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Growing popularity of blockchain-based gaming and metaverse is a key factor driving Non-Fungible Token (NFT) market revenue growth

VANCOUVER, BRITISH COLUMBIA, CANADA, July 5, 2023/EINPresswire.com/ -- The non-fungible token (NFT) market is a digital marketplace where unique digital assets are bought, sold, and traded using blockchain technology. NFTs are a type of digital asset that represent ownership or proof of authenticity of a specific item, such as artwork, collectibles, music, videos, virtual real estate, and more. Unlike cryptocurrencies like Bitcoin or Ethereum, which are fungible and can be exchanged on a one-to-one basis, NFTs are indivisible and cannot be exchanged on a like-for-like basis.

NFTs leverage blockchain technology, typically built on Ethereum, to provide a decentralized and transparent system for verifying ownership and provenance of digital assets. Each NFT is assigned a unique identifier and stored on the blockchain, which ensures its authenticity and prevents duplication or forgery.

The global Non-Fungible Token (NFT) market size reached USD 15.54 Billion in 2021 and is expected to register a revenue CAGR of 34.2% during the forecast period, according to latest analysis by Emergen Research. Rising popularity of metaverse and block-chain based gaming in addition to digital assets and collectibles are a few of the key factors driving market revenue growth.

NFTs are a sort of cryptographic asset that represents one-of-a-kind value units. They differ from other fungible tokens, such as Bitcoin and Ethereum, in that each unit is replaceable with another. As a result, they are ideal for representing digital assets such as collectibles, art, game items, or real estate which is increasing the growth of market. Digital assets in the Metaverse, such as virtual homes, are becoming more and more expensive, making them a great choice for investors looking for a good Return On Investment (ROI). Individuals can start making money without necessarily investing in digital assets by providing various metaverse-related services. Investors have the opportunity to take part in cutting-edge technologies including Virtual Reality (VR), blockchain, Non-Fungible Tokens (NFTs), Augmented Reality (AR), and cryptocurrency through the metaverse. Growing popularity of metaverse is driving the cost of digital assets, creating the possibility of profits which is one of the key factors boosting the revenue growth of market.

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The global Non Fungible Token size is segmented on the basis of application, end user, and region, with a focus on manufacturers in different regions. The study has detailed the analysis of different factors that increase the industry's growth. This study also provides the scope of different segments and applications that can potentially influence the industry in the future. Pricing analysis is covered in this report according to each type, manufacturer, regional analysis, and price. The Non Fungible Token Share report provides an overview of market value structure, cost drivers, and various driving factors and analyzes the industry atmosphere, then studies the global outline of industry size, demand, application, revenue, product, region, and segments. In addition, this report introduces the market competition situation among the distributors and manufacturers profile, market value analysis, and cost chain structure are covered in this report.

Some major companies in the global market report include ScienceSoft USA Corporation, Innowise Group, Inoru, Zfort Group, Blockchain App Factory, Brugu, Chaincella, AppDupe, Crypto.com, and Ozone Networks, Inc.

Emergen Research has segmented global Non-Fungible Token (NFT) market on the basis of category, application, and region:
·
Category Outlook (Revenue, USD Billion; 2019-2030)
o Collectibles
o Utility
o Art
o Metaverse
o Game
o Others

Application Outlook (Revenue, USD Billion; 2019-2030)
o Real estate
o Medical
o Academic
o Gaming
o Music & art
o Supply chain
o Voting
o Others

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How will this Report Benefit you?

An Emergen Research report of 250 pages features 194 tables, 189 charts, and graphics. Our new study is ideal for anyone who wants to learn about the global Non Fungible Token market commercially and deeply, as well as to analyze the market segments in depth. With the help of our recent study, you can analyze the entire regional and global market for Non Fungible Token. To increase market share, you must obtain financial analysis of the entire market and its segments. Our research suggests there are significant opportunities in this rapidly expanding market for energy storage technology. Look at how you might take advantage of these revenue-generating opportunities. Additionally, the research will help you develop growth strategies, strengthen competitor analysis, and improve business productivity by enabling you to make better strategic decisions.

What Questions Should You Ask before Buying a Market Research Report?

• How is the Non Fungible Token market evolving?

• What is driving and restraining the Non Fungible Token market?

• How will each Non Fungible Token submarket segment grow over the forecast period and how much revenue will these submarkets account for in 2030?

• How will the market shares for each Non Fungible Token submarket develop from 2022 to 2030?

• What will be the main driver for the overall market from 2022 to 2030?

• Will leading Non Fungible Token markets broadly follow the macroeconomic dynamics, or will individual national markets outperform others?

• How will the market shares of the national markets change by 2030 and which geographical region will lead the market in 2030?

• Who are the leading players and what are their prospects over the forecast period?

• What are the Non Fungible Token projects for these leading companies?

• How will the industry evolve during the period between 2020 and 2030? What are the implications of Non Fungible Token projects taking place now and over the next 10 years?

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