Dublin, June 14, 2022 (GLOBE NEWSWIRE) — The “global non-fungible token market by offering (business strategy formulation, NFT creation and management, NFT platform – marketplace), end user (media and entertainment, gaming), Region (Americas, Europe, MEA, APAC) – forecast to 2027” report has been added to from ResearchAndMarkets.com offer.
The global NFT 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. celebrities for adopting NFT, revolutionizing the gaming industry and a slow but steady rise in demand for digital artwork.
NFT marketplaces are expected to grow at a higher CAGR during the forecast period
Unorganized platforms offer free access to creators, unlike organized platforms, which have a strict policy when it comes to selecting creators. NFT platforms such as SuperRare and Nifty gateway, creators must apply with rigorous selection criteria and a long waiting period for the experts’ decision.
This is why unorganized platforms have been widely accepted by creators to sell their digital assets. To expand their growth, various organizations are entering the NFT space. For example, Coinbase Global Inc, an American crypto exchange, launched its NFT marketplace very recently. Developments like this have contributed to the growth of the NFT market.
In the regional segment, the Americas will have a higher market share during the forecast period
The Americas are expected to be the largest contributor in terms of market size in the global NFT market. American companies invest in NFTs despite not having strict laws, accounting rules and disclosure requirements. KPMG Canada has purchased a digital artwork of the “World of Women” NFT after its corporate treasury made its inaugural investment in cryptocurrency.
An American company, OpenSea, unlike other platforms, does not charge a fee for minting NFTs. The platform charges a payment on the final sale price, which is currently 2.5%. With the OpenSea platform seeing huge success in 2021, the business model looks viable and is a great option for young NFT producers to get started.
Organizations come up with many developments and partnerships to explore and educate people about the trends and uses of NFTs to help them monetize their work.
Major companies such as OpenSea, Larva Labs, Cloudflare, and Dapper Labs are headquartered in North America. Investments and creations similar to these are motivating artists to be a part of this booming NFT world which can be a major driver for the growth of the NFT market.
The major vendors offering the NFT market across the globe are Cloudflare (USA), Gemini Trust (USA), OpenSea (USA), Semidot Infotech (USA), Dapper Labs (Canada), The Sandbox (China), Axie Infinity (Vietnam), Rarible (USA), Art Blocks (USA), Foundation (USA), Superrare (USA), Mintbase (Portugal), Larva Labs (USA) ), Appdupe (India), CryptoKitties (Canada), Sorare (France), Yellow Heart (USA), Onchain Labs (China), Solanart (France), Gala Games (USA)
- Increased Influence of Celebrities for Nft Adoption and Rise in Digital Artwork to Drive Nft Market Growth
- Nft Platform-Marketplace Segment to Hold Largest Market Size During Forecast Period
- Media and entertainment segment will hold the largest market size during the forecast period
- Americas segment will hold the largest market size during the forecast period
- Asia-Pacific will become the best market for investment in the next five years
- Growing Celebrity Influence to Fuel NFT Adoption Momentum
- Revolutionize the gaming industry
- Slow but steady rise in demand for digital artwork
- Problems with copyright protection
- Increase in NFT use cases in supply chain management, retail and fashion
- Efforts by industry giants to make the Metaverse a reality
- Customizing the NFT
- High and hidden fees
- Lack of Legal Representation, Lack of Compliance and Regulation of NFT
- Ecosystem: non-fungible tokens
Trends and Disruptions Affecting Customers
Porter’s Five Forces Analysis
Pricing 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 case: identification, certification and documentation
- Use Case: Real Estate
- Use case: event ticketing
Key conferences and events in 2022-2023
Table 8 Non-Fungible Token Market: List of Conferences and Events
- Play to win (P2E)
- Gemini Trust
- Dapper Laboratories
- Semidot Infotech
- The sandbox
- Axie Infinity
- Art blocks
- super rare
- mint base
- Larval laboratories
- So rare
- yellow heart
- Chain labs
- gala games
For more information on this report visit https://www.researchandmarkets.com/r/g5eb93
Global Non-Fungible Token Market