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Increasing popularity of metaverse and rising demand for decentralized marketplaces are some key factors driving market revenue growth

VANCOUVER, BC, CANADA, April 13, 2022 /EINPresswire.com/ -- Global Non-fungible Token (NFT) market size reached USD 50.10 Billion in 2021 and is expected to register a revenue CAGR of 10.7%, during the forecast period, according to latest analysis by Emergen Research. Rapid traction of metaverse and rising demand for decentralized marketplaces are some key factors driving global non-fungible token market revenue growth. Rising use of NFT for domain name ownership is also expected to boost revenue growth of the market to a significant extent. Owners of blockchain domains can use private keys to manage respective domains. The standard Domain Name Service (DNS) is controlled by the Internet Corporation for Assigned Names and Numbers (ICANN), and there is very minimal supervision of such domains. Censorship and security issues are raised as a result of this.

Blockchain domain names are permanently recorded in a public registry and it can be erased or changed by a third party, which helps to mitigate such concerns. Blockchain domain NFTs allow for quick trading and customizable domain names. The Ethereum Name Service (ENS) and Unstoppable Domains, which are decentralized solutions to the conventional DNS, allows crypto-addresses similar to an Instagram or Twitter handle, yet every name has to be distinct. While Instagram and Twitter users cannot sell their usernames, ENS and Unstoppable Domains enable users to purchase and sell crypto-addresses.

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However, lack of standardization and concerns regarding fraud and potential scams are key factors expected to hamper growth of the global non-fungible token market to some extent over the forecast period.

The report further studies the key companies operating in the industry and their company profiles, product portfolio, expansion strategies, and strategic alliances such as mergers and acquisitions, collaborations, and joint ventures, among others. It also offers insights into their market reach and global position, along with highlights about their achievements and financial standings.

Key companies operating in the Non fungible Token market include: YellowHeart, Cloudflare, Inc., PLBY Group, Inc., Dolphin Entertainment, Inc., Funko Inc., OpenSea (Ozone Networks, Inc.), Takung Art Co., Ltd., Dapper Labs, Inc., Nifty Gateway (Gemini Trust Company, LLC), and MakersPlace (Onchain Labs, Inc.)

Key Highlights from the Report

Physical assets segment revenue is expected to expand at significantly steady CAGR during the forecast period. Physical asset tokenization is not as advanced as digital asset tokenization. However, there are increasing initiatives exploring the tokenization of real estate, one-of-a-kind fashion commodities, and others.

Gaming segment is expected to register significantly steady revenue growth rate over the forecast period due to rapid growth of the gaming industry coupled with rising usage of NFT to earn money while gaming.

North America market is expected to register a considerably robust revenue CAGR than other regional markets owing to high presence of major market players such as Cloudflare, Inc., PLBY Group, Inc., Dolphin Entertainment, Inc., and Funko Inc. among others in countries in the region.

The report is an investigative study of the technological developments and product advancements, along with a regional analysis for each product and application offered in the market. The fundamental objective of the report is to give an insight into the workings of the Non fungible Token industry. It provides an accurate and strategic outlook of the market with a thorough assessment of the segments and sub-segments of the market. It provides a panoramic view of the industry to offer a deeper understanding of the global industry.

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Emergen Research has segmented the global non-fungible token market on the basis of type, application, end-use, and region:

Type Outlook (Revenue, USD Billion; 2019–2030)

Physical Asset

Digital Asset

Application Outlook (Revenue, USD Billion; 2019–2030)

Collectibles

Video Clip

Audio Clip

Gamification

Others

Art

Pixel Art

Fractal/Algorithmic Art

Computer Generated Painting

2D/3D Painting

2D/3D Computer Graphics

GIFs

Others

Gaming

Trading Card Game (TCG)

Video Game

Strategy Role Playing Game (RPG)

Others

Utilities

Tickets

Domain Names

Assets Ownership

Metaverse

Sport

Others

End-Use Outlook (Revenue, USD Billion; 2019–2030)

Personal

Commercial

The report also provides the analysis of import/export, production and consumption ratio, supply and demand, cost, price, estimated revenue, and gross margins. The report further discusses in detail the driving factors influencing the growth of the market currently and in the coming years.

Regional Bifurcation of the Non fungible Token Market Includes:

North America (U.S., Canada)

Europe (U.K., Italy, Germany, France, Rest of EU)

Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)

Latin America (Chile, Brazil, Argentina, Rest of Latin America)

Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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Objectives of the Report:

Study of the global Non fungible Token market size by key regions, types, and applications with reference to historical data (2020-2021) and forecast (2021-2030)

Industrial structure analysis of the Non fungible Token market by identification of various sub-segments

Extensive analysis of key market players along with their SWOT analysis

Competitive landscape benchmarking

Analysis of Non fungible Token market based on growth trends, futuristic outlook, and contribution to the total growth of the market

Analysis of drivers, constraints, opportunities, challenges, and risks in the global Non fungible Token market

Comprehensive analysis of competitive developments such as expansions, agreements, new product launches, and other strategic alliances

Thank you for reading our report. For further queries regarding the report or customization options, please connect with us. Our team will ensure you get a report well-suited to your needs.

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