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Crypto Art Market By Type (Photos, Videos, Music, Paintings) By Application (Personal Use, Commercial Use) - Growth, Future Prospects & Competitive Analysis, 2016 – 2028

About this report

The global crypto art market report explores the critical analysis of the crypto art industry using key parameters. The report consists of investment strategies, the need for investments in the crypto art industry, and the multiple benefits for investors. Importantly, this report sets out major changes in the global technical regulations for the crypto art industry and how economic and non-economic barriers are helping the crypto art market grow. Moreover, the report analyses the global, regional, and country-level historic and forecasted market size. The report also provides a comprehensive analysis of key investment propositions, demand and supply gap, competitors positioning, STAR analysis, SRC analysis, and Tornado analysis. Key technological developments and other analyses include Porter's five forces analysis, PESTEL analysis, value chain analysis, etc.

REPORT ATTRIBUTE DETAILS

Crypto Art Market by Volume

Yes

Crypto Art Market by Value

Yes

Crypto Art Market, Tornado Analysis

Yes

Crypto Art Market, STAR Analysis

Yes

Crypto Art Market, SRC Analysis

Yes

Crypto Art Market, Import-Export Data

Yes (On Demand)

Crypto Art Market Pricing Analysis

Yes (On Demand)

Crypto Art Market Segment Analysis

·         By Type (Photos, Videos, Music, and Paintings)

·         By Application (Personal Use and Commercial Use)

Crypto Art Market, Regional Analysis

·         North America (the US and Canada)

·         Europe (Germany, UK, France, Italy, Spain, and the Rest of Europe)

·         Asia Pacific (China, India, Japan, South Korea, South East Asia, and the Rest of Asia Pacific)

·         Latin America (Brazil, Mexico, and the Rest of Latin America)

·         Middle East and Africa (GCC Countries, South Africa, and the Rest of Middle East and Africa)

Crypto Art Market Key Companies

BitMEX, BRD, Chainalysis, Netki, Coinme, Paxful, Spring Labs, Republic, SALT Lending, Mythical Games, TQ Tezos, Gemini, Coinbase, Circle, Chronicled, Voatz, IBM, Steem, and Shipchain

Crypto Art Market Competitive Landscape

·         Market Share Analysis

·         Competitive Benchmarking

·         Key Players Market Positioning

·         Geographical Presence Analysis

·         Major Strategies Adopted

Key Highlights of the report

How are the major segments performing in the Crypto Art Market?

  • In 2021, the photos type segment accounted for the largest share of the market as it is widely used in worldwide digital crypto art platforms.
  • The commercial use segment led the market in terms of application in 2021 and is expected to continue throughout the projection period. Businesses request NFT crypto more frequently to enable better transactions across various application areas, including sports, games, and other activities.

Which region dominated the crypto art market?

North American region dominated the global crypto art market in 2021 and is expected to maintain its dominance throughout the forecast period. One of the main factors expected to increase the adoption of NFT art is the growing traction of the metaverse. In addition, rising demand for digital crypto artworks and the number of artists producing digital content in nations like the United States and Canada are anticipated to drive market revenue growth throughout the forecast period. Moreover, regional players are expected to propel North America's crypto art platforms market.

How is US Market Performing in the crypto art market?

In 2021, North America led the global crypto art industry. Major corporations like OpenSea, Cloudflare, Larva Labs, and Dapper Labs are based in the United States. Companies are investing in NFTs despite the lack of stringent legislation, accounting standards, and disclosure requirements in the United States. Through investments and innovative digital artworks, artists are encouraged to participate in this developing NFT crypto world, which could significantly impact the growth of the NFT art market throughout the forecast period. For instance, the corporate treasury of KPMG invested in cryptocurrency and then bought a piece of digital artwork from the 'World of Women' NFT. The business strategy is practical and viable for new NFT producers to start, with the OpenSea platform experiencing tremendous success in 2021.

What is the competitive environment of the crypto art market?

The companies are pursuing strategic actions like mergers and acquisitions and expanding into research and development in the NFT and crypto art to stay one step ahead of the competition. Market participants also provide secure access to the blockchain, streamlining NFT transactions and offering features such as recurring purchases and vault protection. For instance, in February 2021, Christie's (auction company), one of the world's top auction houses in fine digital art revenue, advertised an online auction for a single lot, a non-fungible token-based piece of art by American artist Mike Winkelmann known as Beeple. It was the first time a significant auction house offered an NFT digital work of art for sale and permitted payment with cryptocurrency. After Jeff Koons and David Hockney, the lot was sold on March 11, 2021, for the astounding sum of 69.3 million dollars, making it the third-highest auction price for a work by a living artist. As news of Beeple's sale spread, NFT interest skyrocketed, inspiring other major market participants, like Sotheby's and Phillips, to begin offering non-fungible token projects for sale at auction. Christie's, Sotheby's, and Phillips' combined global sales based on NFTs totaled approximately USD 185 million in 2021.

