increasing demand for digital art is driving the Non-fungible Token (NFT) Market

Latest News:- Non-fungible Token (NFT) Market: Collectibles is expected to lead the Application segment during 2024-2028

Technavio analyzes that the Non-fungible Token (NFT) Market is expected to grow at a CAGR of 30.23% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 68.16 billion.There are various factors that contribute to the growth of the market. The non-fungible token (NFT) market is experiencing a significant surge due to the increasing demand for digital art. Art collectors and investors are recognizing the value in owning unique, verifiable digital assets. NFTs provide a secure and transparent way to buy and sell digital art, ensuring authenticity and ownership. This new frontier in the art world is opening up opportunities for artists to monetize their creations in a way that was previously unimaginable. The potential applications of NFTs extend beyond the art world, offering exciting possibilities for collectibles, gaming items, and more.

In the burgeoning NFT market, vendors provide distribution channels for limited-edition, unique electronic assets known as Non-Fungible Tokens (NFTs). These collectibles, which can include game items or house tokens, are minted on the Ethereum blockchain, ensuring their authenticity and rarity. Each NFT collectible is distinct and non-interchangeable, offering exclusivity to its owner. The online marketplaces for these collectibles facilitate buying and selling, with features enabling royalty payments to the original creators or owners. These royalties, typically a percentage of future sales, incentivize creators and provide ongoing revenue streams. Moreover, NFTs are protected against unauthorized use or copying, ensuring intellectual property rights for their owners. The gaming industry, in particular, has embraced NFTs, revolutionizing the way collectibles are bought, sold, and traded. 

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Non-fungible Token (NFT) Market Segmentation

• Application
  • Collectibles
  • Sports
  • Arts
  • Others
• End-user
  • Personal
  • Commercial
• Geography
  • APAC
  • North America
  • South America
  • Europe
  • Middle East and Africa

Top Performing Companies

As per our research findings, here are some of the key competitors that are leading the industry

• AirNFTs Platform
• Asynchronous Art Inc.
• Binance Holdings Ltd.
• Blockchain App Factory
• Celer Network
• Chaincella
• Decentraland Foundation
• Enjin Pte. Ltd.
• Foundation Labs Inc.
• Funko Inc.
• Gemini Trust Co. LLC
• Mintable.app
• Ozone Networks Inc.
• Out The Mud Ventures Inc.
• Rarible Inc.
• Sky Mavis
• SuperRare Labs Inc.
• Tiki Labs Inc.
• Yellowheart LLC
• Axie Infinity

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Research Analysis Overview

In the burgeoning NFT market, celebrities and the gaming industry are making waves with the sale of digital artworks on Ethereum network. NFT vendors leverage blockchain technology to tokenize unique, scarce electronic assets, such as digital art and in-game items. Legal frameworks are being established for this Decentralized Finance (DeFi) sector, which includes Cryptocurrencies and NFT suppliers. AR, VR, and XR technologies enhance the NFT experience. Fraud prevention is crucial, ensuring ownership of cryptocurrencies/assets is secure. The Metaverse and Web 3.0 provide distribution networks, with Magic Eden leading the charge in tokenizing games and creating digital property.

Market Research Overview

The Non-Fungible Token (NFT) market, a segment of the global technology hardware, storage, and peripherals market, is experiencing significant growth. This market encompasses the sale of unique digital assets, such as art, collectibles from artists, athletes, and celebrities, utilizing blockchain technology and augmented reality (AR). The parent technology hardware, storage, and peripherals market includes manufacturers of cellular phones, personal computers, servers, and peripherals, among others. Technavio projects the market's expansion, driven by the increasing adoption of blockchain technology and the monetization of digital assets, particularly in the art and collectibles industries.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

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Technavio Research
Jesse Maida
Media & Marketing Executive
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