III. Industry Analysis
3.1 Market Size
The non-fungible token (NFT) market size is expected to grow by $147.24 billion from 2021 to 2026. The market is anticipated to witness growth at a CAGR of 35.27% during the forecast period. The market for non-fungible tokens (NFT) is anticipated to develop in the future years as a result of the rising demand for digital art. Art that is produced or shown utilizing digital technology is referred to as "digital art.
3.2 Industry Profile
Due to extended periods of confinement and lack of interaction brought on by the Covid-19 pandemic's global lockdowns, some people have adopted a more sedentary lifestyle and are looking for alternatives to preserve social relationships. As a result, many individuals have engaged themselves in various online metaverse platforms in order to increase social engagement and gain exposure to NFTs.
Nowadays, Gaming is one of the most admired applications for NFTs. Traditional game companies like Ubisoft are already experimenting with this technology, following the example of blockchain-first game creators. The top NFT-based games include Decentraland, Sorare, Gods Unchained, and My Crypto Heroes.
