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Non-fungible Token Global market Report 2024
Non-fungible Token Global Market Report 2024 – Market Size, Trends, And Forecast 2024-2033
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LONDON, GREATER LONDON, UNITED KINGDOM, October 21, 2024 /EINPresswire / -- The non-fungible token market has experienced robust growth in recent years, expanding from the market is projected to grow from $30.54 billion in 2023 to $43.22 billion in 2024, reflecting a compound annual growth rate (CAGR) of 41.5%. This significant growth in the historical period can be linked to the surge in digital art popularity, endorsements from celebrities and brands, and active participation from crypto enthusiasts.
What Is The Estimated Market Size Of The Global Non-fungible Token Market And Its Annual Growth Rate?
The non-fungible token market is projected to continue its strong growth, reaching the market is expected to reach $2.58 billion by 2028, with a compound annual growth rate (CAGR) of 5.1%. Factors contributing to this growth in the forecast period include the rising use of lightweight materials and structures in automotive design, the implementation of NVH testing in electric and hybrid powertrains, expansion in the aerospace sector with applications in aircraft NVH testing, an emphasis on enhancing customer experience, and the adoption of advanced materials and designs in vehicle manufacturing.
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Growth Driver Of The Non-fungible Token Market
The rising demand for digital artwork is anticipated to drive growth in the non-fungible token (NFT) market in the years ahead. Digital art refers to art created or showcased using digital technology. Non-fungible tokens are highly valued by artists as they provide a way to verify the authenticity and uniqueness of their work through blockchain representation.
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Which Market Players Are Driving the Non-fungible Token Market Growth?
Key players in the market include SemiDot Infotech, Blockchain App Factory, Cineverse Corp., Funko Inc., Liquid Media Group Ltd., Oriental Culture Holding Ltd., SemiDot Infotech Pvt. Ltd., Takung Art Co. Ltd., WISeKey International Holding Ltd., OpenSea, Rarible Inc., Sky Mavis, Cloudflare Inc., Dapper Labs Inc., Dolphin Entertainment Inc., Gemini Trust Company LLC., Onchain Labs Inc., Ozone Networks Inc., PLBY Group Inc., YellowHeart LLC, TSB Gaming Ltd., Larva Labs, SuperRare Labs, Mintbase Inc., Sorare SAS, Solanart, Gala Inc., Animoca Brands Corporation Ltd., Jiayin Group Inc., AppDupe, KnownOrigin Labs Limited
What Are the Emerging Trends Shaping the Non-fungible Token Market
Key players in the non-fungible token (NFT) market are concentrating on launching innovative marketplaces to boost their revenue. These NFT marketplaces are digital platforms that enable users to create, buy, sell, and trade non-fungible tokens.
How Is The Global Non-fungible Token Market Segmented?
1) By Type: Art, Collectibles, Gaming, Metaverses, Sports, Utilities, Other Types
2) By Market Type: Primary, Secondary
3) By Cryptocurrency Usage: ETH, DAI, MANA, SAND, REVV, MATIC, CUBE, FOAM, Other Cryptocurrencies
Geographical Insights: North America Leading The Non-fungible Token Market
North America was the largest region in the market in 2023. Asia-Pacific is expected to be the fastest-growing region in the report during the forecast period. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Non-fungible Token Market Definition
Non-fungible tokens (NFTs) are cryptographic assets on the blockchain, characterized by unique authentication codes and metadata that set them apart from one another. NFTs are utilized for providing distinct digital assets.
Non-fungible Token Global Market Report 2024 from The Business Research Company covers the following information:
.Market size data for the forecast period: Historical and Future
.Macroeconomic factors affecting the market in the short and long run
.Analysis of the macro and micro economic factors that have affected the market in the past five years
.Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
.Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global non-fungible token market report covering trends, opportunities, strategies, and more
The Non-fungible Token Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on non-fungible token market size, non-fungible token market drivers and trends and non-fungible token market growth across geographies. This market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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