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Global Non-fungible Token (NFT) Market Trends/Analysis Report 2022 – ResearchAndMarkets.com

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Global Non-Fungible Token (Nft) Market Trends/Analysis Report 2022 - Researchandmarkets.com
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DUBLIN–(BUSINESS WIRE)–The “Global Non-fungible Token Market Size, Share & Industry Trends Analysis Report By Type, By End Use, By Application, By Regional Outlook and Forecast, 2022 – 2028” report has been added to ResearchAndMarkets.com’s offering.

The Global Non-fungible Token Market size is expected to reach $97.6 billion by 2028, rising at a market growth of 31.6% CAGR during the forecast period.

Non-fungible tokens (NFTs) are blockchain-based cryptographic assets having unique metadata and identification codes that separate them from one another. They cannot be purchased or exchanged at face value, unlike cryptocurrencies. This is in contrast to fungible tokens, such as bitcoins, which are all similar and hence can be used as a medium of exchange.

Each NFT’s unique construction allows for a variety of applications. They are a great approach to digitally representing actual things, like real estate and artwork, for example. NFTs can also be utilized to eliminate intermediaries as well as link artists with audiences or for identity management as they are based on blockchains. NFTs can eliminate intermediaries, streamline transactions, and open up new markets.

NFTs, like Bitcoin, include ownership information to facilitate identification as well as transfer between token holders. In NFTs, owners can additionally add metadata or aspects related to the asset. For example, Fairtrade tokens can be leveraged to represent coffee beans. Artists can also sign their digital artwork in the metadata with their own signature.

The ERC-721 standard gave rise to NFTs. ERC-721 defines the basic interface, such as ownership details, security, and metadata, that are required for the distribution and exchange of gaming tokens. The ERC-1155 standard expands on this notion by lowering transaction and storage costs for non-fungible tokens and combining multiple varieties of non-fungible tokens into an individual contract.

For example, Decentraland, an Ethereum-based virtual reality platform, has already implemented this notion. It may become possible to deploy the same concept of tokenized chunks of land (varying according to the value and location) in the physical world as NFTs get more complex and incorporated into the financial infrastructure.

The most widely utilized token standard for NFTs is Ethereum. To construct NFTs, the ERC-1155 and ERC-721 token specifications are commonly employed. Blockchains, such as Flow, EOS, and Tezos, in addition to Ethereum, provide token specifications for constructing NFTs.

Additionally, Ethereum’s imminent switch from proof-of-work to proof-of-stake is predicted to cut the blockchain’s energy consumption significantly. As a result, the utilization of Ethereum tokens for NFTs is projected to increase globally.

Market Growth Factors:

Generation of economic prospects

For a very long period, the primary focus of NFT experts has been on their essential characteristics. In the modern era, NFTs have a wide range of applications in the field of digital content. The primary reason for the viability of NFTs in the field of digital content in the industry’s diversity.

Content creators are frequently concerned about rival platforms sapping their income and earning potential. For example, a digital artist who publishes content on social media can monetize the site by selling ads to the artist’s audience. While the artist receives proper visibility, it does not assist the artist in earning any money in exchange for platform benefits.

Allows building intellectual property with authenticity

The fundamental advantage of NFTs is that they allow people to own intellectual property. When intellectual property is included in a blockchain, it is easier to monitor ownership. It is also easy to ensure that the IP owner is not violating the IP of others. For example, a fashion designer can design a garment and then embed it in a blockchain smart contract.

The blockchain can then store the one-of-a-kind design as well as the designer’s ownership of it. The designer then has the option of selling the design to a customer. The consumer will be able to use the blockchain to authenticate the design and confirm that it has not been replicated.

Marketing Restraining Factor:

The threat of digital replica generation

While a blockchain’s integrity is unassailable, NFTs can also be utilized to propagate fraud. There are various instances, in which, several artists have reported finding their work for sale as NFTs on online marketplaces without their permission. This clearly goes against the purpose of using NFTs to simplify the commercialization of paintings.

An NFT’s value proposition is that it uses a unique token to verify a physical work of art, ensuring that the token owner also possesses the original work of art. If someone develops an electronic replica of the original work, links a token to it, and sells it on a virtual marketplace, there is a severe concern.

Type Outlook

Based on Type, the market is segmented into Digital Asset and Physical Asset.

