Non-fungible Token (NFT) Market to grow by USD 113.93 billion from 2022 to 2027, Growth Driven by Increasing Demand for digital art- Technavio
The "non-fungible token (NFT) market by application (collectibles, sports, arts, and others), end-user (personal and commercial), and geography (APAC, North America, South America, Europe, and the Middle East and Africa) - Forecast and Analysis 2023-2027" report has been added to technavio offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the non-fungible token (NFT) market from 2022 to 2027 is USD 113.93 billion, according to Technavio. The increasing demand for digital art is a key factor driving market growth. Digital art can be defined as anything of a visual nature created using a computer. NFTs have gained traction in digital art applications through the Internet, social networks, and other digital media. NFTs link a piece of digital art through a token. The owner or artist can set the appropriate price for the NFT artwork. The key is then transferred to the end user to confirm proof of ownership. Additionally, NFTs allow for greater accessibility to the world of art. Hence, these factors are expected to drive the market growth during the forecast period. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and more. Buy the full report here
Market Challenge
Uncertainty in NFT demand and pricing are significant challenges restricting market growth.
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The non-fungible token (NFT) market has been segmented into application (collectibles, sports, arts, and others), end-user (personal and commercial), and geography (APAC, North America, South America, Europe, and the Middle East and Africa).
The market share growth of the collectibles segment will be significant during the forecast period. NFT collectibles are limited edition or rare NFT tokens issued on the blockchain. Collectibles are unique and a collectible cannot be traded or exchanged with another collectible. Some vendors offering NFT collectibles include Funko Inc., Foundation, and Makerspace. In addition, the growth of the collectibles segment is mainly driven by the growing demand for digital assets worldwide. Most industries have turned to digital to market their products. The near ubiquity of the Internet and the widespread use of mobile devices and growing Internet usage have encouraged companies to expand services and investments related to digital assets. Hence, these factors are expected to drive segment growth during the forecast period.
View the Sample Report for insights into the contribution of all the segments and regional opportunities in the report.
Key Companies in the non-fungible token (NFT) market:
Binance Services Holdings Ltd., Cloudflare Inc., Dapper Labs Inc., Decentraland, Enjin Pte. Ltd., Foundation Labs Inc., FTX Trading Ltd., Funko Inc., Gala Games, Gemini Trust Co. LLC, Mintable.app, Mobox Digital Co. Ltd., Onchain Labs Inc., OpenSea, Rarible Inc., Sorare, SuperRare Labs Inc., Theta Labs Inc., Yellowheart LLC, and Yuga Labs LLC
