Non-fungible Token (NFT) Market size is set to grow by USD 113.93 billion from 2022-2027 | The increasing demand for digital art to drive the market growth - Technavio

NEW YORK, Nov. 29, 2023 /PRNewswire/ -- The Non-Fungible Token (NFT) market size is estimated to grow by USD 113.93 billion from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 35.02% during the forecast period. The increasing demand for digital art significantly drives market growth, characterized by computer-generated visual content. Globally, Non-Fungible Tokens (NFTs) have increased in the digital art realm, facilitated through online platforms and social media. NFTs serve as links between digital artworks and tokens, allowing artists or owners to set prices and certify ownership through unique keys. Artists can offer limited edition NFTs or create new variations, enabling increased sales and boosting market growth during the forecasted period. For more insights on the historic (2017 to 2021) and forecast market size (2023 to 2027)  buy the report

Non-fungible Token (NFT) Market - Segmentation Assessment
Segment Overview
Technavio has segmented the market based on Application (Collectibles, Sports, Arts, and Others), End-user (Personal and Commercial), and Geography (APAC, North America, South America, Europe, and Middle East and Africa). 

• Significant market share growth is anticipated in the collectibles segment during the forecast period. NFT collectibles, limited or rare tokens minted on the blockchain, are unique and non-interchangeable. Companies like Funko Inc., Foundation, and Makerspace offer platforms for buying and selling these exclusive NFT collectibles, fueling segment growth due to the increasing global demand for digital assets.

Geography Overview
By geography, the global Non-fungible Token (NFT) Market is segmented into APAC, North America, South America, Europe, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the Non-fungible Token (NFT) Market.

• APAC is anticipated to hold 39% of the global market share. The NFT market in APAC anticipates growth driven by increasing demand for digital assets in nations like Singapore, China, South Korea, the Philippines, and Japan. Notably, Korean retail channels are entering the NFT sector, with CJ OliveNetworks Co. Ltd partnering with Galaxia Metaverse to sell NFT artworks, including the recent auction of Cherry Blossom Ending by a local digital artist. Moreover, Lotte Home Shopping Inc. plans to launch an NFT marketplace in South Korea by April 2022. These advancements are poised to enhance the market reach of NFT products during the forecast period.

Insights on the market contribution of various segments including country and region wise, historic (2017 to 2021) and forecast market size (2023 to 2027) - Download a Sample Report

Non-fungible Token (NFT) Market – Market Dynamics

Leading trends influencing the market 

• Emerging trend: Fractionalized NFTs divide ownership, enabling democratized access to NFTs, despite rising individual NFT prices.
• Fractionalization allows broader participation and stable market activity, shielding overall prices from impact when one owner sells their share of the NFT.

Major challenges hindering the market growth

• Major market challenges: Uncertainty in NFT demand and pricing hinges on the difficulty in value based on scarcity, uniqueness, buyer perception, and distribution channels.
• Value fluctuations in NFTs are driven by buyer perception, making it challenging for sellers to anticipate buyers' identities or the factors influencing their purchases.

Insights on Market Drivers, trends, & Challenges, historic period(2017 to 2021) and forecast period(2023 to 2027)- Request a sample report

What are the key data covered in this Non-fungible Token (NFT) Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the Non-fungible Token (NFT) Market between 2023 and 2027
• Precise estimation of the size of the Non-fungible Token (NFT) Market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the Non-fungible Token (NFT) Market industry across APAC, North America, South America, Europe, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of Non-fungible Token (NFT) Market vendors

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TOC

1. Executive Summary
2. Market Landscape
3. Market Sizing
4. Historic Market Size
5. Five Forces Analysis
6. Market Segmentation by Application
7. Market Segmentation by End-User
8. Customer Landscape
9. Geographic Landscape
10. Drivers, Challenges, and Trends
11. Company Landscape
12. Company Analysis
13. Appendix

About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio