The global non-fungible token (NFT) market witnessed soaring growth in 2021 with worldwide revenue up 27,759% year-over-year. Worldwide revenue from non-fungible tokens is predicted to grow nearly 12X by 2032, reaching a market valuation of US$ 316.7 billion.
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| Report Attributes | Details |
|---|---|
| Non-Fungible Token (NFT) Market Size (2021A) | US$ 27.1 Billion |
| Estimated Market Value (2022E) | US$ 34 Billion |
| Forecasted Market Value (2032F) | US$ 316.7 Billion |
| Global Market Growth Rate (2022-2032) | 25% CAGR |
| Americas Market Share (2021) | ~23.7% |
| Asia Pacific Market Growth Rate (2022-2032) | ~15.7% CAGR |
| United States Market Growth Rate (2022-2032) | ~35.8% CAGR |
| Market Share of Top 5 Companies | ~26.7% |
| Key Companies Profiled |
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Sales Analysis of Non-Fungible Tokens (2017-2021) Vs. Market Forecast Outlook (2022-2032)
Distributed ledger technologies (DLTs) – Blockchain – is a new type of technology that is posing a threat to traditional business practices. Previous business models relied on expensive and sluggish intermediaries to build confidence between two parties who don’t trust each other.
Advancements in DLTs led to the creation of concepts that could simplify and reduce the cost of exchanging value. Through a distributed ledger, the value is represented by the tokenization of nearly everything, including physical as well as digital assets.
Non-fungible tokens are cryptographic tokens that represent a one-of-a-kind technology. 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.
NFTs let owners of one-of-a-kind things confirm their authenticity and ownership. 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.
- Short Term (2022 Q2 to 2025): Significant utilization of NFT in collectibles sectors to positively impact non-fungible token market growth.
- 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.
- Long Term (2028-2032): Rise of NFT companies that offer better performance and lower fees will increase demand for NFTs, exponentially.
During 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.
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