Increasing use of NFT for domain name ownership
VANCOUVER, BRITISH COLUMBIA, CANADA, August 8, 2022 /EINPresswire.com/ — North America market is expected to register a considerably robust revenue CAGR than other regional markets owing to high presence of major market players such as Cloudflare, Inc., PLBY Group, Inc., Dolphin Entertainment, Inc., and Funko Inc. among others in countries in the region.
Non-fungible Token (NFT) market size reached USD 50.10 Billion in 2021 and is expected to register a revenue CAGR of 10.7%, during the forecast period, according to latest analysis by Emergen Research. Rapid traction of the metaverse and rising demand for decentralized marketplaces are some key factors driving global non-fungible token market revenue growth. Rising use of NFT for domain name ownership is also expected to increase revenue growth of the market to a significant extent. Owners of blockchain domains can use private keys to manage respective domains.
The standard Domain Name Service (DNS) is controlled by the Internet Corporation for Assigned Names and Numbers (ICANN), and there is very minimal supervision of such domains. Censorship and security issues are raised as a result of this. Blockchain domain names are permanently recorded in a public registry and it can be erased or changed by a third party, which helps to mitigate such concerns. Blockchain domain NFTs allow for quick trading and customizable domain names. The Ethereum Name Service (ENS) and Unstoppable Domains, which are decentralized solutions to the conventional DNS, allow crypto-addresses similar to an Instagram or Twitter handle, yet every name has to be distinct. While Instagram and Twitter users cannot sell their usernames, ENS and Unstoppable Domains enable users to purchase and sell crypto-addresses.
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Some prominent companies included in the report are:
YellowHeart, Cloudflare, Inc., PLBY Group, Inc., Dolphin Entertainment, Inc., Funko Inc., OpenSea (Ozone Networks, Inc.), Takung Art Co., Ltd., Dapper Labs, Inc., Nifty Gateway (Gemini Trust Company, LLC), and Makers Place (Onchain Labs, Inc.)
Emergen Research has segmented the global non-fungible token market on the basis of type, application, end-use, and region:
Type Outlook (Revenue, USD Billion; 2019–2030)
Application Outlook (Revenue, USD Billion; 2019–2030)
Computer Generated Painting
2D/3D Computer Graphics
Trading Card Game (TCG)
Strategy Role Playing Game (RPG)
End-Use Outlook (Revenue, USD Billion; 2019–2030)
The report mainly studies the Non fungible Token market size, recent trends and development status, investment opportunities, market dynamics(eg driving factors, limiting factors) and industry news(eg mergers, acquisitions and investments). Technological innovations and advancements will further optimize the performance of the product so that it is more widely used in downstream applications. In addition, Porter’s five force analyzes (potential entrants, suppliers, substitutes, buyers, and industry
Middle East & Africa
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Rapid Business Growth Factors
In addition, the market is growing at a fast pace and the report shows us that there are a couple of key factors behind that. The most important factor that’s helping the market grow faster than usual is the tough competition.
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Highlights of the Non-Fungible Token Market Report:
This research report focuses on the Non-Fungible Token Market overview, market share, demand and supply ratio, and import/export details, supply chain analysis, and others.
The report includes different approaches and procedures used by established market players for efficient business decisions.
The report offers detailed information regarding the production value, strategies adopted by the key market players, their products/services offerings, and many more.
Key Coverage of report:
Market share valuations of the segments on a country and global level.
Market share analysis of the major market players.
Opportunities and growth prospects for the new market entrants.
Market forecast for all the segments, sub-segments of the market.
Market Trends (drivers, restraints, opportunities, challenges, threats, investment opportunities, and approvals)
Strategic endorsements in the key business segments on the basis of market valuations.
Competitive landscape mapping of the key development patterns.
Company profiling with detailed strategies, financial details, and recent developments.
Latest supply chain trends and technological advancements.
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