Non-fungible token (NFT) market 2023-2027: A descriptive analysis of parent market, five forces model, market dynamics, and segmentation

NEW YORK, Dec. 8, 2022 /PRNewswire/ — According to Technavio, the global non-fungible token (NFT) market size is projected to grow by USD 113,933.5 million from 2022 to 2027. The market is estimated to grow at a CAGR of 35.02% during the forecast period. Moreover, the growth momentum will accelerate. APAC will account for a share of 39% of the global market’s growth during the forecast period.

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Global Non-fungible Token (NFT) Market – Five Forces

The global non-fungible token (NFT) market is fragmented, and the five forces analysis covers–

• Bargaining Power of Buyers

• Threat of New Entrants

• Threat of Rivalry

• Bargaining Power of Suppliers

• Threat of Substitutes

• Interpretation of Porter’s Five Forces model helps to strategize the business, for entire details – buy report!

Global Non-fungible Token (NFT) Market – Parent Market Analysis

Technavio categorizes the global non-fungible token (NFT) market as a part of the technology hardware, storage, and peripherals market, which covers manufacturers of cellular phones, personal computers, servers, electronic computer components, and peripherals. It also includes data storage components, motherboards, audio and video cards, monitors, keyboards, printers, and other peripherals. Technavio calculates the size of the global technology hardware, storage, and peripherals market by considering the revenue generated from sales of the hardware devices, equipment, and components.

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Global Non-fungible Token (NFT) Market – Customer Landscape

The report includes the market’s adoption lifecycle, from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on the penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

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Global Non-fungible Token (NFT) Market – Segmentation Assessment

Segment Overview

Technavio has segmented the market based on application, end-user, and region.

• The collectibles segment will grow at the highest rate during the forecast period. NFT collectibles are rare NFT tokens that are minted on the blockchain. The growth of this segment will be primarily driven by factors such as the growing demand for digital assets globally. The emergence of tokenization in the digital asset industry is another factor that will drive the segment’s growth during the forecast period.

Geography Overview

Based on geography, the global non-fungible token (NFT) market is segmented into North America, Europe, APAC, South America, and the Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global non-fungible token (NFT) market.

• APAC will account for 39% of the global non-fungible token (NFT) market growth during the forecast period. The growth of the market in the region is attributed to factors such as the growing demand for digital assets in countries such as Singapore, China, South Korea, the Philippines, and Japan.

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Global Non-fungible Token (NFT) Market – Market Dynamics

Key factors driving market growth

• The increasing demand for digital art is driving the market’s growth. NFT has gained traction in digital art applications.

• Digital artists can sell one or more limited edition NFT offerings by issuing tokens. This will help them increase sales and, in turn, drive the growth of the market during the forecast period.

• Buyers can visit online portals to buy NFT artworks in a secure, transparent manner. NFTs can be used for selling artworks directly through virtual platforms, which reduces the turnaround time of purchase.

• Such factors will fuel the growth of the global NFT market during the forecast period.

Recent trends influencing the market

• The emergence of fractionalized NFTs is a key trend in the market. Fractional NFTs enable democratized ownership. As a result, the bidding price of an NFT increases, market activity around it remains relatively high.

• Furthermore, with fractional NFTs, the liquidity of NFTs can be sustained. For instance, smaller investors can participate in NFT bidding, where fractionalized NFTs can be used to divide up the ownership of the product.

• Therefore, fractionalized NFTs are expected to provide new growth opportunities for market vendors during the forecast period.

Major challenges hindering market growth

• Uncertainty in NFT demand and pricing will challenge the growth of the market. The valuation of NFTs depends significantly on scarcity, uniqueness, and the perception of owners and buyers.

• Moreover, as the market is in the nascent stage, it is challenging for new investors to predict future trends in NFT pricing. A sudden fluctuation can lead to a huge loss for an owner.

• Such factors may impede the growth of the market during the forecast period.

Drivers, Trends, and Challenges are the factors of market dynamics, which state about consequences and sustainability of the businesses. Find some insights from a sample report!

What are the key data covered in this non-fungible token (NFT) market report?

• CAGR of the market during the forecast period

• Detailed information on factors that will drive the growth of the non-fungible token (NFT) market between 2023 and 2027

• Precise estimation of the size of the non-fungible token (NFT) market and its contribution to the parent market

• Accurate predictions about upcoming trends and changes in consumer behavior

• Growth of the non-fungible token (NFT) market across APAC, North America, Europe, Middle East and Africa, and South America

• Thorough analysis of the market’s competitive landscape and detailed information about vendors

• Comprehensive analysis of factors that will challenge the growth of non-fungible token (NFT) market vendors

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Table of Contents:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Application

7 Market Segmentation by End-user

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

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