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Non fungible Token Market Trend 2021-2030 | Increasing use of NFT for domain name ownership | Emergen Research

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Non fungible Token Market Trend 2021-2030 | Increasing use of NFT for domain name ownership | Emergen Research

June 22
01:05 2022
Non fungible Token Market Trend 2021-2030 | Increasing use of NFT for domain name ownership | Emergen Research
Emergen Research | Non fungible Token Market
Increasing popularity of metaverse and rising demand for decentralized marketplaces are some key factors driving market revenue growth

Non-fungible Token (NFT) market size reached USD 50.10 Billion in 2021 and is expected to register a revenue CAGR of 10.7%, during the forecast period, according to latest analysis by Emergen Research. Rapid traction of metaverse and rising demand for decentralized marketplaces are some key factors driving global non-fungible token market revenue growth. Rising use of NFT for domain name ownership is also expected to boost revenue growth of the market to a significant extent. Owners of blockchain domains can use private keys to manage respective domains. The standard Domain Name Service (DNS) is controlled by the Internet Corporation for Assigned Names and Numbers (ICANN), and there is very minimal supervision of such domains.

Censorship and security issues are raised as a result of this. Blockchain domain names are permanently recorded in a public registry and it can be erased or changed by a third party, which helps to mitigate such concerns. Blockchain domain NFTs allow for quick trading and customizable domain names. The Ethereum Name Service (ENS) and Unstoppable Domains, which are decentralized solutions to the conventional DNS, allows crypto-addresses similar to an Instagram or Twitter handle, yet every name has to be distinct. While Instagram and Twitter users cannot sell their usernames, ENS and Unstoppable Domains enable users to purchase and sell crypto-addresses.

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The report discusses in detail the growth opportunities, challenges, market drivers and restraints, limitations, threats, and demands of the Non fungible Token market. The study further assesses the regional market as well as the international market to garner an insight into the scope of the market. The report also offers estimations and predictions about the market segment and sub-segments exhibiting promising growth in the forecast timeline. The report also provides deeper insights into the technological advancements, industrial landscape, and emerging product and technological developments in the Non fungible Token market. It offers fruitful insights into the business sphere to help businesses capitalize on the lucrative growth opportunities.

The report, additionally, offers a comprehensive SWOT analysis and Porter’s Five Forces analysis to offer a better understanding of the competitive landscape of the industry. It also covers strategies adopted by prominent players such as mergers and acquisitions, collaborations, joint ventures, product launches, and brand promotions, among others. The report aims to offer the readers a holistic understanding of the relevant features of the industry.

Major Companies in the Market Include:

YellowHeart, Cloudflare, Inc., PLBY Group, Inc., Dolphin Entertainment, Inc., Funko Inc., OpenSea (Ozone Networks, Inc.), Takung Art Co., Ltd., Dapper Labs, Inc., Nifty Gateway (Gemini Trust Company, LLC), and MakersPlace (Onchain Labs, Inc.)

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Key Highlights from the Report

Physical assets segment revenue is expected to expand at significantly steady CAGR during the forecast period. Physical asset tokenization is not as advanced as digital asset tokenization. However, there are increasing initiatives exploring the tokenization of real estate, one-of-a-kind fashion commodities, and others.

Gaming segment is expected to register significantly steady revenue growth rate over the forecast period due to rapid growth of the gaming industry coupled with rising usage of NFT to earn money while gaming.

North America market is expected to register a considerably robust revenue CAGR than other regional markets owing to high presence of major market players such as Cloudflare, Inc., PLBY Group, Inc., Dolphin Entertainment, Inc., and Funko Inc. among others in countries in the region.

Furthermore, the report provides a comprehensive overview of the Non fungible Token market along with product portfolio and market performance. The report offers key insights into market share, supply chain analysis, demand and supply ratio, import/export details, and product and consumption patterns. To gain a better understanding, the report is further segmented into sections such as product types offered by the market, application spectrum, companies, and key geographical regions where the market has established its presence.

Emergen Research has segmented the global non-fungible token market on the basis of type, application, end-use, and region:

Type Outlook (Revenue, USD Billion; 2019–2030)

Physical Asset

Digital Asset

Application Outlook (Revenue, USD Billion; 2019–2030)

Collectibles

Video Clip

Audio Clip

Gamification

Others

Art

Pixel Art

Fractal/Algorithmic Art

Computer Generated Painting

2D/3D Painting

2D/3D Computer Graphics

GIFs

Others

Gaming

Trading Card Game (TCG)

Video Game

Strategy Role Playing Game (RPG)

Others

Utilities

Tickets

Domain Names

Assets Ownership

Metaverse

Sport

Others

End-Use Outlook (Revenue, USD Billion; 2019–2030)

Personal

Commercial

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The study delivers real answers for questions about market segmentation by types, region and application to power the overall market research for the forecast period. Subject matter experts behind the market analysis have collaborated with some of the highly acclaimed business owners to track records and estimate what is happening in areas such as technology innovation, production volume, end-use and product pricing. Research analysts have further remodeled their approach to present a report uniquely positioned to offer unmatched information on prominent manufactures, new entrants, exiting white spaces, acquisitions and mergers, collaborations and product launches.

The study further features an aggressive scenario in the Non fungible Token market with its focus on recent product launches, mergers and acquisitions, new entrants and growing investment pockets. The inclusion of pre-imperative information such as the import and export status, supply chain management, consumption power, investment feasibility and demand and supply aims at enabling the business owners to increase their understanding about the important procedures for development for the forecast period

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Key Questions Answered in the Report:

What is the growth rate of the Non fungible Token market? What is the anticipated market valuation of Non fungible Token industry by 2030?

What are the key growth driving and restraining factors of the Non fungible Token market?

Who are the prominent players operating in the market? What are the key strategies adopted by these companies?

What are the key opportunities and growth prospects of the Non fungible Token industry over the forecast period?

Which region is expected to show significant growth in the coming years?

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Thank you for reading our report. Please connect with us to know more about the report or for requesting the customization of the report. Our team will ensure the report is best suited to your requirements.

About Us:

Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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