NFT Online Market Scope
Non-fungible tokens (NFTs) have been extremely popular in recent years, with some NFTs fetching millions of dollars. A non-fungible token (NFT) is a data unit that validates a digital asset as being one-of-a-kind and thus non-transferable. It's stored on a blockchain, a type of digital ledger. Photographs, films, audio, and other digital materials can all be represented using NFTs. NFTs are one-of-a-kind electronic artifacts that cannot be traded for other digital currencies.
The NFT Online market study is segmented, by Application (Digital Art, Games, Virtual Words, Music, Film and Other) and major geographies with country level break-up.
The demand for NFT Online Market is Increasing as artists and Content Creators are opting for Digital Art. Businesses in this sector encounter Stiff competition on a global scale from market leaders who control a large share of the market. The Leading Players are engaged in organic and non-organic strategic global expansion to maintain their Market Position.
OpenSea (United States), SuperRare (United States), CryptoKitties (Canada), KnownOrigin (United Kingdom), Mintable (Singapore), Axie Infinity (France), VIV3 (France), Mintbase (United States), Decentraland (China) and Sorare (France) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are Nifty Gateway (United States), AtomicMarket (United States) and Rarible (United States).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
Segmentation Overview
AMA Research has segmented the market of Global NFT Online market by Type, Application and Region.
On the basis of geography, the market of NFT Online has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Leaders and their expansionary development strategies
In July 2021, Opensea Released a statement announcing that it has acquired USD100 million Series B round, led by Andreessen Horowitz valuing the organization at USD1.5 billion. As the first cross-blockchain NFT marketplace, the company is also announcing official support for various blockchains. With this funding, OpenSea will continue to scale its NFT platform, with an initial focus on adding engineering expertise and expanding worldwide to new regions and audiences, allowing users to buy and trade NFTs more easily.
Market Trend
- Rapid Development of VOX
- Growing Popularity of Pudgy Penguins
Market Drivers
- Rapid Prevalence of Digital Art
- Increase in Demand for Cryptopunks
Opportunities
- Artists and Content Creators Doesn’t Need to be Dependent on Auction and Art Galleries
Restraints
- Rising Collectibles Tax Rate
- The Environmental Damage of Printing New NFT
Challenges
- Digital Fraud Pose a Threat to NFT Online Market Growth
Key Target Audience
Venture and Capitalist, New entrants/investors, Analysts and Strategic Business Partners and End-use industries