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NFTs and the Virtual Economy
A Disruptive Technology Innovation that Serves as the Foundation for the Multibillion dollar Virtual Economy
17-Oct-2022
Global
Market Research
PD64-01-00-00-00
IT04587-GL-MR_26948
Non-fungible Tokens (NFTs) refer to unique and distinguishable digital assets stored on a distributed ledger/blockchain. Following the emergence of the bitcoin digital currency in early 2009, “colored coins” were coined by Yoni Assia in 2012; these were small parts of bitcoins that represented assets, primarily digital collectibles, and were the predecessor to NFTs. In 2017, John Watkinson and Matt Hall created CryptoPunks, 24x24 pixel characters that exist on an Ethereum blockchain. Only 10,000 such characters with unique appearances were created, leading to tremendous buzz amongst a community of crypto users who treated ownership as a badge of honor. This served as an inspiration for NFTs, which has now become a potentially lucrative technology, creating value for businesses across the globe.
Key Issues Addressed:
- What is an NFT? What are the defining characteristics for NFTs?
- How are NFTs differentiated from cryptocurrencies?
- What are some of the key market highlights for NFTs to date?
- What are the essential NFT growth drivers and restraints?
- What is the technology behind NFTs? What are the technologies that make up an NFT marketplace?
- What are the key criteria for choosing an NFT platform?
- What are the most popular blockchain platforms available today for NFTs?
- How is digital content distributed by NFTs stored?
- How has the market performed in the last 3 years? What are the key performance indicators?
- Which application areas are most impacted by NFTs? What are the emerging use cases?
- What are the primary growth opportunities in the NFTs for ecosystem stakeholders
Author: Kirankumar Vijayakumar
Why is it Increasingly Difficult to Grow?
The Strategic Imperative 8™
The Impact of the Top 3 Strategic Imperatives on the Non-fungible Token (NFT) Industry
Growth Opportunities Fuel the Growth Pipeline Engine™
Research Scope
Glossary
Glossary (continued)
NFTs—An Overview
Comparison between NFTs and Cryptocurrency
Market Highlights
Growth Drivers
Growth Restraints
Growth Restraints (continued)
The Technology Behind NFTs
NFT Marketplace Technology Stack
Types of NFT Marketplaces
Criteria for Choosing a NFT Platform
Comparison Between PoW and PoS Consensus Mechanisms
NFT Blockchain Platforms
NFT Blockchain Platforms (continued)
Storing Digital Assets
Storing Digital Assets (continued)
Comparison Of ERC Standards
NFT Performance Analysis, Calendar Year (CY) 2019–CY 2021
NFT Applications Ecosystem
NFT ApplicationsArt
NFT ApplicationsCollectibles
NFT ApplicationsGaming
NFT ApplicationsOthers
Popular NFT MarketplacesOpenSea
Popular NFT MarketplacesRarible
Popular NFT MarketplacesOthers
Growth Opportunity 1: To Grow Beyond Digital Artworks
Growth Opportunity 1: To Grow Beyond Digital Artworks (continued)
Growth Opportunity 2: Sustainability of NFTs
Growth Opportunity 2: Sustainability of NFTs (continued)
Growth Opportunity 3: New Business Models
Growth Opportunity 3: New Business Models (continued)
Growth Opportunity 4: Shaping Digital Communities
Growth Opportunity 4: Shaping Digital Communities (continued)
Growth Opportunity 5: Smart NFTs are a New Frontier
Growth Opportunity 5: Smart NFTs are a New Frontier (continued)
List of Exhibits
Legal Disclaimer
List of Figures
- NFT Adoption: Growth Drivers, Global, 2023–2028
- NFT Adoption: Growth Restraints, Global, 2023–2028
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