DUBLIN – The global NFT ot Non-Fungible Tokens market size is expected to grow from USD 3.0 billion in 2022 to USD 13.6 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 35.0% from 2022 to 2027. Major factors fueling the momentum of NFT growth include the increasing influence of celebrities for NFT adoption, revolutionizing the gaming industry and slow but continuing rise in demand for digital artworks.
NFT Marketplaces to grow at a higher CAGR during the forecast period
Non-curated platforms provide free access to creators, unlike the curated ones, which have a stringent policy toward creators’ selection. NFT platforms such as like SuperRare and Nifty gateway, creators must apply form with stringent selection criteria and a long waiting period for the experts’ decision.
That is why non-curated platforms have been widely accepted by the creators to sell their digital assets. To expand their growth, various organizations are stepping into the NFT space. For example, Coinbase Global Inc, a US crypto exchange platform, launched its NFT marketplace very recently. Developments like this have contributed to the growth of the NFT market.
In region segment, Americas to have a higher market share during the forecast period
The Americas is expected to be the largest contributor in terms of the market size in the global NFT market. The US companies are investing in NFTs despite not having stringent laws, accounting rules, and disclosure requirements. KPMG Canada has purchased a piece of digital art from the “World of Women” NFT after its corporate treasury made its inaugural investment in cryptocurrency.
An American company, OpenSea, unlike other platforms, does not impose a fee to mint NFTs. The platform charges a payment on the final sale price, which is presently 2.5%. With the OpenSea platform experiencing enormous success in 2021, the business model looks to be viable and is an excellent option for young NFT producers to get started.
Organizations are coming up front with many developments and partnerships to explore and make people aware of the trends and uses of NFTs to help them monetize their work.
Competitive landscape
Major companies such as OpenSea, Larva Labs, Cloudflare, and Dapper Labs are headquartered in North America. Investments and creations similar to these are motivating the artists to be a part of this booming NFT world which can be a major factor in the growth of the NFT market.
Major vendors offering NFT market across the globe are Cloudflare (US), Gemini Trust (US), OpenSea (US), Semidot Infotech (US), Dapper Labs (Canada), The Sandbox (China), Axie Infinity (Vietnam), Rarible (US), Art Blocks (US), Foundation (US), Superrare (US), Mintbase (Portugal), Larva Labs (US), Appdupe (India), CryptoKitties (Canada), Sorare (France), Yellow Heart (US), Onchain Labs (China), Solanart (France), Gala Games (US)
Premium Insights
- Increased Influence of Celebrities for Nft Adoption and Rise in Digital Artworks to Drive the Nft Market Growth
- Nft Platform-Marketplace Segment to Hold the Largest Market Size During the Forecast Period
- Media and Entertainment Segment to Hold the Largest Market Size During the Forecast Period
- Americas Segment to Hold the Largest Market Size During the Forecast Period
- Asia-Pacific to Emerge as the Best Market for Investments in the Next Five Years
Market Dynamics
Drivers
- Increasing Influence of Celebrities to Fuel Momentum of NFT Adoption
- Revolutionizing Gaming Industry
- Slow But Continuing Rise in Demand for Digital Artworks
Restraints
- Issues with Copyright Protection
Opportunities
- Increasing Use Cases of NFT in Supply Chain Management, Retail, and Fashion
- Efforts of Industry Giants Toward Making Metaverse a Reality
- Personalization of NFT
Challenges
- High and Hidden Fees
- Lack of Legal Representation, Absence of Compliance, and Regulations for NFT
Value Chain
- Ecosystem: Non-Fungible Tokens
Technology Analysis
- Blockchain
- Cryptocurrency
Patent Analysis
Trends and Disruptions Impacting Customers
Porter’s Five Forces Analysis
Tariff and Regulatory Landscape
- Regulatory Bodies, Government Agencies, and Other Organizations
- General Data Protection Regulation
- Payment Card Industry-Data Security Standard (Pci-Dss)
- Health Insurance Portability and Accountability Act
Use Cases
- Use Cases: Identification, Certification, and Documentation
- Use Cases: Real Estate
- Use Cases: Event Ticketing
Key Conferences and Events in 2022-2023
Table 8 Non-Fungible Tokens Market: List of Conferences and Events
Market Trends
- Metaverse
- Play to Earn (P2E)
Company Profiles
Key Players
- Cloudflare
- Gemini Trust
- Opensea
- Dapper Labs
- Semidot Infotech
- The Sandbox
Other Players
- Axie Infinity
- Rarible
- Art Blocks
- Foundation
- Superrare
- Mintbase
- Larva Labs
- Appdupe
- Cryptokitties
- Sorare
- Yellowheart
- Onchain Labs
- Solanart
- Gala Games
Source: Research and Markets
