Digital Collectibles Market: Current Analysis and Forecast (2022-2028)

Report Description

The Digital Collectibles Market is expected to grow at a strong CAGR of around 15% during the forecast period owing to the growing demand for digital art worldwide (2022-2028). The buying and selling of one-of-a-kind, digitally created items that are owned and traded using blockchain technology is referred to as the digital collectibles market. These computerized resources are much of the time made as non-fungible tokens (NFTs) that address responsibility for explicit things or pieces of content, for example, works of art, music, computer game things, virtual land, and other advanced resources. Furthermore, high-profile sales of NFTs have reached millions of dollars, indicating a significant expansion of the digital collectibles market in recent years. Artists, musicians, athletes, and other creators have embraced the market as a new way to connect with fans and monetize their work. Further, the utilization of blockchain innovation guarantees validness and straightforwardness in proprietorship and exchanges, which makes it appealing to authorities and financial backers. Additionally, the rapidly growing investment and industry size of cryptocurrency are other factors contributing to the growth of the market. For instance, according to the United Nations Conference on Trade and Development (UNCTAD), The cryptocurrency ecosystem expanded by 2,300 percent between September 2019 and June 2021, particularly in developing countries.

Some of the major players operating in the market include SuperRare; Ozone Networks, Inc; Foundation Labs, Inc.; Dolphin Entertainment; Nifty Gateway, LLC; Onchain Labs, Inc.; Decentraland; Rarible, Inc.; Mintable.app; and Theta Labs, Inc. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst product, the art segment held a prominent share of the market in 2021”

Based on the product, the market is classified into music, art, and others. Amongst these, the art segment held a significant share of the market in 2021 and is expected to grow at a substantial CAGR during the forecast period. The growth of social media platforms and the intersection of art and technology are some of the most prominent factors driving the growth of the market. Further on, the rise of blockchain technology and NFTs has allowed artists to monetize their digital creations in a way that was previously not possible. NFTs provide proof of ownership and scarcity for digital art, which increases its value and makes it more attractive to collectors.

“Amongst sales channel, the specialized NFT marketplace segment held a dominating share of the market in 2021”

By sales channel, the market is divided into licensed collectible creators and specialized NFT marketplace. The specialized NFT marketplace segment held a significant share of the market in 2021. This is because specialized NFT marketplaces offer features such as verification of ownership and authenticity, escrow services, and dispute resolution mechanisms that make it easier for collectors to buy and sell NFTs with confidence. Moreover, specialized NFT marketplaces provide a focused environment for buyers and sellers of specific types of digital collectibles, such as art, music, or gaming items. This allows for greater discovery and exposure of niche or specialized digital assets that may not be as easily found on general marketplaces.

“North America to lead the market growth during the forecast period”

The demand for digital collectibles is growing strongly, especially in North America due to several factors such as the rise of blockchain technology and the ability to create unique, verifiable digital assets. Moreover, North America has a strong culture of collecting, and the high purchasing power of the population makes it an ideal market for expensive and unique collectibles. Additionally, the growing interest from celebrities and creators, who are using NFTs to monetize their work and connect with fans, has also contributed to the growing demand for digital collectibles in North America.

Digital Collectibles Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global digital collectibles market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Digital Collectibles Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global digital collectibles market were the three major steps undertaken to create and analyze the adoption of digital collectibles in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global digital collectibles market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the digital collectibles market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Digital Collectibles market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product and sales channel. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the digital collectibles market. Further, we conducted factor analysis using dependent and independent variables such as product and sales channel of the digital collectibles market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the digital collectibles market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global digital collectibles market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the digital collectibles market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global digital collectibles market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions 

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global digital collectibles market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the product and sales channel in the global digital collectibles market.

The main objective of the Global Digital Collectibles Market Study

The current & future market trends of the global digital collectibles market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the digital collectibles market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of the product and sales channel
• Define and analysis of the regulatory framework for the digital collectibles industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the digital collectibles market for the major region
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the digital collectibles market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

You can also purchase parts of this report. Do you want to check out a section wise
price list?

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