A one-of-a-kind or limited-edition copy of a virtual item is a digital collectible. Commonly there's a visual component, for example, computerized workmanship, a video cut, or a computerized exchanging card. It could theoretically be anything that is represented by one and zero, like digital music recordings. Blockchain technology is used to create non-fungible tokens for digital collectibles that permit ownership transfers and distribution. To put it another way, unlike regular computer data, digital collectibles cannot be copied, but one owner can easily transfer ownership to another.
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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. The growing use of cryptocurrency globally is also anticipated to drive the growth of the market. Moreover, the growing investment in NFT companies is another factor contributing to the growth of the market For instance, in February 2023, NeoSwap AI, an AI-powered NFT trading startup announced, that it has closed its pre-seed investment round and bagged USD 2 million.
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.
On the basis of 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.
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North America to lead the growth
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.
According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share are SuperRare; Ozone Networks, Inc; Foundation Labs, Inc.; Dolphin Entertainment; Nifty Gateway, LLC; Onchain Labs, Inc.; Decentraland; Rarible, Inc.; Mintable.app; and Theta Labs, Inc.
“Global Digital Collectibles Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.
Market Segmentation:
1. By Product (Music, Art, and Others)
2. By Sales Channel (Licensed Collectible Creators and Specialized NFT Marketplace)
3. By Region (North America, Europe, Asia-Pacific, Rest of the World)
4. By Company (SuperRare; Ozone Networks, Inc; Foundation Labs, Inc.; Dolphin Entertainment; Nifty Gateway, LLC; Onchain Labs, Inc.; Decentraland; Rarible, Inc.; Mintable.app; and Theta Labs, Inc)
Key questions answered in the study:
1. What are the current and future trends of the global Digital collectibles industry?
2. How the industry has been evolving in terms of product and sales channel?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the global digital collectibles industry?
5. What are the customer orientation, purchase behavior, and expectations from global digital collectibles suppliers across various regions and countries?
