What is NFT Marketplace Software Platform Market?
NFT marketplace platform is a decentralized platform that allows buying and selling of Non-fungible tokens. The growing popularity of NFTs among investors and traditional collectors has created a huge demand for NFT marketplaces. NFTs are becoming more popular among artists and celebrities as it has opened new revenue sources by monetizing their work online without any middleman. Further, fractionalizing valuable collectibles and participation of big brands into NFT for community-led marking and branding to promote new products will accelerate the growth in the nearer future. The evolution of metaverse and the growing popularity of metaverse-based games among game enthusiasts created a significant opportunity for the NFT marketplaces worldwide.
The market study is being classified by Type (Collectibles, Gaming Items, Domain Names, Digital Art and Others) and major geographies with country level break-up.
Openware Inc. (France), Axie Marketplace (Vietnam), Rarible (United States), OpenSea (United States), Nifty Gateway (United States), SuperRare (United States), Mintable (Singapore), LeewayHertz (United States), TokyoTechie (United States), Maticz (India), CronJ (India), Async Art (United States), Solsea (United States), Mintbase (Germany), Blockparty (United States) and Solodev (United States) are some of the key players profiled in the study.
The rising number of players expected to enter the global market is predicted to enhance the competition level as well as encourage the growth of the overall market in the near future. Players are anticipated to focus on the development of new compounds, which is likely to encourage the growth of the global market throughout the forecast period. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global NFT Marketplace Software Platform market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global NFT Marketplace Software Platform market by Type, Application and Region.
On the basis of geography, the market of NFT Marketplace Software Platform 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). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Growing Popularity of NFTs for Collection Among the Traditional Art Collectors
- Growing Popularity of Crypto Arts in the Art and Entertainment Industries to Monetize Music or Art
- Increased Demand for NFT Collectables from Investors for High Volume Trading
Market Trend
- Emerging Trend of Personality NFTs of Musicians and Celebrities Among their Fans
- Increased Adoption of Multi-chain NFT Marketplaces Among the Crypto Community
Restraints
- Rise in Legal and Copyright Ownership Issues From NFTs
- Lack of Awareness and Understanding about Crypto/NFT among People
Opportunities
- Evolution of Metaverse and Web 3.0 Will Create Huge Opportunities for the NFTs
- Rise of Decentralized Autonomous Organizations Across the Globe
Challenges
- Lack of NFT Interoperability and Increasing NFT Scams Will Create Challenges
In January 2022, Solodev, the US-based cloud services, and metaverse infrastructure company announced the launch of Solodev NFT Marketplace. The platform allows developers and organizations to build an NFT marketplace to mint and sell NFTs in the metaverse. It allows users to deploy their NFT marketplace on the blockchain including Ethereum and Cardano.
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, NFT Marketplace Software Platform Providers, Venture Capitalists and Private Equity Firms, Government Bodies and Research Organizations, End-Users and Others