DUBLIN, Jan. 5, 2023 /PRNewswire/ — The “Global NFT Market Intelligence and Future Growth Dynamics Databook – 50+ KPIs on NFT Investments by Key Assets, Currency, Sales Channels – Q2 2022” report has been added to ResearchAndMarkets.com’s offering.
Global NFT industry is expected to grow by 51.0% on an annual basis to reach US$46157.4 million in 2022 on global scale.
The NFT industry is expected to grow steadily over the forecast period, recording a CAGR of 37.1% during 2022-2028. The NFT Spend Value will increase from US$46157.4 million in 2022 to reach US$278475.3 million by 2028.
The NFT market witnessed significant growth recently. The NFT market is booming since NFTs are an innovation that establishes property rights in the digital zone for the first time, and this uniqueness is driving the value of NFTs.
The increasing impact of celebrities on NFT adoption, the modernising of the gaming business, and the modest but steady rise in demand for digital artworks are all major elements propelling the pace of NFT growth. Moreover, as NFT startups continue innovating and developing differentiated NFT products, it will further accelerate their global growth.
The United Kingdom NFT industry is also getting support from the government. Notably, the government’s support for developing the NFT industry is a testament to the high growth potential of the NFT market in the United Kingdom. The NFT space has gained traction from major institutions, including public and private. As the industry continues to record strong growth on the back of rising interest among the general public toward digital assets, government institutions globally have their perception of NFTs.
In the United Kingdom, the government has adopted a forward-looking approach by announcing the plans to create an NFT as it seeks to lead the way in crypto. In April 2022, the United Kingdom Finance Minister asked the Royal Mint to create and issue the NFT by the summer. In addition, the government announced steps to bring digital assets under more regulatory scrutiny. The publisher expects that the forward-looking approach adopted by the government in the United Kingdom will drive the next growth phase for the NFT industry in the country.
The non-fungible token (NFT) market in Latin America has undergone strong expansion over the last few years. In addition, the adoption by visual artists and some well-known names in the music industry is supporting the growth of the NFT industry in Brazil and Mexico. NFT marketplaces are looking to tap into the high-growth market potential. Consequently, firms are entering into strategic partnerships with Brazilian football players, who have millions of fans across the country and globally, seeking to drive their growth in the NFT market.
The emergence of NFTs has created a space for digital artists in the Asia Pacific region and offered them a more prudent way to reach the inaccessible audience. The NFT market has allowed artists previously working with brands and agencies to find a more independent option, creating endless possibilities for them.
In India, many artists have sold their work on different NFT platforms, thus creating a new source of revenue. Several major Chinese companies have jumped on the NFT bandwagon. These include internet tech giants, blockchain startups, retail brands, and art auction houses.
In the Middle East and Africa region, particularly in the UAE, there has been an uptake in NFT-related activities. In 2022, Art Dubai – the largest contemporary art fair in the MENA region – welcomed nearly 100 international and local art dealers and a digital collection of 17 platforms and galleries dedicated to showcasing and selling NFTs. While more and more countries are seeking to impose strict regulatory measures on NFTs, there has been a notable surge in the buying, selling, and creation of the NFTs in the UAE.
Several innovative NFT marketplaces have also emerged in the country, which has made it relatively simpler for the general public to buy, sell, and trade in NFTs. From NFT-based startups to cryptocurrency exchanges, several players are entering the Middle East and Africa NFT market; the presence of several NFT marketplaces has also supported the rise in NFT trading transaction value and volume, the trend expected to gain further momentum globally.
Among the factors that have driven the popularity of NFTs among the general public include the tech-savvy nature of consumers and the country’s high smartphone and internet penetration rate.
The publisher expects the trend to continue over the next four to eight quarters as more and more players, including the government, are entering the NFT sector. This will subsequently drive the popularity of NFTs among the general public, thereby supporting the overall market growth from the short to medium-term perspective.
Reasons to buy
With the most comprehensive study on this industry, including 4 geographies.
Based on data and analysis, develop strategies with a global perspective.
Identify investment opportunities in growth segments.
Exceed competition by incorporating forecast data as well as market trends.
