Global Non-Fungible Token Market worth USD XX billion by 2027

The Market Statsville Group (MSG) publishes the new report on the "Global Non-Fungible Token Market segmented by Type (Art, Collections, Game, Insurance, Real Estate, Automobile, and Others), by end-user (personal use and commercial use), and by Region - Global Trends, Market Share, and Forecast to 2027". The global non-fungible token market is estimated to grow from USD XX billion in 2020 to USD XX billion by 2027, at a CAGR of XX% from 2021 to 2027. Non-fungible tokens or NFTs are cryptographic assets on the blockchain with unique identification codes and metadata that distinguish them from one another. Unlike cryptocurrencies, NFTs cannot be traded or exchanged at equivalency. They shift the crypto paradigm by making every token specific and irreplaceable, thereby making it impossible for one non-fungible token to be the same as another. They are digital representations of cryptographic assets and have been similar to digital passports as each token contains a unique, non-transferable identity to distinguish it from other tokens. The rising adoption of non-fungible tokens in various segments will elevate the growth of the non-fungible token market across the globe over the forecasting period.

Global Non-Fungible Token Market Segmentation

The overall global non-fungible token market has been segmented into type, end-user, and region.

• By Type (Art, Collections, Game, Insurance, Real Estate, Automobile, and Others)
• By End-User (Personal Use and Commercial Use)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

Commercial, by End-user, is estimated to hold the largest market share during the forecast period in the Non-Fungible Token Market

Based on the end-user, the non-fungible token market is segmented into personal and commercial uses. The commercial uses are expected to showcase significant growth of the non-fungible token market. Various companies or commercial groups use non-fungible tokens to promote their products and services globally by offering unique fandoms. This will contribute significantly to the growth of the NFTs market. NFTs are also used at a large scale at a personal level to promote applications, auction art pieces, and others. This segment is expected to grow the opportunity for the non-fungible token market during the forecasting period across the globe.

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North America accounts for the highest market share during the forecast period in the Non-Fungible Token market

Based on the region, the non-fungible token market is segmented into North America, Europe, the Asia Pacific, and the RoW. North America holds the largest share of the global non-fungible token market in terms of volume and value. The non-fungible token market continued to gain traction in the United States, as brands like Gucci launched digital-only sneakers and artists like Beeple broke records with multi-million-dollar artwork, auctioned. The NBA has teamed up with Canadian Dapper Labs, creators of the CryptoKitties game, to create its version of collectible digital assets. NBA Top Shot is a crypto collectible that consumers can purchase as a non-fungible token (NFT). Such factors will contribute to the growth of the non-fungible token market in the region.

Followed by Asia-Pacific and Europe, these regions are anticipated to account for the highest CAGR in the non-fungible token market during the forecasting period, owing to the region's growth of NFTs in the region.

This research report includes a study on the development and marketing strategies, product portfolios, and winning design of the leading companies operating in the non-fungible token market. It also consists of the profiles of leading companies such as NBA Top Shot, Cryptopunks, Hashmasks, Sorare, CryptoKitties, Decentraland, Rarible, OpenSea, super rare, and Ethereum Name Services, among others. These market players have focused on acquisitions and expansion to gain a larger market share in the non-fungible token market.

Browse complete report: https://www.marketstatsville.com/non-fungible-token-market

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