About NFT in E-Commerce
NFTs, or non-fungible tokens, are digital assets based on the blockchain that can be acquired with a digital wallet or cryptocurrency. In recent years, the popularity of NFTs has climbed to extraordinary heights. Owning a digital asset is a typical practice in the corporate sector. Since consumers miss the convenience of purchasing real things in stores and receiving them instantly, the e-commerce business can add NFT functionality by delivering a digital version of the physical goods being ordered to the consumer. Orders are sent to consumers within a few days of being placed.
Attributes | Details |
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Study Period | 2020-2032 |
Base Year | 2024 |
Unit | Value (USD Million) |
The demand for NFT in E-Commerce Market is Increasing with each passing day. 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. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Opensea (United States), Blockchain App Factory (India), Ethernity (Israel), Blockchain Australia (Australia), Superfarm (United States), Rarible (United States), Leewayhertz (United States), Hoard.Exchange (Denmark) and Appdupe (India) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Ekoios Technology (Vietnam), Antier Solution (India) and Mobiloitte (United States).
Segmentation Overview
AMA Research has segmented the market of Global NFT in E-Commerce market by , Application (Gaming, Sports, Art and Others) and Region.
On the basis of geography, the market of NFT in E-Commerce 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). If we see Market by Blockchain Type, the sub-segment i.e. Public will boost the NFT in E-Commerce market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by NFT Type, the sub-segment i.e. DLT will boost the NFT in E-Commerce market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Application of AR in NFT in E-Commerce
Market Growth Drivers:
Increase in Use of NFT by E-Commerce will Reduce Logistics Cost and Rapid Development in NFT-Based Decentralized Platform
Challenges:
Fewer Proportion of Consumers Own Cryptocurrency
Restraints:
Cybercrime Pose a Threat to NFT in E-Commerce Market
Opportunities:
Elimination of Middle-Man Using NFT Platform
In June 2021 Blockchain App Factory Released a Statement Announcing its Technological Advancement by merging Defi and NFT with Physically-Redeemable NFT Marketplace Development. the physically redeemable NFT marketplace is a next-generation marketplace that uses redeemable tokens to give the NFT market true worth. Users can generate and manipulate NFTs that are based on the value of real-world things. By upgrading eCommerce platforms that support the creation and trading of NFTs, an ecosystem may be created. It combines the powerful power of blockchain technology with the digital NFT and real-world tangible objects.
Key Target Audience
Venture and Capitalist, New entrants/investors, Analysts and Strategic Business Partners and End-use industries
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.