Delhi, Sept. 12, 2022 (GLOBE NEWSWIRE) — Global Non-Fungible Token (NFT) is booming at a high growth rate, mainly due to an increasing demand for digital arts and the adoption of cryptocurrencies by various digital platforms across the world .
BlueWeave Consultinga leading strategic consulting and market research firm, in its recent study, estimated the non-fungible tokens (NFT) market the size was $4.36 billion in 2021. Further, BlueWeave predicts that the global NFT market will grow at an impressive rate. CAGR of 23.9% during 2022–2028reaching a huge market size of $19.57 billion by the end of the forecast period.
Global NFT Market – Recent Technological Advancements
Tapinator Inc., a developer and publisher of category-defining mobile games, announced the development of NFT500, a premium NFT-centric subscription streaming service and collection platform. The term “casting” refers to the presentation of digital art on a physical screen in the form of NFTs. In conjunction with Dolphin Entertainment, Inc., Hall of Fame Resort & Entertainment Company announced its first NFT offering.
Growing Demand for Digital Art to Drive Global NFT Market
One of the major drivers of the NFT market is the growing demand for digital art across the world. This is because consumers are using cryptocurrencies to purchase digital assets. The money raised by NFT companies is also driving the growth of the market. Paradigm is the leader in receiving major investments, which also included grants from Solana Ventures and Sequoia Capital. The company aims to use the funds to develop its products and services.
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Global NFT Market – By Type
Games and NFT digital art are expected to account for the largest number of NFT transactions. In games, in-app purchases or virtual currency purchased in free games could not be withdrawn, reused, resold or otherwise used across games or platforms until recently. They were, in other words, perishable consumables. With NFTs, anything purchased in games becomes the property of the owner. The username will be used to register the asset. Each object is uniquely identified, has a limited number of copies, and can be shared among users without developer permission. Even better, it can be moved outside of the game, sold in the market, or even used in another game, and provide additional utility and gameplay in various games. New inventions are emerging as digital art allows more people to engage and be active in the art world. Artists in this space will continue to experiment and produce work that pushes the boundaries of the current art form. However, the typical digital art creation has a downside in that products can be reproduced and replicated indefinitely at no cost. To address this flaw, digital art is now stored on the blockchain and converted to NFT, making duplication impossible. This has given digital artists the opportunity to profit from their creative work. As a result, digital art is expected to hold a major share of the global NFT market.
Impact of COVID-19 on the Global NFT Market
Due to the global lockdowns imposed by governments due to the Covid-19 pandemic, people have been forced into a more sedentary lifestyle. These populations, of all ages and backgrounds, have had to learn new ways to interact socially after being confined for so long. As a result, these users joined a variety of online Metaverse platforms to boost social engagement and learn about NFTs. For example, during a period of lockdown, Axis Infinity, a blockchain-based digital pet world, attracted thousands of beginners to blockchain technology from underdeveloped and developing countries seeking new sources of income. According to NonFungible.com, the global NFT market grew by 299% in 2020 compared to the previous year.
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The Americas will dominate the global NFT market
In terms of market size, the Americas region is expected to be the largest contributor to the global NFT industry. Despite the absence of strict legislation, accounting standards, and disclosure requirements in the United States, companies are investing in NFTs. After making its first cryptocurrency investment, KPMG Canada’s corporate treasury purchased a digital artwork of the “World of Women” NFT. The business model is convenient and a viable alternative for novice NFT producers, with the OpenSea platform seeing huge success in 2021.
North America is home to big companies like OpenSea, Larva Labs, Cloudflare, and Dapper Labs. Artists are motivated to be a part of this booming NFT world through investments and creative digital works, which could greatly contribute to the growth of the NFT market over the forecast period.
- Tapinator Inc., patron and publisher of market-leading mobile games, revealed in March 2021 that it was developing NFT500, a subscription-based casting service and collection platform centered around blue chip NFTs. The term “casting” refers to the presentation of digital art on a physical screen in the form of NFTs.
|Years considered||Historical data – 2018–2021|
|Base year – 2021|
|Estimated year – 2022|
|Forecast – 2022–2028|
|Facts Covered||Revenue in billions of dollars|
|Market coverage||North America, Europe, Asia-Pacific, Latin America, Middle East and Africa|
|Product Service/Segmentation||By category, by application, by end use, by region|
|Key players||YellowHeart, LLC, Cloudflare, Inc, Cryptokitties, PLBY Group, Inc., Dolphin Entertainment, Inc, Funko, Ozone Networks, Inc., Solanart, Takung Art Co., Ltd, Dapper Labs, Inc., Semidot Infotech, Gemini Trust Company , LLC., Onchain Labs, Inc, Other Players|
- Formulation of business strategy
- Creation and management of NFTs
- NFT Platform – Marketplace
- Entertainment and media
- Health care
By end use
- North America
- Asia-Pacific (APAC)
- Latin America (LATAM)
- Middle East and Africa (MEA)
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