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/EIN News/ — United States, Rockville MD, July 07, 2022 (GLOBE NEWSWIRE) — According to a new published report by Fact.MR, a market research and competitive intelligence provider, the global non-fungible token (NFT) market stands at US$ 34 billion in 2022 and is predicted to expand at an astounding CAGR of 25% during the forecast years (2022-2032). The market is set to surge owing to the changing dynamics in digital content creation and the asset ownership space.
NFTs are crypto tokens created using hash algorithms and tied to a digital asset such as a video clip, JPEG, or PNG, as well as physical assets such as real estate, all while utilising Blockchain technology. NFT presents great investment opportunity and has numerous use cases in the economic sector.
ICT infrastructure developments are one of the primary drivers for the growth of the non-fungible token market. Due to the availability of digital platforms to mint, sell, price, and bid for NFTs, they are both, cost- and time-effective; however, there are certain revenue generation complexities.
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Digital transactions are on the rise and this is predicted to have a beneficial impact on the non-fungible token business space. Moreover, digital assets are defined as anything that is uniquely identifiable and is stored digitally that can be used to realize an underlying value. As a result of NFTs, new modalities of monetisation and ownership are becoming a reality, and it is reasonable to predict that their widespread adoption will have an important impact on a wide range of businesses.
Key Takeaways from Market Study
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Development of Market
The NFT space has expanded significantly, particularly during the pandemic period, from raising digital cats to programming asset ownership. Collaboration is the key to successfully creating, minting, and selling NFTs.
Individual producers and collectors may be able to handle this more simply, while corporations may find it tough, necessitating the use of professionals. Owing to this, market participants are developing long-term constructive collaborations with enterprises, businesses, and governments to aid easing the NFT business, which will lead to consistency in their revenue generation.
Prominent non-fungible token market players are Art Blocks, Axie Infinity, Cloudflare Inc., CryptoKitties, Dapper Labs Inc., Dolphin Entertainment Inc., Foundation, Funko, Gemini Trust Company LLC., Onchain Labs Inc., OpenSea, Ozone Networks Inc., PLBY Group Inc., Rarible, Semidot Infotech, Takung Art Co. Ltd., The Sandbox, and YellowHeart LLC.
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Non-Fungible Token Industry Research by Category
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Fact.MR, in its new offering, presents an unbiased analysis of the global non-fungible token (NFT) market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of asset type (physical assets, digital assets, metadata), category (artwork, collectibles, domain names, identity, memes, Metaverse, music and media, real-world assets, sports items, tickets, virtual items, others), and end use (personal, commercial), across major regions of the world (Americas, EMEA, Asia Pacific).
About the ICT Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned ICT solutions at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the prominent end users across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services.
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