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 Superay.
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Impact of COVID-19 Pandemic on Non-Fungible Token Market
Due to prolonged-time periods of incarceration and lack of physical interaction between people across the globe, cuddle more sedentary lifestyles due to which the people has explored new solutions and an alternate way to maintain social relationships with each other, and spent time on social websites, and the people use various online metaverses to promote social engagement and get generate awareness for non-fungible tokens. Therefore, many people adopt the concept of cryptocurrency to a great deal, and this is the major driving factor that boosts the growth of the non-fungible token market. COVID-19 has locked people in their homes, increases the penetration of the internet, mobile phones, laptops, which helps in creating awareness about the non-fungible token market. Owing to the rising prevalence of smartphones, and digital devices, have positively impacted the growth of the non-fungible token market.
Segmental Outlook
The global non-fungible token market is segmented based on type, and application. Based on type, the market is segmented into insurance, real estate, automobile, and others (digital art, collectibles), based on application, the market is sub-categorized into personal use, and commercial use. Based on type, the collectibles segment has the largest market share in terms of revenue, the collectibles non-fungible token market consists of art collectibles, sports collectibles, and gaming collectibles. Gaming collectibles have provided the online gaming industry with a new and better form. Players can buy and sell gaming collectibles items, such as weapons, clothing of avatar, and cartoons through the non-fungible token platform, and get the right of ownership of the item. Owing to these various benefits and online access to buy and sell the collectibles, the chances of stolen item and data has reduced, which in turn increases the demand for collectibles in the coming years.
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