NFT Art Market Scope
NFT stands for “nonfungible token.” NFT artwork is viewed a gorgeous probability for artists. NFT artwork ought to be a device for high-net-worth men and women to create wealth backyard of the actual economic system thru the sophistication of block chain barring the sophistication of modern artwork discourse. The Internet was once at the start made to promote free get entry to knowledge, however what came about subsequent was once the opposite. NFT ART’s Social Community is centered on displaying work with the aid of each hooked up and rising artists in the field’s contemporary pop, illustration art, and crypto-art. All artworks on Display in NFT ART galleries are as properly minted on the block chain as a special Asset.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Key Companies Profiled | OpenSea (United States), Rarible (United States), SuperRare (United States), Foundation (United States), Atomic Market (United States), Myth Market (United States), KnownOrigin (United Kingdom), Enjin Marketplace (Singapore), Portion (United States) and Async Art (United States) |
CAGR | % |
Global NFT 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. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global NFT Art market throughout the predicted period.
OpenSea (United States), Rarible (United States), SuperRare (United States), Foundation (United States), Atomic Market (United States), Myth Market (United States), KnownOrigin (United Kingdom), Enjin Marketplace (Singapore), Portion (United States) and Async Art (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Axie Marketplace (United States), Makers Place (United States) and Nifty Gateway (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
The study have segmented the market of Global NFT Art market by Type (Photos, Videos, Music and Others), by Application (Personal Use and Commercial Use) and Region with country level break-up.
On the basis of application, segment is dominating the market in the year 2021
On the basis of geography, the market of NFT 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). region held largest market share in the year 2021.
Market Leaders and their expansionary development strategies
In December 2021, the Non-fungible token (NFT) marketplace Rarible has launched its integration with energy-efficient, proof-of stake block chain Tezos after announcing the plan last month. Tezos is also the block chain 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 block chain, following Ethereum and Flow.
In 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-block chain NFT marketplace, the company is also announcing official support for various block chains. 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
- Growing Digital Innovation over the Globe
Market Drivers
- Increasing Popularity between the Individual Artist
Opportunities
- Growing Adoption from Artist
Restraints
- High Transaction Fees
- Not Environmental Friendly
Challenges
- Regulatory Guidelines on NFT Art
Key Target Audience
NTF Art Developer, Venture Capitalists and Private Equity Firms, Government Bodies, Corporate Entities, Government and Private Research Organizations and Others