The non-fungible token global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Non fungible Token Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The non-fungible token market size has grown exponentially in recent years. It will grow from $30.54 billion in 2023 to $43.22 billion in 2024 at a compound annual growth rate (CAGR) of 41.5%. The growth in the historic period can be attributed to digital art boom, celebrity and brand endorsements, crypto enthusiast participation.
The non-fungible token market size is expected to see exponential growth in the next few years. It will grow to $173.7 billion in 2028 at a compound annual growth rate (CAGR) of 41.6%. The growth in the forecast period can be attributed to broader tokenization of assets, integration with gaming, nft marketplaces and infrastructure, regulatory clarity, enhanced interoperability. Major trends in the forecast period include blockchain technology advancements, metaverse development, brand partnerships and collaborations, royalty and resale mechanisms.
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Scope Of Non fungible Token Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Market Drivers –
The increasing demand for digital artwork is expected to propel the growth of the non fungible token market in the coming years. The word digital art refers to art that is created or displayed using digital technology. Artists value non-fungible tokens because they ensure the validity and uniqueness of the blockchain representation of their work. For instance, in 2021, Grimes is the most recent artist to profit in on the NFT gold rush, with digital artworks valued at about $6 million sold. Additionally, in 2021, digital artist Pak’s collection was sold for about $17 million and in 2020, the digital artist Beeple sold $3.5 million in artwork through Nifty Gateway. Therefore, the increasing demand for digital artwork drives the growth of the non fungible token market.
Market Trends –
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
The non-fungible token market covered in this report is segmented –
1) By Type: Art, Collectibles, Gaming, Metaverses, Sports, Utilities, Other Types
2) By Market Type: Primary, Secondary
3) By Cryptocurrency Usage: ETH, DAI, MANA, SAND, REVV, MATIC, CUBE, FOAM, Other Cryptocurrencies
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Regional Insights –
North America was the largest region in the non fungible token market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the non-fungible token market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Key Companies –
Major companies operating in the non-fungible token market report are SemiDot Infotech, Blockchain App Factory, Cineverse Corp., Funko Inc., Liquid Media Group Ltd., Oriental Culture Holding Ltd., SemiDot Infotech Pvt. Ltd., Takung Art Co. Ltd., WISeKey International Holding Ltd., OpenSea, Rarible Inc., Sky Mavis, Cloudflare Inc., Dapper Labs Inc., Dolphin Entertainment Inc., Gemini Trust Company LLC., Onchain Labs Inc., Ozone Networks Inc., PLBY Group Inc., YellowHeart LLC, TSB Gaming Ltd., Larva Labs, SuperRare Labs, Mintbase Inc., Sorare SAS, Solanart, Gala Inc., Animoca Brands Corporation Ltd., Jiayin Group Inc., AppDupe, KnownOrigin Labs Limited
Table of Contents
1. Executive Summary
2. Non fungible Token Market Report Structure
3. Non fungible Token Market Trends And Strategies
4. Non fungible Token Market – Macro Economic Scenario
5. Non fungible Token Market Size And Growth
…..
27. Non fungible Token Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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