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Non-Fungible Tokens (NFT) Market to expand at a CAGR of 38.50% by 2032 – Report by Market Research Future (MRFR)

Apr 17, 2024 12:00 PM ET

Non-Fungible Tokens (NFT) Market to expand at a CAGR of 38.50% by 2032 – Report by Market Research Future (MRFR)

Non-Fungible Tokens (NFT) Market to expand at a CAGR of 38.50% by 2032

In 2022, the value of NFTs market was approximated to be $3.2 billion. Predictions indicate that between 2023 and 2032, there would be a compound annual growth rate (CAGR) of 38.50% from US$4.4 billion to US$60.00 billion for Non-Fungible Tokens Market business. Demand for NFTs is increasing globally due to some of their unique attributes such as transparency and other remarkable features in an era where digital ownership is becoming more popular than ever before; hence, it has expanded thus far by rising interest in unique digital identities and creating them.

Major players in the Non-Fungible Tokens Market, including.

  • Antier Solutions Pvt. Ltd.,
  • Appdupe,
  • Cloudflare, Inc.,
  • CryptoKitties,
  • Dapper Labs, Inc.,
  • Dolphin Entertainment, Inc.,
  • Funko,
  • Gala Games,
  • Gemini Trust Company, LLC.,
  • Larva Labs,
  • Onchain Labs, Inc.

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Market Report Scope:

Parameter Details
Revenue Forecast in 2032 USD 60.00 Billion
Growth Rate CAGR of 38.50% from 2023 to 2032
Forecast Period 2023 -2032
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

 

The advent of global digital platforms and social media have reshaped the NFT space generating a worldwide audience and market. The artists, celebrities, and influencers on their online platforms are directly promoting and selling NFTs by acting as direct links themselves with their fans base thereby breaking down the barriers that existed between them before. By directing business to customers this model has attracted adoption across different demographics by increasing the reach of NFTs among target customers. Additionally, there have been new opportunities arising from established industries intersecting with NFT markets: sectors such as gaming, music, sports or fashion are employing non-fungible tokens to provide exclusive content, limited edition digital assets or special experiences for their fan bases.

This transformation includes the tokenization of games during the forecast period by the industry stakeholders. This implies that players buy NFT-based products like virtual estates, avatars (identities), premium memberships clothes or weapons for their characters in blockchain-powered virtual worlds as stated before these could become investment objects one day . Furthermore, it is expected that an increasing number of gaming projects will use non-fungible tokens for advertising purposes throughout its life span enhancing user acquisition strategies whilst also enabling better user interaction; therefore, giving room for profitable expansion within the sector. Another crucial driver behind market growth is the significant investments received by NFT firms.

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Market Segmentation:

The segmentation of non-fungible tokens into physical and digital assets worldwide based on type. The market was dominated by the digital asset category with 58% of overall sales.

The global non-fungible tokens market application segments included sports, metaverse, art, gaming, collectibles, and utilities. Collectibles segment had the highest share at 58% of industry revenue.

Non-Fungible Tokens Worldwide Commercial and Personal provide another basis for market segmentation according to end-use. The commercial sector took home $0.07 billion which accounted for 60% of all market revenues. Increasingly more industries including finance, real estate and gaming and others are joining this commercial sector. For example, NFTs are being used through tokenized representations of real-world assets for fractional ownership or tangibles properties that make them easily tradable in what was once an illiquid market.

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The report presents details of the market for North America, Europe, Asia-Pacific, and Rest of World represented by region. There are several major factors that would lead to the anticipated growth of the Non-Fungible Tokens market in North America. For instance, some businesses such as OpenSea charge a fee based on how much money is received when selling NFTs rather than asking individuals to pay them for producing these tokens. It is necessary in order to enlarge non-fungible token (NFT) market in North America these strategies presently fixed at 2.5% of transaction value.

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About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

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Contact Information:

Market Research Future (Part of Wantstats Research and Media Private Limited) 99 Hudson Street, 5Th Floor New York, NY 10013 United States of America +1 628 258 0071 (US) +44 2035 002 764 (UK) Email: [email protected] Website: https://www.marketresearchfuture.com



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