In 2021, the digital asset segment acquired the largest revenue share of the non-fungible token market. The rising growth of the segment is attributed to the increased usage of NFTs by artists around the world to secure ownership of their digital assets. Artists can benefit from their work by preserving ownership of it through NFTs and not having to provide it to other platforms for the promotion. Simultaneously, the increased usage of NFTs to sell digital real estate in both the actual and virtual worlds is likely to propel the market forward.

End Use Outlook

Based on End Use, the market is segmented into Personal and Commercial.

In 2021, the commercial segment registered a significant revenue share of the non-fungible token market. The increasing usage of NFTs for business objectives, such as supply chain management and logistics innovation, is likely to propel the industry forward. Companies in the logistics industry are progressively incorporating blockchain technology into their operations, opening up new chances for the industry to expand.

Application Outlook

Based on Application, the market is segmented into Collectibles, Art, Gaming, Sport, Utilities, Metaverse, and Others.

In 2021, the collectibles segment procured the largest revenue share of the non-fungible token market. NFT coins that can be minted in NFT exchanges are known as crypto-collectibles. The increased demand for crypto assets can be linked to advantages, such as asset independence and ease of use. Sports collectibles, for example, allow fans to interact directly with their heroes, gaming collectibles allow players to exchange and play, and artist collectibles allow them to connect with potential clients and sell their work.

Regional Outlook

In 2021, North America accounted for the largest revenue share of the non-fungible token market. Millennials in the region are increasingly adopting NFTs, which is fueling the regional market growth. At the same time, the increase in the number of artists generating digital artwork in nations like the United States and Canada is likely to fuel regional market growth. The presence of key players in the blockchain business in the region is also encouraging for the regional market.

Key Market Players

  • Cloudflare, Inc.
  • Gemini Trust Company, LLC
  • Ozone Networks, Inc.
  • Dapper Labs, Inc.
  • Semidot Infotech
  • The Sandbox (BACASABLE Global Limited)

Scope of the Study

By Type

  • Digital Asset
  • Physical Asset

By End Use

By Application

  • Collectibles
  • Art
  • Gaming
  • Sport
  • Utilities
  • Metaverse
  • Others

By Geography

  • North America
  • US
  • Canada
  • Mexico
  • Rest of North America
  • Europe
  • Germany
  • UK
  • France
  • Russia
  • Spain
  • Italy
  • Rest of Europe
  • Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Singapore
  • Malaysia
  • Rest of Asia Pacific
  • LAMEA
  • Brazil
  • Argentina
  • UAE
  • Saudi Arabia
  • South Africa
  • Nigeria
  • Rest of LAMEA

For more information about this report visit https://www.researchandmarkets.com/r/xlyn0z

Contacts

ResearchAndMarkets.com

Laura Wood, Senior Press Manager

[email protected]

For E.S.T Office Hours Call 1-917-300-0470

For U.S./ CAN Toll Free Call 1-800-526-8630

For GMT Office Hours Call +353-1-416-8900

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TIDEFI Mainnet And DEX App Goes Live As TDFY Sunrise Pool Token Distribution Nears

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Tidefi Mainnet And Dex App Goes Live As Tdfy Sunrise Pool Token Distribution Nears
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Providing streamlined access to a comprehensive DeFi ecosystem will usher in the next generation of crypto users. TIDEFI wants to become that gateway into decentralized finance through its DEX and with one ecosystem asset. Moreover, the project appeals to market makers, traders, and builders, establishing a crucial foundation for Web3 development.

Unfracturing DeFi Access

In the current decentralized finance landscape, financial equality remains tricky to come by. More specifically, there are many opportunities in the industry, but most are only accessible if one has sufficient knowledge of the broader industry and its currencies. TIDEFI aims to simplify this process by unlocking decentralized finance for everyone.

Exploring traditional DeFi opportunities and protocols requires specialized software for different networks and solutions, assets across various blockchains, and the ability to keep track of everything. It is not something most newcomers want to approach, as it is overly complex. Instead, they seek a streamlined and more accessible ecosystem providing the necessary tools and a unified experience across all devices.

TIDEFI offers a native standalone application that is different from traditional browser-based DeFi access. It is an application that provides all the necessary tools and features and works across all major desktop PC operating systems. Additionally, the same look and feel will come to dedicated applications for Android and IOS later this year.

