About Crypto Art
Crypto art is a digital art that lives on blockchain technology in the form of NFTs. It is a concept that revolves around the idea of digital scarcity. With this mindset, people treat digital art like physical goods and buy, sell, trade, and collect it. Crypto art is a hot topic that’s dominated investment news. These artworks often have themes tied to modern politics or blockchain and cryptocurrencies or economics and philosophy.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Global Crypto Art is a fragmented market due to the presence of various players. The companies are planning strategic activities like partnerships, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Crypto Art market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
CryptoArtNet (United States), Nifty Gateway (United States), Eden Gallery (United States), FRESCO (Switzerland), Artory (United States), Verisart (United States), YAIR (your art is reality) (Germany), DADA (United States) and Adappcity Inc. (Canada) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Paxful (Estonia), Coinbase (United States), Steem (United Kingdom) and Others.
Segmentation Overview
AMA Research has segmented the market of Global Crypto Art market by Type (Digital Graphics to Music, VR Dreamscapes and Programmable Art), Application (Personal and Commercial) and Region.
On the basis of geography, the market of Crypto Art has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, 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 Platform, the sub-segment i.e. Nifty Gateway will boost the Crypto Art market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Cryptocurrency, the sub-segment i.e. Ethereum will boost the Crypto Art market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Rising Popularity of Crypto Art and Growing Digital Art Popularity
Market Growth Drivers:
Rapidly Growing Crypto Art Fans and Rapid Prevalence of Digital Art
Challenges:
Regulatory Guidelines on Crypto Art and Digital Fraud Activities
Restraints:
High Cost Associated with the Crypto Art and Rising Collectibles Tax Rate
Opportunities:
Increase in Demand for Cryptopunks and Artists get Large Benefit from Crypto Art
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.
In 2020, CryptoArtNet has launched CryptoArtCoin Social Currency USD CRAC. CryptoArtCoin is a form of social currency designed to be used for services at CryptoArtNet by its growing community of artists. and In December 2021, the Non-fungible token (NFT) marketplace Rarible has launched its integration with energy-efficient, proof-of-stake blockchain Tezos after announcing the plan last month. Tezos is also the blockchain being used by video game giant Ubisoft for its recent entry into the NFT space. Rarible’s integration with Tezos marks Rarible’s third supported blockchain, following Ethereum and Flow.
Key Target Audience
Crypto Art Regulatory Bodies, Venture and Capitalist, New entrants/investors, Research and Development Institutes and Others
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.