Press Release

NFT Market to Upscale as Consumers’ Affinity for Rare and Tangible Assets Grows

The Global Non-Fungible Tokens Market is projected to grow at a CAGR of 34% in the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. Rapidly expanding online art fairs, virtual reality galleries and mixed bids integrating luxury products have encouraged innovation in the art industry. This has also led to a surge in NFT payment methods and tools, creating opportunities for Art+Tech-fueled NFT technology.

Other factors contributing to the rise of NFTs include virtual assets, blockchain-based gaming, Metaverse, cryptocurrency migration, and extensive use cases in sports, utilities, and videos. However, the absence of regulations and licensing authorities may lead to NFT cloning, discouraging trade and hindering market expansion, further states the research report, “Global Non-Fungible Tokens Market Analysis, 2023.”

Segmentation

The Market is broadly segmented into Type, Offerings, Application, and End Users. Based on Type, the market is bifurcated into Digital and Physical Assets. Likewise, the market is classified into Commercial and Personal on the basis of End Users. Again, based on Applications, the market is divided into Collectibles, Art, Gaming, Utilities, Sports, and the Metaverse. Finally, On the basis of Offering, the market has three sub-segments: Business Strategy Formulation, NFT Creation and Management, and NFT Platform - Market Place.

Gaming Industry to Witness Maximum Incorporation of Blockchain–Based Assets Through 2028

Because of its desire to incorporate blockchain technology into its many games, the gaming industry is expected to dominate the global non-fungible tokens market through 2028. All because blockchain technology allows players to possess any desired character, piece of property, weapon, and even outfits or ammunition in video games. The gaming interface, user interaction, and NFT transactions are likely to influence the expansion of NFTs in the long run.

North America Dominates the Non-Fungible Tokens Market On the Regional Front

According to the regional forecast, North America brought in the most revenues in 2022 compared to the other areas. This is because North Americans were aware of market dynamics even before NFTs caused a stir inside the blockchain community. It continues to be a notable area for the entire market of the NFTs that have been developed up to this point. Since the elite organizations started using the token as a sign of awards and incentives, users of the country are also driving their interest in the same. The effective operation of Metaverse is a crucial element that contributed to the tremendous impact of NFTs in the area.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Cloudflare, Inc. (America), Gemini Trust Company, LLC (America), Open Sea (America), Dapper Labs (Canada), Rarible, Inc. (America), SuperRare (America), Semidot Infotech (India), Mintbase (Germany), Axie Infinity (Vietnam), Larva Labs (America), AppDupe (India), and Yellowheart (America) are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends that have shaped the industry to its current form?
3. What key factors would propel and impede the Global Non-Fungible Tokens Market across the region?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition shaped across various countries, followed by their comparative factorial indexing?
6. How have buying behavior, customer inclination, and expectations from Non-Fungible Tokens companies evolved during 2018-28?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?