Moreover, it is crucial to understand how TIDEFI came to be. Its mainnet launch and DEX app are two essential milestones. The team achieved both roadmap goals without VC funding or unnecessary presales, although the project has 2.5 million GBP in seed round funding. Instead, they will bring more value to the community and set the stage for the distribution of 320 million TDFY tokens – 32% of the supply minted during Genesis – accordingly.

Driving Community Value

The TDFY Sunrise Pool and community treasury will unlock value for the community. The Sunrise Pool will provide initial liquidity for TDFY and help holders explore DeFi opportunities. In addition, the community treasury is set up to attract builders and developers creating on top of TIDEFI’s infrastructure. Additionally, there is one base currency for the DEX and the layer-1 ecosystem to incentivize community participation.

“Looking at the industry over the last couple years, specifically in the exchange space, we wanted to build a secure DEX that leveraged the price discovery and speed of a CEX, whilst giving the user complete control of their funds. Combining this with chain agnostic interoperability, we are excited to offer a transparent ecosystem for our community to participate in,” said TIDEFI Co-founder and CEO Daniel Elsawey.

One crucial difference TIDEFI brings to the table is enhancing decentralized finance with untraditional features. For instance, users can rely on limit orders through the native decentralized exchange, among other benefits.

 

 

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XDC Accelerates Network Expansion With $50M Investment From LDA Capital

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Xdc Accelerates Network Expansion With $50M Investment From Lda Capital
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XinFin (XDC) Network, known for secure, scalable, and highly efficient blockchain use cases have received an investment worth $50 million from the global alternative investment group,  LDA Capital Limited. The investment originated by leveraging a portion of the token from the XDC founder’s allocation.

Ritesh Kakkad and Atul Khekade, the co-founders of XDC Network, are certain that the collaboration will accelerate network adaption and real-world use cases. The LDA is seen as a strategic partner rather than just a financier. The XDC founders have competence in the LDA due to their proactive and strategic involvement in the network to improve the ecosystem.

Atul stated:

“We’ve always looked for genuine strategic partners, not just funders, who can actively and strategically advance the ecosystem, while bringing utility to the network, and making XDC the preferred Layer 1 for institutions the world over–in LDA, we’ve found such a partner.”

The onboarding of LDA Capital benefits the XDC’s new ventures and entities focused on bringing in new retail and institutional members. The XDC’s smart contract based initiatives have expanded dramatically since its introduction in 2019. It is anticipated that this new relationship would encourage the growth and development of Layer 2 projects inside the XDC Ecosystem.

Anthony Romano, LDA Capital Ltd. stated:

“LDA Capital is pleased with the developments made in the XDC Network by the XDC ecosystem. In addition to its funding, LDA will offer strategic counsel and support to help XDC Blockchain Network assume its position as a market leader.”

Apart from the macro-economic benefits, projects like DEXs, Metaverses, NFT marketplaces, oracles, decentralized email providers & cloud storage, payment dApps, and legal document repositories are all roots of XDC utilities. The add-on of LDA support will further intensify the expansion rate in the XDC ecosystem as a whole.

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Ethereum Price Recovery Could Soon Fade If ETH Fails To Surpass $1,350

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Ethereum started a fresh decline from the $1,350 resistance against the US Dollar. ETH retested $1,255 and remains at a risk of more losses.

  • Ethereum started another decline after it failed to clear the $1,375 zone.
  • The price is now trading below $1,320 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $1,300 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could decline sharply if it stays below the $1,350 level for a long time.

Ethereum Price Turns Red

Ethereum failed to gain pace above the $1,350 resistance zone. ETH started a fresh decline below the $1,320 support zone and the 100 hourly simple moving average.

The bears even pushed the price below the $1,300 level. Ether price retested the $1,260 support zone. A low was formed near $1,264 and the price is now consolidating losses. It is now trading below $1,320 and the 100 hourly simple moving average.

On the upside, the price is facing resistance near the $1,300 zone. There is also a key bearish trend line forming with resistance near $1,300 on the hourly chart of ETH/USD. The trend line is near the 23.6% Fib retracement level of the recent decline from the $1,373 swing high to $1,264 low.

The first major resistance is near the $1,320 level and the 100 hourly simple moving average. The 50% Fib retracement level of the recent decline from the $1,373 swing high to $1,264 low is also near $1,318.

Source: ETHUSD on TradingView.com

A clear break above $1,320 might start a decent increase towards the $1,350 level. Any more gains may perhaps open the doors for a move towards the $1,400 resistance zone, above which the price could surge to $1,450.

