The global Non-Fungible Tokens market size is expected to grow from USD 3.0 billion in 2022 to USD 13.6 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 35.0% from 2022 to 2027. Marching toward becoming an increasingly popular way to showcase and sell digital artworks, NFTs are gaining huge popularity across the globe. Post this, with the introduction of Curio Cards, CryptoPunks, and CryptoCats in 2017, NFTs slowly moved into public awareness and then expanded into mainstream adoption in early 2021. At present, in 2022, the Ethereum blockchain is considered to be most favored among NFT traders, even after the increasing popularity of other blockchains.
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The increasing influence of celebrities to fuel the momentum of NFT adoption, revolutionizing the gaming industry, slow but continuing rise in demand for digital artworks are expected to boost the growth of the NFT market across the globe during the forecast period. Moreover, with increasing use cases of NFT in supply chain management, retail, and fashion, efforts of industry giants toward making metaverse a reality, personalization of NFTwould provide lucrative opportunities for NFT market vendors.
NFT Platform – Marketplace to have a higher market share and expected to grow at the fastest CAGR during the forecast period
NFT marketplaces are the digital platform that is chosen by creators to sell their digital assets. The platform choosing criteria can depend on numerous factors, such type of blockchain used (Ethereum), supported standards and formats, accessibility, and a price to mint an NFT. In the current times, the majority of NFT marketplaces are curated in the crypto space. Non-curated platforms have emerged as a viable alternative to curated ones since they provide free access to all. One non-curated platform is OpenSea, which allows users to mint and trade NFTs, view data on them, and check statistics. Created in 2017, OpenSea keeps all crypto art collections, as well as an enormous number of items from many popular blockchain games. To expand their growth, various organizations are stepping into the NFT space. For example, Coinbase Global Inc, a US crypto exchange platform, launched its NFT marketplace very recently. Developments like this have contributed to the growth of the NFT market.
Cloudflare (US), Gemini Trust (US), OpenSea (US), Semidot Infotech (US), Dapper Labs (Canada), The Sandbox (China), Axie Infinity (Vietnam), Rarible (US), Art Blocks (US), Foundation (US), Superrare (US), Mintbase (Portugal), Larva Labs (US), Appdupe (India), CryptoKitties (Canada), Sorare (France), Yellow Heart (US), Onchain Labs (China), Solanart (France), Gala Games (US)
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These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions, to expand their presence in the NFT market.
OpenSea is the first and largest marketplace for discovering, buying, and selling the extraordinary NFTs and crypto collectibles globally. OpenSea is building builds tools that allow consumers to trade their items freely, creators to launch new digital works, and developers to build rich, integrated marketplaces for their digital items. OpenSea is the most secured and trustworthy NFT platform, which has always prioritized finding and eliminating vulnerabilities. OpenSea has raised USD 427.2 million in funding over nine rounds. Their latest funding USD 300 million, was raised on Jan 4, 2022, from a Series C round. Till date, OpenSea has more than six hundred thousand users, more than two million collections, and more than eighty million NFTs. The company is backed by top firms and industry leaders such as Coinbase, Combinator, Trust Wallet, Dapper, Pascal Capital, Blockstack, among others and Blockstack. OpenSea provides NFTs in distinct categories such as art, collectible, domain names, music, photography, sports, trading cards, utility, and virtual worlds.
Rarible platform allows the users or creators to sell their digital artworks in the form of custom crypto assets that represent ownership. Rarible is both a marketplace for those assets, as well as a distributed network built on Ethereum that enables their trade without a go-between. Rarible’s marketplace includes NFTs of different forms, such as digital artworks, memes, and even parcels of virtual land. Rarible uses its cryptocurrency, which is known as RARI tokens. One of the major features of Rarible platform is that NFTs can program royalties or the future cash flow process within the assets they own on the platform. This means that creators on Rarible can set a percentage of future sales and collect them automatically by issuing a token. Rarible has raised a total of USD 16 million in funding over three rounds. Their latest funding of USD 14.2 million was raised on Jun 23, 2021, from a Series A round.
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