Delhi, September 12, 2022 (GLOBE NEWSLETTER) — Global Non-Fungible Token (NFT) is experiencing high growth mainly due to a rapidly increasing demand for digital art and the adoption of cryptocurrencies by various digital platforms around the world.
BlueWeave Advicea leading strategic consulting and market research firm, in its recent study estimated the global non-fungible token (NFT) market size wash $4.36 billion in 2021. BlueWeave also predicts that the global NFT market will grow at an impressive CAGR from 23.9% during 2022-2028with a market size of no less than USD 19.57 billion by the end of the forecast period.
Global NFT Market – Recent Technological Developments
Tapinator Inc., a developer and publisher of category-defining mobile games, announced the development of NFT500, a subscription casting service and collection platform focused on blue chip NFTs. The term “casting” refers to the presentation of digital art on a physical screen in the form of NFTs. In association with Dolphin Entertainment, Inc. Hall of Fame Resort & Entertainment Company announced its first NFT offering.
Rising Demand for Digital Art to Boost Global NFT Market
One of the major factors driving the NFT market is the growing demand for digital art around the world. This is because consumers use cryptocurrencies to buy digital assets. The money raised by NFT firms also fuels market growth. Paradigm is the leader in receiving major investments, including grants from Solana Ventures and Sequoia Capital. The company wants to use the money to expand its products and services.
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Global NFT Market by Type:
Gaming & Digital Art NFTs are expected to account for the largest number of NFT transactions. In gaming, until recently, in-app purchases or virtual currency purchased in free-to-play games could not be revoked, reused, resold or otherwise used in games or platforms. In other words, they were perishable consumables. With NFTs, everything purchased in the games becomes the property of the owner. The username is used to register the asset. Each object is uniquely identified, has a demonstrably limited number of copies, and can be shared with users without the developer’s permission. Better yet, it can be moved out of the game, sold in the market, or even used in another game, and it provides additional usability and gameplay across different games. New inventions are being made as digital art enables more people to become interested and active in the art world. The artists in this space will continue to experiment and produce work that pushes the boundaries of the current art form. However, there is a downside to the typical creation of digital art, as products can be reproduced and replicated indefinitely at no cost. To address this flaw, digital art is now stored on the blockchain and converted into an NFT, making it impossible to duplicate. This has provided digital artists with an opportunity to capitalize on their creative work. As a result, digital art is expected to have a significant share of the global NFT market.
Impact of COVID-19 on the Global NFT Market
Due to global lockdowns imposed by governments as a result of the Covid-19 pandemic, people have been forced to adopt a more sedentary lifestyle. These populations, of all ages and backgrounds, have had to learn new ways to socialize after being locked up for so long. As a result, these users have joined various online Metaverse platforms to increase social engagement and gain exposure to NFTs. For example, during a lockdown period, Axis Infinity, a blockchain-based digital pet world, attracted thousands of newcomers to blockchain technology from underdeveloped and developing countries seeking new revenue streams. According to NonFungible.com, the global NFT market is with 299% in 2020 compared to the previous year.
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America dominates the global NFT market
In terms of market size, the US region is expected to be the largest contributor to the global NFT industry. Despite the lack of strict laws, accounting standards, and disclosure requirements in the United States, companies invest in NFTs. After making its first cryptocurrency investment, KPMG Canada’s corporate treasury purchased a piece of digital art from the “World of Women” NFT. The business model is practical and a viable alternative for budding NFT producers to get started, with the OpenSea platform seeing huge success in 2021.
Competitive landscape
North America is home to major companies such as OpenSea, Larva Labs, Cloudflare, and Dapper Labs. Artists are motivated to be a part of this fast-growing NFT world through investments and creative digital works, which can greatly contribute to the growth of the NFT market during the forecast period.
Recent developments
- TapinatorInc., a patron and publisher of leading mobile games, revealed in March 2021 that it was developing NFT500, a subscription casting service and collection platform focused on blue chip NFTs. The term “casting” refers to the presentation of digital art on a physical screen in the form of NFTs.
Scope of the report
| attributes | Details |
| years considered | Historical data – 2018–2021 |
| Base year – 2021 | |
| Estimated year – 2022 | |
| Forecast – 2022-2028 | |
| Facts Covered | Revenue in USD Billion |
| 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 |
| protagonists | 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 |
By category
- Business strategy formulation
- NFT Creation and Management
- NFT platform – Marketplace
On request
- Entertainment and media
- banking
- Utilities
- healthcare
- Gaming
- Sport
- others
By end use
Per region
- North America
- Europe
- Asia Pacific (APAC)
- Latin America (LATAM)
- Middle East and Africa (MEA)
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