Executive Summary

What are all the technical developments being developed in the crypto art market?

Crypto artwork is digital art on blockchain technology in the form of NFT crypto art. The concept is based on the notion of digital scarcity. People with this mindset treat digital art like physical goods, buying, selling, trading, and collecting. Digital art is defined as crypto artwork that is created and displayed using digital technologies. Whether or not NFTs are perceived as a game-changer in the market for digital art, this boom has encouraged collaboration between businesses and individuals from the two seemingly unrelated fields of technology and art, leading to the creation of a new digital market that makes it possible to view digital crypto art. NFT art technology enables the artist to change the NFT's original code, which causes the artwork to modify. Galleries and international auction houses have begun to diversify into NFTs, curating in-person exhibitions made entirely of NFTs and developing new applications for NFT crypto art technology. For instance, Tapinator Inc, a category-defining mobile game developer and publisher, announced the launch of NFT500, a subscription casting service and collection platform centered on blue-chip NFTs, in March 2021. Casting is the process of displaying digital art on a physical display in the form of NFTs. Hall of Fame Resort & Entertainment Company launched its first NFT crypto art offering in collaboration with Dolphin Entertainment Inc.

Which are the key investments by the crypto art market players?

Crypto art has recently dominated investment news. Themes from contemporary politics, blockchain technology, cryptocurrencies, economics, and philosophy are frequently present in digital crypto art. Another supporting factor in the NFT art market is investors looking at tangible art market research works of digital crypto artwork that stores value in a time of rising inflation. Industry players in the NFT crypto art market have definite experiential and sociological advantages, such as supporting artists and other content creators, joining a new digital movement and community, and gaining online bragging rights with NFT art ownership. Major players are also investing in implementing different strategies, engaging in mergers and acquisitions, strategic agreements, and contracts, adopting more advanced techniques for non-fungible tokens, and creating, testing, and launching new and more effective NFT crypto products on the market. For instance, Sportium, a rapidly expanding multifaceted sports NFT cryptocurrency platform that aims to introduce traditional sports to the Metaverse, announced a strategic partnership and funding from Dapper Labs in December 2021. Sportium and Dapper Labs have also signed a Memorandum of Understanding (MOU), under which Sportium will develop its multi-sports platform on the Flow Mainnet. Sportium's goal of becoming one of the leading crypto art platforms where numerous sports and professional leagues can easily enter the cryptocurrency space will undoubtedly be aided by Dapper Labs and its diverse partnerships.

Some major players in the crypto art market are BitMEX, BRD, Chainalysis, Netki, Coinme, Paxful, Spring Labs, Republic, SALT Lending, Mythical Games, TQ Tezos, Gemini, Coinbase, Circle, Chronicled, Voatz, IBM, Steem, and Shipchain.

What are the Major Driving Factors for the Crypto Art Market?

The global crypto art market is expanding due to advantages such as removing ownership and authenticity doubts, maximum initial acquisition, non-reproducible NFT, more value-driven opportunities, and wider exposure to the artist to interconnect, a new world to explore for artists as opposed to traditional art. Increasing the use of the NFT crypto art market has several benefits, including reducing intermediaries, protecting intellectual property, and enhancing traceability to creative content. The reliance on NFT art is growing owing to artists raising issues with the exclusivity and authenticity of exclusively digital art and the need to assign ownership for digitally published art, increasing the popularity of crypto artwork. The popularity of the digital art market has recently increased due to the growth of cryptocurrencies. Rapid commercial and personal applications drive significant global crypto art market progress. Advantages like eliminating doubts about ownership and authenticity, increasing the value of digital art over time, transparency, efficiency, proof of insurance and legal documents, and no reliance on a third party promote further adoption of crypto art platforms.

crypto-art-market

What are the Major Risks for the Crypto Art Market?

The crypto art market is facing a climate controversy since non-fungible tokens (NFTs) are responsible for the greenhouse gas emissions of cryptocurrencies. In addition, the energy inefficiency of the blockchain technologies Bitcoin and Ethereum restricts the adoption of the digital art market. However, new technologies that address the issues that eco-friendly NFTs and blockchain technology are currently facing will probably create new opportunities in the digital crypto art market. On the other hand, the high level of risk associated with investing in cryptocurrencies may limit the market growth. The risk involved in certain jurisdictions' exchange, as it is partially unregulated and can be banned, is another significant factor that can hinder the growth of the NFT art market size over the forecast period.

Which is the key application in the crypto art market?

