Westford, USA, May 26, 2022 (GLOBE NEWSWIRE) — The rise of mainstream influencers, gaming communities and growing demand for digital artwork will continue to fuel the Global Non-Fungible Tokens (NFT) Market boom over the next five years. The growing influence of celebrities to fuel the momentum of the sale of non-fungible tokens (NFTs), revolutionizing the gaming industry, and the slow but steady increase in demand for digital artworks are expected to drive the market in during the forecast period. Additionally, the growing use of non-fungible tokens (NFTs) in retail, supply chain management, and fashion, as well as efforts by industry giants to make the metaverse a reality, would offer NFT market vendors with lucrative customization opportunities.
Although non-fungible tokens (NFTs) are a relatively esoteric topic with many theories floating around, COVID-19 has accelerated the use of non-fungible tokens (NFT) technology in addition to many other established markets, especially non-fungible tokens (NFT). ) related to art. As art galleries and other non-fungible token (NFT) related assets were closed due to the lockdown at the start of the pandemic, art sellers and collectors were forced to use the digital arena. According to FuelArts, art fairs have gone online, galleries have mastered virtual reality and auction houses have offered mixed deals mixing art and luxury goods, which has sparked the desire for innovation in the art sector and attracted a variety of companies and venture capitalists. This has led to a boom in new means and payment instruments to help produce, manage and trade non-fungible tokens (NFTs), allowing users to benefit from non-fungible token (NFT) technology powered by Art+Tech.
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Compared to the 20 years before the outbreak, art-fueled tech companies received $640 million. According to industry experts at SkyQuest, the exponential rise in digital markets following the outbreak of the COVID 19 pandemic has played the most significant role in the acceptance and growth of the Non-Fungible Tokens (NFT) market. With several attractive offers and a new and informative approach to art representation, these platforms have attracted online customers. Most galleries’ static online non-fungible token (NFT) auctions have also been preferred by art collectors. Marketplaces benefited the most from the non-fungible token (NFT) industry, with digital collectibles sales increasing to $10.7 billion in Q3 2020 from $1.3 billion in Q2 quarter 2020.
The Non-Fungible Token (NFT) market has also had a significant impact on the entertainment industry. Non-fungible tokens (NFTs) have the ability to totally revolutionize the way movies are created, produced and distributed in the media and entertainment sector, while democratizing this monopolistic industry. The Non-Fungible Token (NFT) community Arabian Camels is producing Antara, a $50 million Hollywood movie, to demonstrate the potential of Non-Fungible Tokens (NFT) to the world. Non-fungible tokens (NFT) are very beneficial for inexperienced filmmakers and artists. Non-fungible tokens (NFTs) provide a unique opportunity for major production companies and outstanding film franchises with millions of fans to cement their fandom in the metaverse. Disney and Lionsgate, for example, are working on their own non-fungible token (NFT) market. The incorporation of non-fungible tokens (NFTs) into the entertainment industry has the potential to enable users to actively engage in all stages of film production and distribution. Non-Fungible Tokens (NFTs) will enable viewers and artists to engage beyond the screen, propelling the industry to unfathomable heights.
Read the Market Research Report, “Global Non-Fungible Tokens (NFT) Market Segmented by Type (Physical Asset, Digital Asset), by Application (Collectibles, Art, Games, Utilities, Metaverse, Sports, Others), by End Use (Personal, Commercial), by Region – Forecast and Analysis 2022-2028 » by SkyQuest
Browse the report summary and full table of contents (ToC):
Global Non-Fungible Tokens (NFT) Market segmentation is based on type, application, end-use and region. On the basis of type, the market is segmented as physical asset, digital asset. Based on application, the market is segmented into collectibles, art, games, utilities, metaverse, sports, others. On the basis of end use, the market is segmented as personal, commercial. Based on region, it is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Based on the application, Art segment is expected to dominate the market during the given forecast period (2022-2028). The value of global art and collectibles non-fungible token (NFT) sales increased significantly in 2021, peaking at US$11.16 billion. Overall, non-fungible token (NFT) sales in the art industry reached $2.57 billion in 2021, compared to around $20 million in 2020. Meanwhile, non-fungible token transactions (NFT) in the collectibles market generated approximately USD 8.6 billion in 2021, compared to approximately USD 10 million the previous year.
