Non-fungible token (NFT) market
InsightAce Analytic Pvt. Co., Ltd. is involved in the “Global Non-Fungible Token (NFT) Market – (by offering (business strategy formulation, NFT creation/management, NFT platform – marketplace), end user (media/entertainment))” Announced the release of the market evaluation report. , Games)), trends, industry competitive analysis, revenue and forecasts to 2031.
The global non-fungible token (NFT) market was valued at USD 4.4 billion in 2023 and is expected to reach USD 40.1 billion by 2031, at a CAGR of 32.4 during this period, according to the latest research by InsightAce Analytic. % is. The forecast period is from 2024 to 2031.
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A non-fungible token, or NFT for short, is a unique piece of electronic property that is stored on a distributed ledger and is a property or verifiable piece of specific item or material, such as digital property, movies, entertainment, artwork, etc. It serves as a means of proving gender. Non-fungible tokens (NFTs) are becoming increasingly popular due to their ability to improve supplier revenue in many industries, including logistics management, the retail industry, and apparel manufacturing. The efforts of business powerhouses to realize the pluralism and customizable nature of NFTs will further strengthen the financial prospects of NFT providers. The outbreak of the coronavirus disease (COVID-19) pandemic has promoted the use of NFT techniques. The work-from-home trend and increasing digitalization drove the NFT market expansion. The growing need for digital markets has facilitated the proliferation of services. The expansion of the market accelerated as the number of Internet purchasing sites increased due to the epidemic. The growing need for innovative artwork is driving the introduction of services. Additionally, the increase in investment companies and entrepreneurs after the pandemic contributed to the development of the non-fungible token (NFT) industry.
List of prominent players in the Non-Fungible Tokens (NFT) market:
• Cloudflare
• Gemini Trust
• Cloudflare Co., Ltd.
• Gemini Trust Company LLC
• SemiDot Infotech Pvt. Ltd.
• Dapper Labs, Inc.
• Sandbox
•Axi Infinity
•Rareible
• Art Block Foundation
• Super rare
• Mint base
• Larva Research Institute
• App dupe
• CryptoKitty
• Solare SAS
• Yellow Heart LLC
• Onchain Lab Co., Ltd.
• Solanato NFT Marketplace
• Gala Games Co., Ltd.
•Open Sea
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Market dynamics:
Driver –
The growing demand for non-fungible tokens (NFTs) is being driven by the growing need for electronic artwork. Digital sculptures are works of art created or presented using digital technology. The expansion of digital platforms such as social networks and the Internet has facilitated the spread of products. Through the use of tokens, digital art will be connected to NFTs, allowing artists to choose appropriate pricing for their NFT artworks. Non-fungible tokens are important to artists because they guarantee the authenticity and clarity of the distributed representation of their work. Due to the growing need for electronic artwork, the non-fungible token market is growing as a result.
assignment:
The market for non-fungible tokens (NFTs) is expected to be hampered by a lack of rules and restrictions. Demand for non-fungible tokens (NFTs) is expected to be influenced by environmental concerns, especially as consumers become increasingly conscious of the amount of electricity that platforms utilize. Since many NFTs are generated through renewable energy outcome databases, both environmentally conscious investors and consumers may be turned off by sustainability concerns. As society becomes more concerned about reducing carbon emissions, NFT initiatives may come under pressure to use more environmentally friendly practices. This could have economic implications and limit participation until more widely accepted alternatives are adopted.
Regional trends:
The North American non-fungible token (NFT) market is expected to record a significant revenue share. Due to the increasing need for gaming programs, it is predicted to grow at a high CAGR in the near future. Key industry players are likely to accelerate market expansion. Increased use of this solution in areas such as commerce and aesthetics will accelerate market expansion. Moreover, Asia Pacific accounts for a significant share of the market as more people are using cryptocurrencies and cutting-edge technologies. Additionally, the increasing proportion of executives developing online platforms in the region is expected to accelerate the expansion of the non-fungible token market.
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Recent developments:
• In July 2024, Kodansha Corporation announced that The Sandbox, Minto, and Copro Corporation will create non-fungible tokens (NFTs) and build Attack on Titan LAND in “The Sandbox,” a decentralized metaverse for Web3 games. approved to do so. In a statement on Monday, the trio declared that Attack on Titan will be participating in the LAND auction as it begins its presence on the sandbox map.
Segmentation of the non-fungible token (NFT) market –
by offering
• Business strategy formulation
• Create and manage NFTs
• NFT Platform – Marketplace
by end user
• Media and Entertainment
• Games
• others
By region-
North America-
• US
• Canada
• Mexico
Europe-
• Germany
• UK
• France
• Italy
• Spain
• Rest of Europe
Asia Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
latin america-
• Brazil
• Argentina
• Rest of Latin America
Middle East and Africa –
• GCC countries
• South Africa
• Rest of the Middle East and Africa
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About us:
InsightAce Analytic is a market research and consulting firm that helps clients make strategic decisions. Our qualitative and quantitative market intelligence solutions inform your need for market and competitive intelligence to grow your business. We help our clients gain competitive advantage by identifying untapped markets, exploring new competitive technologies, segmenting potential markets, and repositioning products. Our expertise lies in providing syndicated and custom market intelligence reports with in-depth analysis including key market insights in a timely and cost-effective manner.
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This release was published on openPR.
