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Cryptocurrency News Articles

Non-Fungible Token (NFT) Market to Grow by USD 68.16 Billion, 2024-2028 - Driven by Digital Art Demand and AI-Powered Market Evolution - Technavio

Dec 12, 2024 at 06:04 am

NEW YORK, Dec. 11, 2024 /PRNewswire/ -- Report on how AI is redefining market landscape - The global non-fungible token (NFT) market size is estimated to grow

Non-Fungible Token (NFT) Market to Grow by USD 68.16 Billion, 2024-2028 - Driven by Digital Art Demand and AI-Powered Market Evolution - Technavio

The global non-fungible token (NFT) market size is estimated to grow by USD 68.16 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 30.23% during the forecast period. Increasing demand for digital art is driving market growth, with a trend towards growing interest in NFTs among major brands. However, uncertainty in NFTs poses a challenge. Key market players include AirNFTs Platform, Asynchronous Art Inc., Binance Holdings Ltd., Blockchain App Factory, Celer Network, Chaincella, Decentraland Foundation, Enjin Pte. Ltd., Foundation Labs Inc., Funko Inc., Gemini Trust Co. LLC, Mintable.app, Ozone Networks Inc., Out The Mud Ventures Inc., Rarible Inc., Sky Mavis, SuperRare Labs Inc., Tiki Labs Inc., Yellowheart LLC, Axie Infinity.Cloudflare, Inc.; PLBY Group, Inc.; Dolphin Entertainment, Inc.; Takung Art Co., Ltd.; Dapper Labs, Inc.; Onchain Labs, Inc

Non-fungible Tokens (NFTs) have taken the world by storm, offering unique digital representations of artworks, gaming items, and collectibles on the blockchain. This technology enables artists, athletes, and celebrities to tokenize and monetize their intellectual property, such as paintings, music, and even virtual real estate. NFTs are not limited to the art world but also extend to the gaming industry, where in-game items and trading cards can be tokenized, creating new revenue streams. Additionally, digital artworks on the Ethereum network gain scarcity and ownership, making them valuable and collectible. Legal frameworks are also evolving to accommodate this new asset class, and augmented reality (AR), virtual reality (VR), and extended reality (XR) technologies are enhancing the NFT experience. Blockchain technology and cryptocurrencies power the NFT market, and Web 3 enables decentralized finance and creates new distribution networks. Fraud prevention is crucial in this market, and NFT suppliers must ensure authenticity and ownership. The NFT market offers a new frontier for creators, collectors, and investors, with Magic Eden and other platforms serving as marketplaces for these unique digital assets.

The report provides key insights into the non-fungible token (NFT) market, covering market evolution with AI-powered analysis, key growth drivers, challenges, and trends impacting the market growth. Additionally, the report includes an in-depth analysis of the competitive landscape, highlighting the strategies employed by प्रमुख market players and their impact on the overall market dynamics. The report also provides a granular analysis of the product segments and geographic markets, offering valuable insights into the revenue-generating opportunities in specific regions.

Request Sample of our comprehensive report now to discover how AI-driven innovations are reshaping competitive dynamics

The Non-Fungible Token (NFT) market is a rapidly evolving digital ecosystem where Art, Digital Artworks, and Collectibles come to life as unique, verifiable, and tradable assets on the blockchain. This decentralized platform allows Artists, Athletes, and Celebrities to showcase and monetize their Intellectual Property in the form of NFTs, including Painting, Music, and even Virtual Real Estate. Blockchain technology enables clear Ownership and easy Transfer of these Digital Assets with transparency and Security. NFTs are not limited to the Art World but extend to the Gaming Industry, where they can tokenize in-game items and trading cards, opening up new avenues for revenue generation. NFTs on the Ethereum network also bring scarcity and clear ownership to digital artworks, making them valuable and collectible assets. As this new asset class emerges, legal frameworks are adapting to accommodate NFTs, and AR, VR, and XR technologies are enhancing the overall NFT experience. Blockchain technology and cryptocurrencies are the foundation of the NFT market, and Web 3 facilitates decentralized finance and the creation of new distribution networks. Fraud prevention is a critical aspect of this market, and NFT suppliers must ensure authenticity and clear ownership. Various Third Parties offer services and solutions to facilitate the creation, trading, and management of NFTs, catering to the needs of creators, collectors, and investors alike. Smart Contracts and Proof of Work or Stake are essential components of the NFT market, enabling seamless Transactions and efficient Distribution Networks. The NFT community continues to grow, and third parties are emerging to offer services and solutions for the creation, trading, and management of NFTs.

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation

7 Customer Landscape

8 Geographic Landscape

9 Drivers, Challenges, and Trends

10 Company Landscape

11 Company Analysis

12 Appendix

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their

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