The global Metaverse NFT market size is projected to reach approximately $ 80 million by 2030, at a CAGR of XX% from 2022 to 2030. The Metaverse is a future evolution of the Internet. It’s a type of virtual world where people interact as 3D avatars, as opposed to viewing text-based content on web pages. Blockchain has the potential to also be an integral part of the metaverse, with customizable NFT items that can be used through any metaverse space. Non-fungible tokens are not exclusively a part of the Metaverse. They can be used without ever taking part in it, for example: trading an NFT of a tweet would work in the same way. However, non-fungible tokens are proving to be essential for economic transactions in decentralized virtual worlds since they offer proof of ownership for a digital asset within this realm.
COVID-19 Impact Analysis
The COVID-19 pandemic prompted the development of metaverse technology and the post-pandemic environment is predicted to increase customer interest. The pandemic has accelerated the creation of virtual online communities as key lifestyle areas for users who were confined because of quarantine orders or site lockdowns. This includes interactive game worlds and the expanding use of mixed reality. The COVID-19 pandemic has also impacted the NFT market, which has improved many related industries. In the digital world, blockchain, and NFTs are ever more popular and they’re all a part of the metaverse.
The growth in the Metaverse NFT market is driven by the rising digitalization across all sectors. The rising popularity of NFTs and the adaptation of Metaverse by different companies and personalities are expected to drive the market. On the other hand, the threat of cyber-based attacks is a major concern for the market players.
⮚ Growing demand for Digital Assets purchased using Cryptocurrencies
Metaverses are fresh online settings that allow for more in-depth interactions and engagement with digital content. The users involve more meaningfully rather than simply reading or viewing information. The metaverse is a virtual world and its cryptocurrency is used to buy all sorts of things, from NFTs to virtual real estate to avatar shoes. Cryptocurrencies like Bitcoin help to bridge the gap between the virtual and physical worlds. This is possible because crypto can be traded on international crypto exchanges. These investors can make money by selling cryptocurrencies and NFTs to any interested parties. Such transactions will help create more demand for the Metaverse NFTs and hence drive the market growth.
- Lack of Data Security and Privacy in the Virtual World
Even if the full vision of the metaverse differs from today, technologies such as Virtual Reality, Augmented Reality, IoT and Crypto will certainly be involved. Technologies like these merge the physical and digital worlds, opening up the potential for new opportunities for cybercriminals to attack businesses. Concerns about data security in metaverse environments, the privacy issues of users, and the lack of payment methods may hinder the growth of the Metaverse NFTs Market.
⮚ Expanding Opportunities and Application of NFTs across all sectors
One of the main advantages the metaverse offers is that it gives people in emerging and frontier economies quick access to goods and services previously unavailable to them. Thanks to the internet, they now have access to items that were once difficult or impossible for them to find. For instance, many production houses and singers are focusing on providing virtual music concerts and over time, these have become quite popular. One of the main benefits associated with this is that audience members can instantly be tuned in no matter where they are located. For example, last year Meta Platform, Inc revealed a lineup of virtual reality concerts that were hosted completely on its augmented-reality Horizon platform. The celebrity singers and performers included Young Thug, DJ David Guetta, and The Chainsmokers. These singers and production houses then launch their NFTs based on the events. These NFTs are rare and people earn good money through them.
By Platform Type
Based on the Platform Type, the Metaverse NFTs market is segmented based on Desktop and Mobile. The Desktop Segment segment is anticipated to account for the large market share. Virtual Desktop programs allow users to control their computers in virtual reality. The screen is massively sized and the user has access to all of the same things they would normally have on the computer. They can browse the web, watch movies, or play games. Virtual desktops are fast becoming popular for VR use.
Based on Application, the global Metaverse NFT market has been divided into Gaming, Online shopping, Content Creation & Social Media, Events & Conferences, Digital Marketing, and Others. The Gaming segment is expected to hold the largest market share. There have been a lot of innovations and developments that have been improving the experience and making games more realistic. The focus has also shifted towards increased immersion. Further to this, companies are increasingly investing in games to help promote their brand, which all contribute to the company’s revenue growth.
Global Metaverse NFT Market Share, by Segmentation
Based on region, the global Metaverse NFT market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America is projected to dominate the use of the Metaverse NFT market followed by the Asia-Pacific and Europe regions.
