NOIDA, India – According to a new report published by UnivDatos Markets Insights, the Non-Fungible Tokens Market is expected to grow at a CAGR of around 35% from 2022-2028, reaching USD 15 billion by 2028. The analysis has been segmented into Type (Physical Asset and Digital Asset); Application (Collectibles, Art, Gaming, and Others.); Region/Country.

Non-fungible tokens (NFTs) are cryptographic assets on a blockchain with unique identification codes and metadata that distinguish them from each other. The NFTs are witnessing a rise in demand owing to the increasing adoption of the online currency, which provides more transparency and uniqueness to the NFTs and increases the market for digital art. Furthermore, the world is witnessing the online gaming revolution which is also an important factor in the growth of the non-fungible token market.

The non-fungible token’s market is expected to grow at a steady rate of around 35% owing to the rising usage of cryptocurrency. Major companies in the market that offer non-fungible tokens are include YellowHeart LLC., Cloudflare Inc., PLBY Group Inc., Dolphin Entertainment Inc., Funko, Ozone Networks Inc.

COVID-19 Impact

COVID-19 has a staggering effect and has a negative impact on the global economy due to imposed lockdowns and government restrictions. However, the market for NFTs witnessed growth during the pandemic owing to the increasing adoption of digital art because art galleries and artists adopted online creative platforms to display and sell their art.

The global non-fungible tokens market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

  • Based on the type, the market has been categorized into a physical asset and a digital asset. Among them, digital asset is expected to have significant growth in the market. The artists can earn profits by selling their art and are not required to invest in promotions. Furthermore, the development of the metaverse and the increasing trading on them is also an important factor that drives the segmental growth in the NFT market.
  • Based on the application, the market has been categorized into collectibles, art, gaming, utilities, sports, and others. Among them, the collectibles segment is expected to have significant growth in the market during the forecast period. This is mainly due to the ease of accessibility and independence in the handling of assets. Furthermore, it provides a platform where people can directly connect with people related to the asset which also catalyzes segmental growth.

Non-fungible tokens Market Geographical Segmentation Includes:

  • North America (United States and Canada)
  • Europe (Germany, United Kingdom, France, and the Rest of Europe)
  • Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
  • Rest of the World

The Asia Pacific constitutes a significant share of the market due to the presence of the large population of neophiles and gamers in the region. Moreover, a rising number of digital start-ups is also an important factor responsible for the growth of the NFT market in the region.

The major players targeting the market include

  • YellowHeart LLC.
  • Cloudflare Inc.
  • PLBY Group Inc.
  • Dolphin Entertainment Inc.
  • Funko
  • Ozone Networks Inc.
  • Takung Art Co. Ltd.
  • Dapper Labs Inc.
  • Gemini Trust Company LLC.
  • Onchain Labs Inc.

Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the non-fungible token’s market. The major players have been analyzed by using research methodologies for getting insight views on global competition.

Key questions resolved through this analytical market research report include:

  • What are the latest trends, new patterns, and technological advancements in the non-fungible token market?
  • Which factors are influencing the non-fungible token market over the forecast period?
  • What are the global challenges, threats, and risks in the non-fungible token market?
  • Which factors are propelling and restraining the non-fungible token market?
  • What are the demanding global regions of the non-fungible token market?
  • What will be the global market size in the upcoming years?
  • What are the crucial market acquisition strategies and policies applied by global companies?

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Source: UnivDatos Market Insights Pvt. Ltd.