Summary

The Digital Collectibles Market is expected to grow at a strong CAGR of around 15% during the forecast period owing to the growing demand for digital art worldwide. The buying and selling of one-of-a-kind, digitally created items that are owned and traded using blockchain technology is referred to as the digital collectibles market. These computerized resources are much of the time made as non-fungible tokens (NFTs) that address responsibility for explicit things or pieces of content, for example, works of art, music, computer game things, virtual land, and other advanced resources. Furthermore, high-profile sales of NFTs have reached millions of dollars, indicating a significant expansion of the digital collectibles market in recent years. Artists, musicians, athletes, and other creators have embraced the market as a new way to connect with fans and monetize their work. Further, the utilization of blockchain innovation guarantees validness and straightforwardness in proprietorship and exchanges, which makes it appealing to authorities and financial backers. Additionally, the rapidly growing investment and industry size of cryptocurrency are other factors contributing to the growth of the market. For instance, according to the United Nations Conference on Trade and Development (UNCTAD), The cryptocurrency ecosystem expanded by 2,300 percent between September 2019 and June 2021, particularly in developing countries.

Some of the major players operating in the market include SuperRare; Ozone Networks, Inc; Foundation Labs, Inc.; Dolphin Entertainment; Nifty Gateway, LLC; Onchain Labs, Inc.; Decentraland; Rarible, Inc.; Mintable.app; and Theta Labs, Inc. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report
“Amongst product, the art segment held a prominent share of the market in 2021”
Based on the product, the market is classified into music, art, and others. Amongst these, the art segment held a significant share of the market in 2021 and is expected to grow at a substantial CAGR during the forecast period. The growth of social media platforms and the intersection of art and technology are some of the most prominent factors driving the growth of the market. Further on, the rise of blockchain technology and NFTs has allowed artists to monetize their digital creations in a way that was previously not possible. NFTs provide proof of ownership and scarcity for digital art, which increases its value and makes it more attractive to collectors.

“Amongst sales channel, the specialized NFT marketplace segment held a dominating share of the market in 2021”
By sales channel, the market is divided into licensed collectible creators and specialized NFT marketplace. The specialized NFT marketplace segment held a significant share of the market in 2021. This is because specialized NFT marketplaces offer features such as verification of ownership and authenticity, escrow services, and dispute resolution mechanisms that make it easier for collectors to buy and sell NFTs with confidence. Moreover, specialized NFT marketplaces provide a focused environment for buyers and sellers of specific types of digital collectibles, such as art, music, or gaming items. This allows for greater discovery and exposure of niche or specialized digital assets that may not be as easily found on general marketplaces.

“North America to lead the market growth during the forecast period”
The demand for digital collectibles is growing strongly, especially in North America due to several factors such as the rise of blockchain technology and the ability to create unique, verifiable digital assets. Moreover, North America has a strong culture of collecting, and the high purchasing power of the population makes it an ideal market for expensive and unique collectibles. Additionally, the growing interest from celebrities and creators, who are using NFTs to monetize their work and connect with fans, has also contributed to the growing demand for digital collectibles in North America.

Reasons to buy this report:
• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:
The global digital collectibles market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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