By region, North America is likely to be the largest contributor to the global NFT market. The existence of key non-fungible token (NFT) market vendors such as OpenSea, Larva Labs, Cloudflare, Dapper Labs and others is likely to open profitable options for North American non-fungible token (NFT) consumers. ). In addition, the Asia-Pacific market is expected to grow at the fastest CAGR over the forecast period. The growing acceptance of cryptocurrencies in Asia-Pacific countries is expected to drive the market growth in the region. An increase in the creation of metaverse platforms by startups in the region is also likely to boost the growth of the non-fungible token (NFT) industry. Furthermore, the expansion of the gaming industry in the region is opening up new avenues for the growth of the non-fungible token (NFT) market.
The Non-Fungible Tokens (NFT) Market report published by SkyQuest Technology Consulting provides in-depth qualitative insights, historical data and verifiable projections on the market size. The projections presented in the report have been derived using proven research methodologies and assumptions.
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What does this report bring?
- Market estimate for more than 20 countries
- Non-Fungible Tokens (NFT) Market Demand by Region, Sub-Region and Country
- Customization of segments, regions and business profiles
- 100+ tables, 150+ figures
- Global, Regional and Country Trends in Non-Fungible Tokens (NFT) Market
- Comprehensive Non-Fungible Token (NFT) Industry Parameter Mapping
- Attractive investment proposition in the global NFT industry
- Competitive strategies adopted by key Non-Fungible Tokens (NFT) market players
- Drivers, Restraints, Opportunities, Challenges and Impact on Non-Fungible Tokens (NFT) Market Size
- Market growth rate to 2028
- Regulatory scenario, regional dynamics and Non-Fungible Tokens (NFT) market overview of key countries in each region
- Detailed market information by region and country
- Analysis of market segmentation trends, opportunities and growth
- Porter’s five forces analysis to know the state of the market
- Non-Fungible Tokens (NFT) Market Price and Sales Analysis
- Parent Market Analysis
- Benchmark of the product portfolio
SkyQuest Segmented Non-Fungible Global Tokens (NFT) Market by Type, Application, End-Use, and Region:
- Global Non-Fungible Tokens (NFT) Market by Type (Revenue, USD Million, 2021-2028)
- physical asset
- digital asset
- Global Non-Fungible Tokens (NFT) Market by Application (Revenue, USD Million, 2021-2028)
- Global Non-Fungible Tokens (NFT) Market by End Use (Revenue, USD Million, 2021-2028)
- Global Non-Fungible Tokens (NFT) Market by Region (Revenue, USD Million, 2021-2028)
- North America
- The rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Central and South America
- Middle East and Africa
- GCC countries
- South Africa
- Rest of MEA
List of Non-Fungible Tokens (NFT) Market Key Players
- Cloud Flare (USA)
- Gemini Trust (USA)
- Open Sea (USA)
- Semidot Infotech (USA)
- Dapper Laboratories (Canada)
- The sandbox (China)
- Axie Infinity (Vietnam)
- Rare (US)
- Art Blocks (USA)
- Foundation (USA)
- Super rare (US)
- Mint base (Portugal)
- Larva Labs (USA)
- Appdupe (India)
- CryptoKitties (Canada)
- Sorare (France)
- Yellow Heart (US)
- Onchain Laboratories (China)
- Solanart (France)
- Gala Games (United States)
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SkyQuest Technology is a leading growth consulting firm providing market intelligence, marketing and technology services. It has more than 450 satisfied customers worldwide.
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