NFTs and the Virtual Economy

NFTs and the Virtual Economy

A Disruptive Technology Innovation that Serves as the Foundation for the Multibillion dollar Virtual Economy

RELEASE DATE
17-Oct-2022
REGION
Global
Deliverable Type
Market Research
Research Code: PD64-01-00-00-00
SKU: IT04587-GL-MR_26948
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Description

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

Table of Contents

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

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.--BEGIN PROMO--

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

More Information
Deliverable Type Market Research
Author Kiran Kumar Vijaya Kumar
Industries Information Technology
No Index No
Is Prebook No
Podcast No
WIP Number PD64-01-00-00-00