The global non-fungible token market is anticipated to grow at a considerable CAGR of 10.6% during the forecast period. The non-fungible token is unique in its form, and there cannot exist another like it. A non-fungible token is a type of cryptographic token that represents a unique identity. These token can be digital or physical and includes items like sneakers, art, a plane ticket, a university degree, real estate, and in-game items for an online game. Moreover, non-fungible tokens enable the business or individuals to buy and sell items in a marketplace, as the non-fungible token unique ID, will match up with either the original issue of the item or the service which performs authenticity checks. The major attributes that drive the market growth are the property of uniqueness, as no two non-fungible tokens are the same, and are not interchangeable, non-fungible holds the property of ownership. The idea of having ownership of digitally created content and art is expected to drive the market.
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The non-fungible token has some issues, such as data stolen, many participants use pseudonyms, fraud, and data of artists is stolen and sold on various digital platforms. Fear of data leakage in the market has restrained the growth of the market. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in February 2022, Rap musician Snoop Dogg has collaborated with blockchain artist, Coldie, to create its first non-fungible token, to released, decentral eyes portrait series non-fungible token. Moreover, the decentralized Dogg non-fungible token is a 3D collage, this collage is traded via SupeRrar.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Non-Fungible Token Market– Segmentation
By Type
- Insurance
- Real estate
- Automobile
- Others(Digital Art, Collectibles)
By Application
- Personal Use
- Commercial Use
Global Non-Fungible Token Market By by Region
North America
- US
- Canada
Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
- Middle East & Africa
- Latin America
The Report Covers
- Market value data analysis of 2022 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global non-fungible token market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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