Major players in the non-fungible token (NFT) market are SemiDot Infotech, Blockchain App Factory, Cinedigm, Funko, Takung Art, WISeKey, Oriental Culture Holding and Liquid Media.
The non-fungible tokens (NFT) market consists of sales of non-fungible tokens (NFT) by entities (organizations, sole traders, and partnerships) that are engaged in providing digital assets.The non-fungible tokens (NFTs) are cryptographic assets on the blockchain with unique authentication codes and metadata that differentiate them from one another.
NFT represents real-world items such as art, music, in-game item, videos, and these are unique cryptographic tokens that exist on the blockchain and cannot be replicated.
The global non-fungible token market is expected to grow from $14.02 billion in 2021 to $21.33 billion in 2022 at a compound annual growth rate (CAGR) of 52.1%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic. The market is expected to reach $82.43 billion in 2026 at a CAGR of 40.2%.
The main types of non-fungible tokens are art, collectibles, gaming, metaverses, sport, utilities, and others.Paintings, sculptures, and other pictures of things that are made for people to enjoy or think deeply about are referred to as art.
Artists value non-fungible tokens because they ensure the validity and uniqueness of the blockchain representation of their work. The different market types include primary market and secondary market and are used in various cryptocurrencies such as ETH, DAI, MANA, SAND, REVV, MATIC, CUBE, FOAM, others.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The development of new platforms for a non-fungible token is shaping the non-fungible token (NFT) market.Major companies operating in the non-fungible token sector are concentrating on creating new platforms for non-fungible tokens to provide customizable exposure through a unique premium casting program.
For instance, in March 2021, Tapinator, Inc., a USA-based mobile game and app developer announced that the company is developing NFT500, a premium casting service and collection platform based on blue-chip NFTs. The word casting refers to the process of viewing digital art on a physical display in the form of NFTs. The service is set to debut this summer, with a demo companion mobile version to follow later this year.
The increasing demand for digital artwork is expected to propel the growth of the non-fungible tokens (NFT) market in the coming years.The word digital art refers to art that is created or displayed using digital technology.
Artists value non-fungible tokens because they ensure the validity and uniqueness of the blockchain representation of their work.For instance, in 2021, Grimes is the most recent artist to profit in on the NFT gold rush, with digital artworks valued at about $6 million sold.
Additionally, in 2021, digital artist Pak’s collection was sold for about $17 million and in 2020, the digital artist Beeple sold $3.5 million in artwork through Nifty Gateway. Therefore, the increasing demand for digital artwork drives the growth of the non-fungible tokens (NFT) market.
In April 2021, Hall of Fame Resort & Entertainment Company, a US-based entertainment, and media company announced its first non-fungible tokens (NFTs) offering in partnership with Dolphin Entertainment, Inc and Elite Holdings LLC.Through this partnership, the companies will develop, market, promote and sell NFTs associated with the H2H Legends.
Dolphin Entertainment, Inc. is a US-based entertainment marketing and premium content development company and Elite Team Holdings LLC is a US-based brand management company.
The countries covered in the non-fungible token (NFT) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
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