The latest market report published by Credence Research, Inc. is “Global Crypto Art Market: Growth, Future Prospects, and Competitive Analysis, 2016 – 2028”. The Global Crypto Art Market generated revenue of around USD 5.5 billion in 2021 and is anticipated to grow a CAGR of over 4.9% during the forecast period from 2022 to 2028 to reach around USD 7.32 billion in 2028.
Crypto artwork refers to digital art whose ownership, like physical art, can be verified. Physical artworks can typically have their authenticity established in various ways, such as by examining the artist’s signature or obtaining authentication certificates. The authentication and proof of ownership of digital files are primarily based on non-fungible tokens (NFTs), unique digital assets stored in blockchain. NFTs are non-reproducible and can represent any digital format, including GIF, JPEG, and MP3. They are not interchangeable, but they can be purchased using cryptocurrencies. Once digital crypto art is uploaded to a blockchain in the form of NFT, it becomes a one-of-a-kind piece of art because the original file can always be identified, even if its copies are shared indefinitely on the internet. Personal and commercial applications drive remarkable progress in the global crypto art market. Advantages such as eliminating ownership and authenticity questions, price advantages for digital art over time, effectiveness, transparency, proof of legal and insurance documents, and reduced reliance on third parties encourage further adoption of crypto art platforms. However, the non-greenback tokens produced by cryptocurrencies are to be held responsible for greenhouse gas emissions, resulting in a climate controversy limiting the growth of the NFT crypto art market.
Browse Global Crypto Art Market report-https://www.credenceresearch.com/report/crypto-art-market
The global crypto art market is bifurcated into Type, Application, and Geography. Based on the type, the market is categorized into photos, videos, music, and paintings. Based on the application, the market is segmented into personal and commercial use. The market is categorized geographically into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
In 2021, North America dominated the global crypto art market and accounted for a major market revenue share. The growing use of non-fungible tokens (NFTs) over the millennia has been a major factor in the North American market’s rapid expansion. A rapidly increasing number of digital artists and rising demand for digital artworks will also contribute to the market’s growth over the forecast period.
Why to Buy This Report –
- The report examines the global crypto art market by segment, current trends, drivers, restraints, opportunities, challenges, and market dynamics from 2016 to 2020, with 2021 as the base year and 2022-2028 as the projected period.
- The report provides competitive landscape information, such as how the market’s key players operate on a global, regional, and country level.
- In-depth analysis of the global crypto art market segmentation by type and application.
- The report contains comprehensive and authentic data for all factors, including CAGR, consumer purchasing trends, supply and demand, and import-export statistics.
- The crypto art market report includes global, regional, and country-level market analysis, key market trends, major players analysis, market growth strategies, and key application areas.
The Global Crypto Art Market is Segmented into:
|Forecast Period||2022 – 2028|
|Historical Year||2016 – 2021|
|By Type (2016–2028; US$ Bn)|
|By Application (2016–2028; US$ Bn)|
|By Geography Segment (2016–2028; US$ Bn)|