Continuing Rise in Demand for Digital Artworks to Proliferate Non-Fungible Tokens Market at a CAGR of 35% during the forecast period| UnivDatos Market Insights
NOIDA, India, Sept. 22, 2022 /PRNewswire/ -- According to a new report published by UnivDatos Markets Insights, the Non-Fungible Tokens Market is expected to grow at a CAGR of around 35% from 2022-2028, reaching USD 15 billion by 2028. The analysis has been segmented into Type (Physical Asset and Digital Asset); Application (Collectibles, Art, Gaming, and Others.); Region/Country.
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The non-fungible tokens market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the non-fungible token market. The non-fungible tokens market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the non-fungible token market at the global and regional levels.
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Non-fungible tokens (NFTs) are cryptographic assets on a blockchain with unique identification codes and metadata that distinguish them from each other. The NFTs are witnessing a rise in demand owing to the increasing adoption of the online currency, which provides more transparency and uniqueness to the NFTs and increases the market for digital art. Furthermore, the world is witnessing the online gaming revolution which is also an important factor in the growth of the non-fungible token market.
The non-fungible token's market is expected to grow at a steady rate of around 35% owing to the rising usage of cryptocurrency. Major companies in the market that offer non-fungible tokens are include YellowHeart LLC., Cloudflare Inc., PLBY Group Inc., Dolphin Entertainment Inc., Funko, Ozone Networks Inc.
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COVID-19 has a staggering effect and has a negative impact on the global economy due to imposed lockdowns and government restrictions. However, the market for NFTs witnessed growth during the pandemic owing to the increasing adoption of digital art because art galleries and artists adopted online creative platforms to display and sell their art.
The global non-fungible tokens market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
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Non-fungible tokens Market Geographical Segmentation Includes:
The Asia Pacific constitutes a significant share of the market due to the presence of the large population of neophiles and gamers in the region. Moreover, a rising number of digital start-ups is also an important factor responsible for the growth of the NFT market in the region.
The major players targeting the market include
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the non-fungible token's market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
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Non-Fungible Tokens Market Report Coverage
UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.
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