Fresh Decline in ETH?

If ethereum fails to climb above the $1,320 resistance, it could start a fresh decline. An initial support on the downside is near the $1,260 level.

The next major support is near the $1,250 level. A downside break below the $1,250 level might send the price towards the $1,220 support.  Any more losses could increase selling and the price might drop to $1,200 or even towards $1,150.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is now losing momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now just below the 50 level.

Major Support Level – $1,260

Major Resistance Level – $1,320

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The XDC Network Secures $50M From LDA Capital to Drive Ecosystem Development

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The Xdc Network Secures $50M From Lda Capital To Drive Ecosystem Development
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DUBAI, United Arab Emirates–(BUSINESS WIRE)–The founders of the XDC Network have leveraged a portion of their personal token allocations to secure a $50 million commitment from global alternative investment group LDA Capital Limited to accelerate the expansion and development of Layer 2 projects across the XDC Ecosystem and to facilitate network adoption and real-world utility. LDA support will help fund new ventures and entities laser-focused on increasing network adoption among retail and institutional participants, jumpstarting on-chain activity and Total Value Locked (TVL), and supporting technological innovation.

Launched in 2019, the XDC Network is an enterprise-grade, carbon-neutral, hybrid blockchain purpose-built from the ground up to meet the growing needs of global financial institutions, retail users, and entrepreneurs for fast, secure, decentralized network products. The number of (Smart Contract based) projects built on XDC has already grown relentlessly and exponentially, despite macro-economic conditions being what they are, with DEXs, Metaverses, NFT marketplaces, oracles, decentralized email providers and cloud storage, payment dApps, legal document repositories, and tokenized real-world assets (to name but a few) all planting roots in the network in recent months. And, with the addition of LDA’s support, the pace of growth will only accelerate further.

“Our collaboration with LDA will usher in an exciting new period in the XDC Network’s history by enabling unprecedented growth of the Layer 2 ecosystem across various use-cases, with an emphasis on bringing ever more value TVL (“Total Value Locked”) to the network via hyper-scalable dApps, DEXs,TradeFi/DeFi and advanced products filling the gaps between traditional and decentralized finance.” – Ritesh Kakkad, Co-founder XinFin (XDC) Network.

“Though there have been many institutional funds eager to participate in the XDC Network over the years, we’ve always looked for genuine strategic partners, not just funders, who can actively and strategically advance the ecosystem, while bringing utility to the network, and making XDC the preferred Layer 1 for institutions the world over–in LDA, we’ve found such a partner.” – Atul Khekade, Co-founder XinFin (XDC) Network.

“LDA Capital is pleased with the developments made in the XDC Network by the XDC ecosystem. In addition to its funding, LDA will offer strategic counsel and support to help XDC Blockchain Network assume its position as a market leader.” – commented Anthony Romano, LDA Capital Ltd.

About LDA Capital

LDA Capital is a global alternative investment group with expertise in cross border transactions worldwide. Our team has dedicated their careers to international & cross border opportunities having collectively executed over 250 transactions in growth stage businesses across 43 countries with aggregate transaction values of over US$11 billion. For more information please visit: www.ldacap.com; For inquires please email: [email protected]

About XDC Network

The XDC Network is an open-source, carbon-neutral, enterprise-grade, EVM- (Ethereum virtual machine) compatible, Layer 1 blockchain that has been operationally successful since 2019. The network obtains consensus via a specially delegated proof-of-stake (XDPoS) technique that allows for 2-second transaction times, near-zero gas expenses ($0.0001), over 2000 TPS, and interoperability with ISO 20022 financial messaging standards. The XDC Network powers a wide range of novel blockchain use cases that are secure, scalable, and highly efficient.

Website: www.xinfin.org

*Source: AETOSWire

Contacts

Nadar Suresh

[email protected]

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Bitcoin Price Keeps Struggling, What Could Trigger Another Downtrend

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Bitcoin price is struggling to climb above the $20,000 resistance against the US Dollar. BTC could decline heavily if there is a close below the $18,500 support.

  • Bitcoin remained in a range and stayed above the $19,000 support zone.
  • The price is trading below $19,400 and the 100 hourly simple moving average.
  • There was a break below a key bullish trend line with support near $19,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a fresh decline if there is a clear move below the $18,500 support.