North America Market
North America is likely to account for the largest revenue share in the Metaverse NFT Market in the forecast period. This growth is due to a large number of customers and users in that region adopting new and more complex technology. Furthermore, the increasing number of startups that focus on Metaverse technologies for commercialization is projected to support the revenue growth for this market.
The Asia Pacific region is expected to experience a very strong CAGR over the forecast period. There are many growing start-ups and organizations in this region, such as The Sandbox (Hong Kong), Bolly Heroes (India), Axie Infinity (Singapore), NextMeet (India), GuildFi (Thailand), and miHoYo Co., Ltd. in China, These metaverse technology-based startups are projected to drive the market growth n the Asia-Pacific region.
The market comprises tier-1, tier-2, and local players. With their wide product portfolios, tier-1 and tier-2 players have a global reach. Because of their strategic innovations and broad regional presence, companies such as Epic Games, Inc.; Nvidia Corporation; Tencent Holdings Ltd; ByteDance Ltd.; Lilith Games; Unity Technologies, Inc.; Roblox Corporations; NetEase, Inc.; Nextech AR Solutions Corp., lead the global Metaverse NFT business. To increase their market position and attract a wide consumer base, the businesses are employing various strategies, such as growth, product releases, and alliances.
- Meta Platforms, Inc.
- Tencent Holdings Ltd.
- ByteDance Ltd.
- NetEase, Inc.
- Nvidia Corporation
- Epic Games, Inc.
- Roblox Corporation
- Unity Technologies, Inc.
- Lilith Games
- Nextech AR Solutions Corp.
- The Sandbox
- Active Theory
- Microsoft Corporation
In January 2022, The Sandbox announced a partnership with Warner Music Group to launch the world’s first music-themed experience on their platform. Warner Music Group (WMG) will be taking the first step into the Metaverse and the NFTs sector with this alliance.
Scope of the Report
Global Metaverse NFT Market, by Platform Type
Global Metaverse NFT Market, by Application
- Online Shopping
- Content Creation & Social Media
- Events & Conference
- Digital Marketing
Global Metaverse NFT Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Rest of the World
|Market Size||2030: $ 80 Million|
|CAGR||XX% CAGR (2022-2030)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Segmentations||Platform Type, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, Latin America, Middle East, Africa|
|Key Vendors||Epic Games, Inc.; Nvidia Corporation; Tencent Holdings Ltd; ByteDance Ltd.; Lilith Games; Unity Technologies, Inc.; Roblox Corporations; NetEase, Inc.; Nextech AR Solutions Corp.|
|Key Market Opportunities||Expanding Opportunities and Application of NFTs across all sectors|
|Key Market Drivers||Growing demand for Digital Assets purchased using Cryptocurrencies|
REPORT CONTENT BRIEF:
- High-level analysis of the current and future Metaverse NFT market trends and opportunities
- Detailed analysis of current market drivers, restraining factors, and opportunities in the future
- Metaverse NFT market historical market size for the year 2020, and forecast from 2021 to 2028
- Metaverse NFT market share analysis at each product level
- Competitor analysis with a detailed insight into its product segment, financial strength, and strategies adopted.
- Identifies key strategies adopted including product launches and developments, mergers and acquisitions, joint ventures, collaborations, and partnerships as well as funding taken and investment done, among others.
- To identify and understand the various factors involved in the global Metaverse NFT market affected by the pandemic
To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
Metaverse NFT Market FAQs
- What is the study period of this market?
- The study period of global Domain Name Registrar market is 2020 – 2030
- What is the growth rate of global Domain Name Registrar market?
- The global Domain Name Registrar market is growing at a CAGR of ~ 11% over the next 7 years
- Which region has highest growth rate in global Domain Name Registrar market?
- Asia Pacific is expected to register the highest CAGR during 2022 – 2030
- Which region has the largest share in global Domain Name Registrar market?
- North America holds the largest share in 2021
- Who are the key players in global Domain Name Registrar market?
- 1 and 1 ionos inc, Bluehost inc, DreamHost, LLC, flippa.com pty ltd, Gandi sas, GoDaddy inc, HiChina, hostgator.com LLC, Hostinger international ltd, Namecheap, inc are the major companies operating in the global Domain Name Registrar market.
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