Explosive Growth of the NFT Market
The global non-fungible token (NFT) market is set to skyrocket. With projections suggesting it will reach USD 211.72 billion by 2030. This represents a compound annual growth rate (CAGR) of 34.2% from 2023 to 2030. This, according to a new report by Grand View Research, Inc. A significant driving factor of this tremendous growth is the escalating worldwide demand for digital art. An art form that extensively uses digital technology in its creation or display process.
Dominant Sectors: Digital Assets and Collectibles
In 2022, the NFT market was predominantly led by the digital asset segment. Powered by the escalating popularity of art NFTs among artists. The appeal lies in the capability of NFTs to track all transactions related to an artist’s work. Enabling them to earn perpetual royalties on each transaction of their digital art.
The collectibles segment held a commanding presence in the application sector in 2022. The allure of owning unique digital items, such as virtual trading cards, digital artwork, and virtual pets, has resonated profoundly with collectors and enthusiasts who value the rarity and exclusivity of these items.
Fastest Growing Segment: Commercial Applications
Commercial applications are forecasted to experience the swiftest growth within the end-use sector. Businesses are increasingly leveraging NFTs to facilitate improved transactions across a wide array of application areas.
Geographical Insights: North America Leads the Way
The rise of cryptocurrency usage in North America, particularly in the U.S. and Canada, is expected to generate new opportunities for the NFT market. Moreover, the global expansion of cryptocurrency, with its total capitalization estimated at USD 1.76 trillion as of February 2022, equivalent to the world’s 8th largest economy, is likely to further stimulate the growth of the NFT market.
Investment and Funding: A Strong Support for NFT Companies
NFT companies have been reaping substantial benefits from hefty funding, further propelling their market growth. A case in point is Collective Proof, a non-fungible token that announced a successful raise of USD 50 million in a Series A funding round in August 2022. This robust investment, led by a16z, enhances Collective Proof’s stance in the NFT market as it gears up to launch its future NFT collection.
Key Players in the Market
Prominent players in the non-fungible token (NFT) market include YellowHeart, LLC., Cloudflare, Inc., PLBY Group, Inc., Dolphin Entertainment, Inc., Funko, Ozone Networks, Inc., Takung Art Co., Ltd., Dapper Labs, Inc., Gemini Trust Company, LLC., and Onchain Labs, Inc.
The continued global adoption of digital currencies and virtual assets will likely propel the evolution and growth of the non-fungible token market, contributing substantially to the digital economy in the coming years.
Read 130-page full market research report for more latest industry insights, “Non-fungible Token (NFT) Market Size, Share & Trends Analysis Report By Type (Physical Asset, Digital Asset), By Application (Collectibles, Art, Gaming), By End Use (Personal, Commercial), By Region, And Segment Forecasts, 2023 – 2030“, published by Grand View Research.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants. Adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
SOURCE: Grand View Research, Inc. https://www.grandviewresearch.com