The non-fungible token (NFT) market share will post an incremental growth of USD 147.24 billion, progressing at a CAGR of 35.27% during the forecast period. The market is fragmented, and the vendors are deploying growth strategies such as low-pricing strategies and strengthening the local customer base to compete in the market.
Technavio’s report on “Non-fungible Token (NFT) Market by Application and Geography - Forecast and Analysis 2022-2026” provides a detailed analysis of the prevalent market forces, trends, and challenges likely to impact the market in focus.
The non-fungible token (NFT) market is segmented by Application (Collectibles, sports, arts, and others) and Geography (APAC, South America, Middle East and Africa, North America, and Europe).
The growth of the non-fungible token (NFT) market size in the collectibles segment will be significant during the forecast period. The growth of the segment is attributed to the growing demand for digital assets across the world. The growing demand for digital assets in countries such as Singapore, China, South Korea, the Philippines, and Japan will facilitate the non-fungible token (NFT) market growth in APAC. 43% of the market's growth will originate from APAC during the forecast period. Singapore, China, and The Philippines are the key markets for non-fungible tokens (NFT) in APAC.
The increasing demand for digital artworks will directly influence the of non-fungible token (NFT) market . In addition, the growing number of big brands entering the market is one of the major non-fungible token (NFT) market trends that will positively impact market growth. However, factors such as the uncertainty of the NFT market will hamper the non-fungible token (NFT) market growth.
The market is fragmented due to the presence of several players. Some of the major non-fungible token (NFT) market vendors are Asynchronous Art Inc., Binance Services Holdings Ltd., Dapper Labs Inc., Decentraland Foundation, Enjin Pte. Ltd., Foundation Labs Inc., FTX Trading Ltd., Funko Inc., Gala Games, Gemini Trust Co. LLC, Mintable.app, Mobox Digital Co. Ltd., Onchain Labs Inc., OpenSea, Rarible Inc., Sorare SAS, SuperRare Labs Inc., Theta Labs Inc., Yellowheart LLC, and Yuga Labs LLC
To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions.
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Precise market size estimation during the forecast period 2022-2026.
CAGR of the non-fungible token (NFT) market forecast during 2022-2026.
Market-level data on units, average selling prices, and values of the non-fungible token (NFT) market share.
Prediction of the upcoming trends, drivers, and factors that challenge the growth of the non-fungible token (NFT) market .
Non-fungible token (NFT) market industry growth across APAC, South America, Middle East and Africa, North America, and Europe.