Use the relationships between major data sets with valuable insights to improve strategy.
Appropriate for providing accurate, high-quality data and analysis to support internal and external presentations.
1 About this Report
1.1 Summary
1.2 Methodology
1.3 NFT Definitions
1.4 Disclaimer
2 NFT Market Size and Future Growth Dynamics by Key Performance Indicators
2.1 NFT – Total Sales Spend Value Trend Analysis, 2019 – 2028
2.2 NFT – Total Sales Spend Volume Trend Analysis, 2019 – 2028
2.3 NFT – Average Value Per Transaction Trend Analysis, 2019 – 2028
3 NFT Market Size and Forecast by Key Assets
3.1 NFT Market Share by Key Assets (%), 2021 Vs. 2028
3.2 NFT Collectibles and Art Trend Analysis, 2019 – 2028
3.3 NFT Real Estate Trend Analysis, 2019 – 2028
3.4 NFT Sports Trend Analysis, 2019 – 2028
3.5 NFT Gaming Trend Analysis, 2019 – 2028
3.6 NFT Utility Trend Analysis, 2019 – 2028
3.7 NFT Fashion and Luxury Trend Analysis, 2019 – 2028
3.8 NFT Other Assets Trend Analysis, 2019 – 2028
4 NFT Collectibles and Art Market Size and Forecast by Key Assets
4.1 NFT Collectibles and Art Market Share by Key Assets (%), 2021 Vs. 2028
4.2 NFT Collectibles and Art – Digital Art Spend Value Trend Analysis, 2019 – 2028
4.3 NFT Collectibles and Art – Music & Sound Clip Spend Value Trend Analysis, 2019 – 2028
4.4 NFT Collectibles and Art – Videos Spend Value Trend Analysis, 2019 – 2028
4.5 NFT Collectibles and Art – Memes & GIF Spend Value Trend Analysis, 2019 – 2028
4.6 NFT Collectibles and Art – Other Assets Spend Value Trend Analysis, 2019 – 2028
5 NFT Market Size and Forecast by Currency
5.1 NFT Market Share by Currency (%), 2021 Vs. 2028
5.2 NFT Currency Ethereum – Spend Value Trend Analysis, 2019 – 2028
5.3 NFT Currency Solana – Spend Value Trend Analysis, 2019 – 2028
5.4 NFT Currency Avalanche – Spend Value Trend Analysis, 2019 – 2028
5.5 NFT Currency Polygon – Spend Value Trend Analysis, 2019 – 2028
5.6 NFT Currency BSC – Spend Value Trend Analysis, 2019 – 2028
5.7 NFT Currency Flow – Spend Value Trend Analysis, 2019 – 2028
5.8 NFT Currency WAX – Spend Value Trend Analysis, 2019 – 2028
5.9 NFT Currency Ronin – Spend Value Trend Analysis, 2019 – 2028
5.10 NFT Other Currencies – Spend Value Trend Analysis, 2019 – 2028
6 NFT Market Size and Forecast by Key Sales Channels
6.1 NFT Market Share by Key Sales Channels (%), 2021 Vs. 2028
6.2 NFT Primary Market – Spend Value Trend Analysis, 2019 – 2028
6.3 NFT Secondary Market – Spend Value Trend Analysis, 2019 – 2028
7 Further Reading
For more information about this report visit https://www.researchandmarkets.com/r/zbjfa3
Media Contact:
Research and Markets
Laura Wood, Senior Manager
press@researchandmarkets.com
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg
View original content:https://www.prnewswire.com/news-releases/global-nft-market-intelligence-and-future-growth-dynamics-report-2022-spend-value-will-increase-from-46-157-4-million-in-2022-to-reach-us278-475-3-million-by-2028–301714487.html
SOURCE Research and Markets
Managing your taxes can be one of the most complex aspects of estate planning and a new IRS rule change continues that trend. The rule, published at the end of March, changes how the step-up in basis applies to assets held in an irrevocable trust. If you need help interpreting the IRS rule change or setting […] The post Want to Leave Assets to Heirs? IRS Rule Change Should Have You Rethinking Your Irrevocable Trust appeared first on SmartReads CMS – SmartAsset.
