III. Industry Analysis
3.1 Market Size
The global market size for Non-Fungible Tokens (NFTs) is anticipated to grow at a CAGR of 22.05% from 2022 to 2028, reaching a value of US$7.63 billion, representing a significant increase from its 2021 value of US$1.59 billion. 1 Fully considering the economic change caused by this health crisis, art & collectibles accounted for 69.98% of the Non-Fungible Token (NFT) global market in 2021. China's Non-Fungible Token (NFT) market size was valued at US$91.85 million in 2021, while the North American and Europe Non-Fungible Token (NFT) are US$517.91 million and US$479.58 million, severally. The proportion of North America was 32.56% in 2021, while Europe was 30.15%, and it is predicted that China's proportion will reach 6.21% in 2028, trailing a CAGR of 23.43 % through the analysis period. Japan, South Korea, and Southeast Asia are noteworthy markets in Asia, with CAGR 23.60%, 21.31%, and 18.71%, respectively, for the next 6-year period.
3.2 Industry Profile
One of the critical developments for the industry during the projected timeframe is the tokenization of games. Players may purchase NFT-based commodities, including digital property, identities, membership to exclusive groups, outfits, and weaponry for characters in the emerging electronic world controlled by blockchain. Furthermore, it is anticipated that more gaming projects will employ non-fungible tokens to advertise their offerings, draw users in, and enhance user engagement, creating lucrative industry growth opportunities. Throughout the forecast period, the digital asset segment is expected to experience substantial growth, primarily driven by artists worldwide embracing NFTs as a means to establish ownership over their digital creations. Moreover, increasing awareness regarding these assets will propel segment growth in the coming years.
1.https://www.marketresearch.com/QYResearch-Group-v3531/Global-Non-Fungible-Token-NFT-30956108/
