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

NEW YORK, Sept. 24, 2023 /PRNewswire/ -- 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. 

Learn about additional key drivers, trends, and challenges available with Technavio. Read Sample PDF Report Now

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

FAQS

• How do the major trends impact the market?
• How big is the APAC market?
• How do the key drivers and challenges impact the market?

Related Reports:

The Radio Frequency Identification (RFID) for Industrial Applications Market size is estimated to grow at a CAGR of 10.63% between 2022 and 2027. The market size is forecast to increase by USD 2,677.78 million. This RFID for industrial applications market report extensively covers market segmentation by product (RFID tags, middleware, passive RFID systems, and active RFID systems), type (high frequency, ultra-high frequency, and low frequency), and geography (North America, APAC, Europe, South America, and Middle East and Africa). One of the key factors driving the RFID for industrial applications market growth is the evolution of Industry 4.0. 

The digital workplace market size is estimated to grow at a CAGR of 22.73% between 2022 and 2027. The market size is forecast to increase by USD 59,283.64 million. This digital workplace market report extensively covers market segmentation by component (solution and service), application (large enterprises, and small and medium enterprises), and geography (North America, Europe, APAC, South America, and Middle East and Africa). The reduced hardware cost for enterprises is driving growth in the digital workplace market.

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Application

Market Segmentation by End-Users

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/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-301935782.html

SOURCE Technavio