Bitcoin Price Stuck In a Range

Bitcoin price attempted a fresh increase above the $19,000 resistance zone. BTC climbed above the $19,250 level and the 100 hourly simple moving average.

The price even gained pace above the $19,500 resistance and spiked above $20,000. However, the bears were active above the $20,000 resistance zone. A high was formed near $20,177 and the price started a downside correction.

There was a move below the $19,500 level. Besides, there was a break below a key bullish trend line with support near $19,350 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading below $19,400 and the 100 hourly simple moving average.

A low is formed near $18,937 and the price is consolidating losses. It is trading near the 23.6% Fib retracement level of the recent decline from the $20,177 swing high to $18,937 low.

On the upside, an immediate resistance is near the $19,400 level and the 100 hourly SMA. The next major resistance sits near the $19,560 zone. It is close to the 50% Fib retracement level of the recent decline from the $20,177 swing high to $18,937 low.

Source: BTCUSD on TradingView.com

A clear move above the $19,560 resistance might start a fresh increase. In the stated case, the price could even surpass the $20,000 resistance zone. The next major resistance is near the $20,500 zone.

Another Drop in BTC?

If bitcoin fails to rise above the $19,560 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $19,000 zone.

The next major support is near the $18,580 zone. The main support is near $18,500, below which there could be a sharp drop to $18,000. Any more losses might call for a drop towards the $17,500 support.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $19,000, followed by $18,580.

Major Resistance Levels – $19,560, $20,000 and $20,500.

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Helium (HNT) Holds Gains Undermining Market Downtrend

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Helium (HNT), a cryptocurrency project focusing on the Internet of Things, has gained in recent times despite market conditions. According to CoinMarketCap, HNT has been up 8.42% over the last 7 days, trading at $4.90 at press time.

Despite the gains, the token has found it difficult to break above the $5 mark. The price movement has been on a downward trend. It’s uncertain if this will continue or not. However, its weekly price action has given traders a good reason to be hopeful.

Related Reading: Bitcoin Price Is Sitting On A Gun Powder, Will It Explode?

How Helium Is Holding Its End

As of writing, the Helium (HNT/USD) price is $4.90. Although earlier this morning, October 2nd, it was considerably higher than that. What makes this rate so exceptional for this coin?

The market is behaving strangely. Friday’s HNT price of $5.11 and recent volatile trends indicate this. This is a really positive sign for this cryptocurrency, as there is now a great deal of interest in it. The coin’s value and trading volume have both increased since last week’s all-time high. So far, today’s trading volume is $19 million, although it’s down 9.52% over yesterday’s total of $21 million.

The charts currently show a double top which indicates a bearish reversal pattern. However, the current price is still very much within the range of support levels. If the price continues to fall below these levels, then we could see further losses. But if the price breaks out of the resistance level, then we can expect some bullish momentum.

HNT’s price is currently trading at $4.85. | Source: HNTUSD price chart from TradingView.com

Where Does Helium Go From Here?

There’s no telling where this coin will go from here, but things are going well for now. The price of HNT may be almost the same as it was at the beginning of the month, but this does not imply that the price has stayed relatively flat.

Quite the reverse, as the coin has seen much activity. This activity has taken HNT both to new lows and new highs in the space of a few weeks. As it strives to go more mainstream, we anticipate Helium will continue to experience a great deal of activity.

Those that took advantage of the recent downturn have reaped substantial profits from Friday’s upswing. The price movements between then and today, October 2nd, show they might get another chance to benefit in the weeks ahead. But there’s no way to tell for sure.

More On Helium’s IoT Offering

Helium is a blockchain-based technology that focuses on IoT. It has an internet router called Helium hotspot. These nodes provide users with more affordable and extensive internet connectivity. Most crypto initiatives focus on decentralized finance and non-fungible tokens, but just a handful on IoT.

Related Reading: Crypto Community Predicts Polygon (MATIC) To Rise Nearly 20% By October 31

Helium allows for long-distance communication thanks to its worldwide wireless network and helium hotspots. Connectivity for all IoT devices is guaranteed by these hotspots, which serve as the network’s backbone. 

If you own a hotspot, you may benefit from increased visibility and financial incentives. Helium’s distributed ledger technology is made possible by these nodes allowing IoT devices to communicate with one another.

Featured image from Pixabay and chart from TradingView.com

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