The commercial use application segment is anticipated to grow the fastest during the forecast period. Companies are increasingly seeking NFTs to enable better transactions across various application areas. The rise in application demand for collectibles in areas like the arts, sports, and entertainment is responsible for the segment's expansion. Increasing demand for NFTS for commercial use is anticipated to fuel revenue growth over the forecast period. The use of NFTS for supply chain and logistics will be used more frequently, which will further the segment's growth. The main duties of NFTS in the supply chain are to validate the source, authenticate products, and ensure quality. Although still in its early stages, NFTS on the blockchain is suitable for logistics operations due to its transparency and immutability, which helps ensure supply chain data is genuine and from a trustworthy source.

How is the crypto art market performing in regions?

North America dominated the crypto art market in 2021, owing to the region's rapidly expanding number of digital artists and growing preference for digital artworks. The rapid growth of the North American market has also been significantly influenced by the increasing use of non-fungible tokens (NFTs) over the millennia. The increasing use of cryptocurrency in North American countries such as the United States and Canada is expected to open up new avenues for market growth throughout the region.

Furthermore, the Europe market is anticipated to hold the largest revenue share in the global crypto art market during the forecast period. The increasing use of digital currency by some traders and the presence of many mining pools are two major drivers of the European digital crypto art market. Moreover, numerous technological advancements and significant virtual currency adoption for some crypto art platforms in Germany, France, and Italy are expected to drive the European market forward.

What is the regulatory landscape for the crypto art market?

Many developed nations continue to emphasize the use of digital money, even though the government has no legal restrictions on it. The growth of the global market is driven by consumers' and merchants' acceptance of digital crypto money. Besides, the popularity of digital art market research or mining and many key players in crypto art platforms drive market growth. For instance, Z Corporation Inc and TaoTao Inc announced a partnership with the financial service agency in January 2020 to expand the cryptocurrency market by reaffirming regulatory compliance in the Japanese market. During the COVID-19 outbreak, Japan recently approved a new digital currency exchange. Similarly, despite the national lockdown imposed by the coronavirus pandemic, Malaysia's Securities Commission has legally permitted digital currency exchange operators to operate in the country.

What is the Market Size of Crypto Art regarding value?

The global crypto art market is anticipated to grow at a substantial CAGR of 4.9% in the upcoming years. The global crypto art industry is estimated to be worth USD 5.5 billion in 2021 and is expected to be worth USD 7.32 billion by 2028.

What are the major players planning for the future of the crypto art market?

Growing digital crypto art platforms and investment in downstream NFT art applications are expected to deliver a competitive edge in the global market. NFTs can be anything digital (such as drawings, videos, music, or a brain-downloaded activity turned into an AI), but the current major player focuses on using the technology to sell digital art. Major players plan to use a variety of tactics, such as mergers and acquisitions, strategic agreements, and contracts, adopting more complex NFT art techniques and creating, experimenting with, and subsequently releasing new and improved NFT crypto art products and platforms. For instance, Dolphin Entertainment Inc and FTX collaborated in August 2021 to launch the NFT crypto art marketplace. The new NFT art marketplace focuses on the entertainment and sports businesses. The creative aspect of the project will be handled by Dolphin and the cryptocurrency aspect by FTX. Dolphin will develop and implement the platform's development, branding, and advertising as part of the recently established collaboration. The development of the platform and the brands to target will be a collaborative effort. The project aims to acquire companies in music, eSports, video games, film and television, food, and lifestyle.

Segmentation of Global Crypto Art Market -

Global Crypto Art Market – By Type

  • Photos
  • Videos
  • Music
  • Paintings

Global Crypto Art Market – By Application

  • Personal Use
  • Commercial Use

Global Crypto Art Market – By Region

  • North America
    • USA
    • Canada
  • Europe
    • Germany
    • France
    • UK
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • South-east Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of Middle East and Africa

Frequently asked questions about the global crypto art market

Consumer interest in crypto art, or digital crypto artwork sold with a non-fungible token (NFT) certificate of authenticity, grew during the pandemic. NFTs have been around for a while, but as more cultural experiences move online in the Covid-19 era, digital crypto art platforms are now seeing a much greater uptake among regular consumers.

North America accounted for the most heightened share in the global crypto art market.

Applications for both personal and commercial use drive remarkable progress in the global crypto art market. Further adoption of digital crypto art is fostered by benefits like removing ownership and authenticity questions, price advantages for digital art over time, effectiveness, transparency, and proof of insurance and legal documents without the need for third parties.

The photos segment had a major share in the global market in 2021.

The commercial use segment had a major share in the global market.

Crypto Art Market Scope

Report Attribute Details
Market Value in 2021 USD 7.32 billion
Market Value in 2028 USD 5.5 billion
CAGR 4.9%
Benchmarking Year 2021
Past data 2016 – 2021
Forecast period 2022 – 2028
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Trusted By
Godaddy
Published Date:  Oct 2022
Category:  Technology & Media
Report ID:   60757
Report Format:   PDF
Pages:   140
Rating:    4.6 (50)
Delivery Time: 24 Hours to 48 Hours   
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