Press-Releases

Non-Fungible Token (NFTs) Market Size to Reach USD 3,57,316.3 Million in 2030 | Increasing Use of NFTs in Supply Chain and Logistics and Rising Demand for Decentralized Marketplaces are Some Key Factors Driving Industry Growth, According to Emergen Research


VANCOUVER, B.C., Jan. 20, 2022 /PRNewswire/ — The global Non-Fungible Token (NFT) market size reached USD 340.0 Million in 2020 and is expected to register a rapid revenue CAGR during the forecast period, according to latest analysis by Emergen Research. Increasing use of NFTs in gaming is one of the major factors expected to continue to drive global market revenue growth.

Emergen_Research_Logo

Drivers:

Global non-fungible token market revenue growth is expected to be driven by rising use of NFT in supply chain and logistics. NFTs prevent counterfeiting, assist in tracing the movement of products across the supply chain, and ensure originality. This can apply to supply chains for high-end fashion businesses. NFTs could also provide information about each material and component in a specific product for industries such as automotive. This could also aid in cost-cutting. NFTs could also be beneficial to enterprises concerned about tracking the usage of reusable and sustainable materials.

Restraints:

Concerns regarding fraud and scams and lack of standardization are major factors hampering revenue growth of the market. Using NFTs and blockchain in the real world might be an effective approach to check titles and validate ownership histories. However, this type of application poses security risks. Though blockchain improves the security of NFTs, hacking is still a possibility. A major problem in the NFT market is unpredictability in determining NFT pricing. The price of any NFT can be determined by the buyer’s and seller’s originality, uniqueness, rarity, and a variety of other factors. As there are no formed standards for any particular type of NFT, the prices of NFTs fluctuate significantly.

Get Free Sample PDF Copy of the Report@ https://www.emergenresearch.com/request-sample/892

Growth Projections:

Global non-fungible token market is expected to register a CAGR of 39.6% over the forecast period and revenue is projected to increase from USD 340.0 Million in 2020 to USD 3,57,316.3 Million in 2030. Increasing demand for decentralized marketplace is boosting market revenue growth.

COVID-19 Impact Analysis:

Because of global lockdowns caused by the Covid-19 pandemic, a number of individuals have adopted a more sedentary lifestyle and also to seek alternatives to maintain social connections due to prolonged periods of confinement and being deprived of interaction. As a result, many individuals engaged in various online metaverses platforms in order to increase social engagement and gain exposure for NFTs.

Current Trends and Innovations:

Gaming is one of the most popular applications for NFTs currently. Following the lead of blockchain-first game developers, traditional game developers such as Ubisoft are already experimenting with this technology. Decentraland, Sorare, Gods Unchained, and My Crypto Heroes are among the most popular NFT-based games.

Geographical Outlook:

Europe non-fungible token market is expected to register a significantly steady revenue CAGR over the forecast period. Market revenue growth is expected to be driven by rapid growth of the gaming industry in countries in the region.

Looking for Discount on Non-Fungible Token market report [Click Here]@ https://www.emergenresearch.com/request-discount/892

Strategic Initiatives:

Some major companies included in the market report include YellowHeart, Cloudflare, Inc., PLBY Group, Inc., Dolphin Entertainment, Inc., Funko Inc., OpenSea (Ozone Networks, Inc.), Takung Art Co., Ltd., Dapper Labs, Inc., Nifty Gateway (Gemini Trust Company, LLC), and MakersPlace (Onchain Labs, Inc.) 

  • In January 2021, Dolphin Entertainment announced the acquisition of B/HI, formerly known as Bender/Helper Impact, which is a gaming public relations firm. This acquisition of B/HI offers the Super Group a great entry point into the final remaining significant vertical of entertainment including Esports and video gaming.

Emergen Research has segmented global non-fungible token on the basis of type, application, end-use, and region:

  • Type Outlook (Revenue, USD Million; 2018–2030)
    • Physical Asset
    • Digital Asset
  • Application Outlook (Revenue, USD Million; 2018–2030)
    • Collectibles

          a.  Video Clip

          b.  Audio Clip

          c.  Gamificatio

          d.  Others
    • Art
      1. Pixel Art
      2. Fractal/Algorithmic Art
      3. Computer Generated Painting
      4. 2D/3D Painting
      5. 2D/3D Computer Graphics
      6. GIFs
      7. Others
    • Gaming
      1. Trading Card Game (TCG)
      2. Video Game
      3. Strategy Role Playing Game (RPG)
      4. Others
    • Utilities
      1. Tickets
      2. Domain Names
      3. Assets Ownership
    • Metaverse
    • Sport
    • Others
  • End-Use Outlook (Revenue, USD Million; 2018–2030)
    • Personal
    • Commercial

