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21 Jun, 2022, 20:30 IST
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BANGALORE, India, June 21, 2022 /PRNewswire/ — The Non Fungible Tokens market is Segmented by Type (Art and Collectible, Game), by Application (Primary Market, Secondary MarketPrimary Market, Secondary Market): Opportunity Analysis and Industry Forecast, 2022–2028.
The global Non Fungible Token (NFT) market size is projected to reach USD 7390.8 Million by 2028, from USD 1553.6 Million in 2021, at a CAGR of 24.4% during 2022-2028.
Major factors driving the growth of the NFT market are:
The need to improve trading market efficiency is projected to propel the Non-Fungible Token market forward. Converting a physical item to a digital asset streamlines operations and eliminates middlemen.
NFTs on the blockchain represent digital or physical artwork, removing the need for agents and allowing artists to communicate directly with their audiences. They can also help businesses enhance their processes.
Furthermore, the growing use of NFT in supply chain management, retail, and fashion, as well as industry heavyweights’ efforts to make Metaverse a reality and NFT personalization, would present attractive prospects for NFT vendors.
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TRENDS INFLUENCING THE GROWTH OF NON-FUNGIBLE TOKEN MARKET:
Artists and content creators have a one-of-a-kind opportunity to monetize their work thanks to blockchain technology and NFTs. Artists, for example, no longer have to sell their work through galleries or auction houses. Instead, the artist can sell it as a Non-Fungible Token straight to the consumer, allowing them to keep a larger portion of the profit. Additionally, artists can integrate royalties into their software so that they receive a share of sales when their work is sold to a new owner. This is a desirable feature because most artists do not receive subsequent proceeds after their first sale. Digital art, collectibles, and gaming pieces are just a few examples of exclusive and unusual objects that can be traded. This factor is expected to drive the growth of the Non-Fungible Token market.
In-game purchases are traditionally one-time, non-transferable investments that are locked in a single gaming universe. Using Non-Fungible Tokens in gaming settings, on the other hand, gives gamers control of their in-game assets rather than game producers. Gamers can save in-game purchases, sell them to other players, or transfer them to other compatible games using blockchain technology.
Non-fungible tokens are also great for managing identities. Consider the example of actual passports, which must be presented at every point of entry and exit. It is conceivable to streamline the entry and leave processes for jurisdictions by transforming individual passports into Non-Fungible Tokens, each with its own unique distinguishing qualities. In addition to this use case, NFTs can also be used for identity management in the digital environment. As a result, the expansion of the Non-Fungible Token market may be aided.
Furthermore, the establishment of new markets and forms of investment is the most intriguing opportunity for the Non-Fungible Token s market. Consider a piece of real estate that has been divided into several sections, each with its own set of attributes and property types. Each piece of land is distinct, priced individually, and represented by a Non-Fungible Token based on its qualities. By adding necessary metadata to each individual Non-Fungible Token, real estate trade, which is a difficult and bureaucratic process, can be simplified.
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NON-FUNGIBLE TOKEN MARKET SHARE
Based on region, North America is the largest market, with a share of about 34%, followed by Asia-Pacific and Europe with a share of about 31% and 23%.
Based on type, art and collectibles are the largest segments, with a share of over 70%. NFTs have sparked a digital revolution by allowing people to create, share, and acquire a wide range of digital assets, including visual arts, games, and music.
Based on application, the largest application is the primary market, followed by the secondary market.
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