NFT Tracking/Analytics Business Plan

III. Industry Analysis

3.1 Market Size

As per the market analysis by Future Market Insights (FMI), the Non-Fungible Tokens (NFT) analytics tools market will witness notable growth with a CAGR of around 13.7% from 2022 to 2032. 1 The introduction of NFT platforms has fueled the rapid growth of NFT trading, making it increasingly popular. The simplified process of purchasing NFTs has contributed to higher adoption among general consumers. Additionally, as more cryptocurrency exchanges embrace NFTs, there is an expected increase in the number of users engaging in NFT purchases and trading. However, one challenge for the market is the significant and often hidden gas charges associated with NFT transactions, which can catch first-time users unaware. Nevertheless, NFT analytics tools have emerged as a solution to this problem. These tools enable users to gather information about hidden gas fees, helping them make more informed decisions and save money. As a result of these factors, the demand for NFT analytics tools is growing steadily during the forecast period. These tools empower users by providing insights and transparency into gas fees, thereby enhancing their overall NFT trading experience. 

3.2 Industry Profile

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 healthy growth at a CAGR of 35.27% due to the increasing demand for digital artwork.2 At present, the digital art and sports segments contribute the maximum share of the primary market. The sports segment is rapidly gaining momentum as sports industries are realizing the potential of blockchain technologies. Increased opportunities to increase fan engagement, captivate sponsors and engage in the global market. In the year 2020, Sorare; a fantasy game of soccer where players buy, sell, trade, and manage a virtual team with digital player cards; observed a sale of $5.7 million (US).3 The gaming segment is currently in its mature state, as more than 75 % of the trades are made on the secondary market. 4  

Strategic Business Plans