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Governments Have Different Opinions on Non-Fungible Token (NFT) Market

Author: QYResearch  |   Published Date: 2021-12-16   |   Views: 51



Non-Fungible Token (NFT) is a kind of encrypted digital equity certificate based on blockchain technology that cannot be copied, tampered with, or divided. It can be understood as a decentralized “virtual asset”. Or the digital ownership certificate of the physical asset". From a technical perspective, NFTs are issued in the form of smart contracts. A smart contract can issue one or more NFT assets, including physical assets such as physical collections, event tickets, and virtual assets such as images, music, and game props. NFT is a reliable proof of the authenticity and ownership of digital assets.

 

North America is the largest market. The total revenue in 2021 is 779.26 USD, accounting for 50.16 % of the total global market; followed by Europe, with revenue of 382.74 M USD in 2021, accounting for 24.64% of the total market. Asian governments generally restrict virtual assets and cryptocurrencies, which limits the scale of NFT market to a certain extent. At the same time, Southeast Asia, which has the most transactions, mainly participates in NFT games, and the transaction volume is lower than that of art NFT auctions.

 

Besides governments’ different attitudes on NFT, NFT also has distinctive regional characteristics:

In more the proportion of games, Asia Pacific, Latin America, the Middle East and Africa is higher than that of developed regions, such as North America and Europe. This is because in some economically underdeveloped areas, people can make money by playing play to ear NFT games, making an average of $10-30 a day. Especially under the influence of covid-19 epidemic, the global economic growth slows down and the unemployment rate in developing countries rises sharply. However, in general, art collection still occupies the mainstream market in various regions, because art and collection NFT have higher rate of return and better investment value. At the same time, NFT's secondary market has more transactions than the primary market, which proves that the transactions between players are more active, and NFT has good liquidity.

 

The global Non-Fungible Token (NFT) market size is projected to reach US$ 5.60 billion by 2027, from US$ 54.71million in 2020, at a CAGR of 23.8.% during 2021-2027.

 

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