Non-Fungible Tokens Market

OpenSea (US) and Rarible (US) are leading players in Non-Fungible Tokens Market

The global NFT market size is expected to grow from USD 3.0 billion in 2022 to USD 13.6 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 35.0% from 2022 to 2027. Marching toward becoming an increasingly popular way to showcase and sell digital artworks, NFTs are gaining huge popularity across the globe. Post this, with the introduction of Curio Cards, CryptoPunks, and CryptoCats in 2017, NFTs slowly moved into public awareness and then expanded into mainstream adoption in early 2021. At present, in 2022, the Ethereum blockchain is considered to be most favored among NFT traders, even after the increasing popularity of other blockchains.

Cloudflare (US), Gemini Trust (US), OpenSea (US), Semidot Infotech (US), Dapper Labs (Canada), The Sandbox (China), Axie Infinity (Vietnam), Rarible (US), Art Blocks (US), Foundation (US), Superrare (US), Mintbase (Portugal), Larva Labs (US), Appdupe (India), CryptoKitties (Canada), Sorare (France), Yellow Heart (US), Onchain Labs (China), Solanart (France), Gala Games (US)

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These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions, to expand their presence in the NFT market.

OpenSea is the first and largest marketplace for discovering, buying, and selling the extraordinary NFTs and crypto collectibles globally. OpenSea is building builds tools that allow consumers to trade their items freely, creators to launch new digital works, and developers to build rich, integrated marketplaces for their digital items. OpenSea is the most secured and trustworthy NFT platform, which has always prioritized finding and eliminating vulnerabilities. OpenSea has raised USD 427.2 million in funding over nine rounds. Their latest funding USD 300 million, was raised on Jan 4, 2022, from a Series C round. Till date, OpenSea has more than six hundred thousand users, more than two million collections, and more than eighty million NFTs. The company is backed by top firms and industry leaders such as Coinbase, Combinator, Trust Wallet, Dapper, Pascal Capital, Blockstack, among others and Blockstack. OpenSea provides NFTs in distinct categories such as art, collectible, domain names, music, photography, sports, trading cards, utility, and virtual worlds.

Rarible platform allows the users or creators to sell their digital artworks in the form of custom crypto assets that represent ownership. Rarible is both a marketplace for those assets, as well as a distributed network built on Ethereum that enables their trade without a go-between. Rarible’s marketplace includes NFTs of different forms, such as digital artworks, memes, and even parcels of virtual land. Rarible uses its cryptocurrency, which is known as RARI tokens. One of the major features of Rarible platform is that NFTs can program royalties or the future cash flow process within the assets they own on the platform. This means that creators on Rarible can set a percentage of future sales and collect them automatically by issuing a token. Rarible has raised a total of USD 16 million in funding over three rounds. Their latest funding of USD 14.2 million was raised on Jun 23, 2021, from a Series A round.

Related Reports:

Non-Fungible Tokens Market by Offering (Business Strategy Formulation, NFT Creation, and Management, NFT Platform – Marketplace), End-user (Media and Entertainment, Gaming), Region (Americas, Europe, MEA, APAC) - Global forecast to 2027

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Report Code
TC 8098
RI Published ON
5/6/2022
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