Have a look at Report Description and Table of Contents of Market Report@ https://www.emergenresearch.com/industry-report/non-fungible-token-market

  • Regional Outlook (Revenue, USD Million; 2018–2030)
    • North America

        a.  U.S.

        b.  Canada

        c.  Mexico
    • Europe

        a.  Germany

        b.  France

        c.  U.K.

        d.  Italy

        e.  Spain

        f.  BENELUX

        g.  Rest of Europe
    • Asia Pacific

        a.  China

        b.  India

        c.  Japan

        d.  South Korea

        e.  Rest of APAC
    • Latin America

        a.  Brazil

        b.  Rest of LATAM
    • Middle East & Africa

        a.  Saudi Arabia

        b.  UAE

        c.  South Africa

        d.  Turkey

        e.  Rest of MEA

Buy Your Exclusive Copy@ https://www.emergenresearch.com/select-license/892

Explore Related Reports by Emergen Research:

The global metaverse in finance market size was significantly robust in 2020 and is expected to register rapidly inclining revenue CAGR over the forecast period. Rapid adoption of metaverse initiatives by brokerage companies and banks to improve the business offerings, emergence of cryptocurrency as a large-scale alternative financial system, and growing focus of fintech and smaller financial companies on developing their own digital financial ecosystems are key factors expected to drive market revenue growth over the forecast period.

The global metaverse in healthcare market size was significantly robust in 2020 and is expected to register a rapid revenue CAGR over the forecast period. Some key factors driving steady market revenue growth include integration of Augmented Reality (AR), Virtual Reality (VR), and Artificial Intelligence (AI) in the healthcare sector to improve efficiency of medical equipment, enable provision of hands-on training to personnel, and diagnose and treat certain conditions.

The global metaverse in automotive market size was significantly robust in 2020 and is expected to register a rapid revenue CAGR over the forecast period. Growing focus on leveraging metaverse technology in car to create human machine interface, emerging opportunities for contextual advertising for automotive dealers, rising trend of online car buying, and increasing efforts undertaken by major automotive companies to develop their own metaverse platforms are some key factors expected to fuel market revenue growth over the forecast period.

The global metaverse in gaming market size was significantly robust in 2020 and is expected to register a rapidly inclining CAGR during the forecast period. Rapidly rising popularity of play-to-earn games, increasing efforts to create immersive gaming experiences, and growing investment to develop different versions of metaverse are some key factors expected to drive market revenue growth over the forecast period.

The global digital water market size reached USD 7.96 Billion in 2020 and is expected to register a revenue CAGR of 12.1% during the forecast period. Increasing need for better water services is resulting in growing demand for digital water services, which is a major factor expected to drive market revenue growth over the forecast period.

The global Computer-Generated Imagery (CGI) market size reached USD 3.18 Billion in 2020 and is expected to register a revenue CAGR of 19.9% during the forecast period. Increasing demand for more cost-effective animation tools and increasing need to improve brand credibility are some of the key factors expected to continue to drive global computer-generated imagery market revenue growth during the forecast period.

The global emerging memory technologies market size reached USD 4.17 Billion in 2020 and is expected to register a revenue CAGR of 30.7% during the forecast period. Increasing demand for high-end and more advanced devices and increasing need for time saving in data transferring are some of the key factors expected to continue to drive global emerging memory technologies market revenue growth during the forecast period.

About Emergen Research 

Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend’s existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

Contact Us:

Eric Lee

Corporate Sales Specialist

Emergen Research | Web: www.emergenresearch.com 

Direct Line: +1 (604) 757-9756

E-mail: sales@emergenresearch.com 

Visit for More Insights: https://www.emergenresearch.com/insights 

Explore Our Custom Intelligence services | Growth Consulting Services 

Read Full Press Release@ https://www.emergenresearch.com/press-release/global-non-fungible-token-market

Logo: https://mma.prnewswire.com/media/1579538/Emergen_Research_Logo.jpg

rt

Source link

The content is by PR Newswire. Headlines of Today Media is not responsible for the content provided or any links related to this content. Headlines of Today Media is not responsible for the correctness, topicality or the quality of the content.

Back to top button