Why is the Non-Fungible Token Market Soaring? Under the asset type segment, digital assets dominate the market with 75.1% market share in 2022. Market share analysis of asset type and region is provided in the above image.

Long Term (2028-2032): Rise of NFT companies that offer better performance and lower fees will increase demand for NFTs, exponentially.ĭuring the years 2017-2021, the global NFT market registered a CAGR of 652.1%, and according to the analysis by Fact.MR, a market research and competitive intelligence provider, the market is projected to exhibit growth at 25% CAGR through 2032.

Medium Term (2025-2028): Asia Pacific anticipated to witness high demand for non-fungible tokens from several end-use sectors, fueled by favorable government initiatives.

Short Term (2022 Q2 to 2025): Significant utilization of NFT in collectibles sectors to positively impact non-fungible token market growth.

Owing to the NFT’s unique IDs, which match up with either the service that does authenticity checks or the original issuer of the item, resulting of individuals or businesses buying and selling products in a marketplace, is increasing at a dramatic rate. NFTs let owners of one-of-a-kind things confirm their authenticity and ownership. Sneakers, commercial real estate, art, in-game items for online games, university degrees, or a plane ticket are some examples of NFT, which can be physical or digital.

Non-fungible tokens are cryptographic tokens that represent a one-of-a-kind technology. Through a distributed ledger, the value is represented by the tokenization of nearly everything, including physical as well as digital assets.

Previous business models relied on expensive and sluggish intermediaries to build confidence between two parties who don't trust each other.Īdvancements in DLTs led to the creation of concepts that could simplify and reduce the cost of exchanging value. Market Forecast Outlook (2022-2032)ĭistributed ledger technologies (DLTs) – Blockchain - is a new type of technology that is posing a threat to traditional business practices. Sales Analysis of Non-Fungible Tokens (2017-2021) Vs. United States Market Growth Rate (2022-2032) Non-Fungible Token (NFT) Market Size (2021A)Īsia Pacific Market Growth Rate (2022-2032) Worldwide revenue from non-fungible tokens is predicted to grow nearly 12X by 2032, reaching a market valuation of US$ 316.7 billion.

The global non-fungible token (NFT) market witnessed soaring growth in 2021 with worldwide revenue up 27,759% year-over-year. Non-Fungible Token (NFT) Market Outlook (2022-2032)

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