Unless you're extremely rich or poor, you probably think of yourself as being part of the "middle class." As you're probably aware, "middle class" is an income level that describes people whose annual income is directly in the middle 50% … Continue reading → The post What Is Middle Class Income in the U.S.? appeared first on SmartAsset Blog.
Wall Street legend Warren Buffett has always been a proponent of value investing. The Oracle of Omaha’s decades of almost unparalleled success have been built on recognizing when a stock is priced significantly below its inherent worth and then betting big on it. Touting the merits of patience and the long-term effect of compounding returns, Buffett is a master of his profession. However, even the most successful investors’ portfolios include stocks that go through down periods. It’s probably sa
"I'm not saying get out. I'm just saying that assets have to go up or else the economy will not do well," Bill Gross said.
When you first go on Medicare, insurance companies must sell you supplemental coverage no matter how poor your health. The window closes.
How Social Security income is taxed depends on how much income you have from other sources. Here are the 2022 IRS limits for individual and joint filers.
Dividends are the bread and butter of income investors. You don't need to sell your assets or spend hours every day managing your accounts. Instead, dividend stocks simply generate income on their own. Putting together a portfolio that generates at least … Continue reading → The post How to Make $1,000 a Month in Dividends appeared first on SmartAsset Blog.
If I have a tax-deferred 401(k). Can I convert it to a Roth IRA without paying the deferred taxes when I roll it over? -Tommy Generally, the answer here is no. There's typically no method to totally dodge taxes on … Continue reading → The post Ask an Advisor: I Want to Roll Over My Money to a Roth IRA. How Do I Avoid Paying Taxes? appeared first on SmartAsset Blog.
Retirement is a big milestone for many, and planning for retirement can constitute a large financial goal that takes years to reach. In fact, data from the Federal Reserve indicates that the majority of Americans only have $65,000 saved for … Continue reading → The post Approaching Retirement? T. Rowe Price Says You Need This Much Saved Based on Your Income appeared first on SmartAsset Blog.
More than a day into the United Auto Workers strike against the Detroit automakers and one thing is clear: Elon Musk has already won. The United Auto Workers directed members at three large assembly plants to walk off the job.
Depending on your age, if your income is below a certain threshold, you may not have to pay taxes. Here's what you need to know.
The ailing market rally showed bearish action to the end the week, though Tesla held strong. The Fed meeting this coming week looms large.
Warren Buffett's Berkshire Hathaway made a critical investment in Dow Chemical in 2009, and ended up making $3 billion from stock sales and dividends.
I've been debating whether to pay off my mortgage. I've refinanced at 2.375% and can get a certificate of deposit (CD) for a year at 4%. I was adding to my mortgage payment by about $1,000 a month to pay … Continue reading → The post Ask an Advisor: Should I Pay off My Mortgage or Invest in CDs? I Refinanced My Mortgage at 2.375%, But I Can Get a CD at 4%. Plus, I Want to Retire in 7 Years. appeared first on SmartAsset Blog.
China's real aim in targeting Apple and iPhones isn't about national security or economics, analysts said. It's about stoking nationalistic fervor.
In California, nearly 1 million fast food and healthcare workers are set to get a major raise after a deal was announced earlier this week.
DraftKings and new S&P 500 entrant Airbnb lead a watch list of stocks poised to make moves if the stock market can find its footing.
“This product has seen its volume or weight fall and the effective price from the supplier rise.”
"Affordability is still very challenged and now it's started to get worse again," according to a Morgan Stanley researcher.
(Bloomberg) — Amid signs the bond market has bought into the Federal Reserve keeping interest rates higher for longer, a cohort of investors is placing bets on the economy hitting a wall — and a sharp policy reversal in short order.Most Read from BloombergMGM Resorts Hackers Broke In After Tricking IT Service DeskUltra-Rich Buy Ultra-Luxury Counseling to Get Kids Into HarvardBillionaire Case Bets on Superfast Jet, AI Beyond Silicon ValleyCanada Postpones Trade Mission to India With Tensions On
