hidden and for Nft, there is a lack of legal representation, compliance, and regulations.
Ans: - In 2021, North America led the market.
Ans: - The primary growth tactics of Non-Fungible Token market participants include merger and acquisition, business expansion, and product launch.
Ans: - Key Stakeholders Considered in the study are Raw material vendors, Regulatory authorities, including government agencies and NGOs, Commercial research, and development (R&D) institutions, Importers and exporters, etc.
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID 19 Impact Analysis
4.2 Impact of the Ukraine- Russia war
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Non-Fungible Token Market Segmentation, by Type
8.1 Physical Asset
8.2 Digital Asset
9. Non-Fungible Token Market Segmentation, by Application
9.1.1 Video Clip
9.1.2 Audio Clip
9.2.1 Pixel Art
9.2.2 Fractal/Algorithmic Art
9.2.3 Computer Generated Painting
9.2.4 2D/3D Painting
9.2.5 2D/3D Computer Graphics
9.3.1Trading Card Game (TCG)
9.3.2 Video Game
9.3.3 Strategy Role Playing Game (RPG)
9.4.2 Domain Names
9.4.3 Assets Ownership
10. Non-Fungible Token Market Segmentation, by End-Use
11. Regional Analysis
11.2 North America
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4.2 South Korea
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.3 South Africa
11.6 Latin America
11.6.3 Rest of Latin America
12. Company Profiles
12.1 YellowHeart, LLC.
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 Cloudflare, Inc.
12.3 PLBY Group, Inc.
12.4 Dolphin Entertainment, Inc.
12.6 Ozone Networks, Inc.
12.7 Takung Art Co., Ltd.
12.8 Dapper Labs, Inc.
12.9 Gemini Trust Company, LLC.
12.10 Onchain Labs, Inc.
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share Analysis
13.3 Recent Developments
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