According to the Non-Fungible Tokens (NFT) analytics tools market analysis carried out by Future Market Insights (FMI), the demand registered in the market will increase at a noteworthy CAGR of around 13.7% from 2022-2032.
The report states that the market is expected to reach a valuation of ~US$ 139.8 Mn by end of 2022. As per Future Market Insights, In the near future, the advantages of both firms’ products combined with significant developments, like Adobe’s acquisition of Figma, could have an impact on creators.
For instance, Adobe is the owner of Behance, a platform enables users to link their cryptocurrency wallets and NFTs to their profiles, while Figma offers NFT producers starter kits.
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NFTs can help businesses in a variety of industries with their operations since, at their heart, they have ownership and provenance proof. By offering commercial rights to NFT owners for assets, collections also have access to a powerful branding strategy that supports their public image.
Key Takeaways: Non-Fungible Tokens (NFT) Analytics Tools Market
- By Tool Type, the Mobile NFT Analytics Tool segment is growing dominantly with a CAGR of around 4% between 2022 & 2032.
- By End User, the Individual Users is growing dominantly with a CAGR of around 7% between 2022 & 2032.
- By Region, North America Non-Fungible Tokens (NFT) analytics tools market in 2021 was holding the highest market share of around 2%, whereas the East Asia region is estimated to grow at a CAGR of around 12.1% in the forecast period.
“The NFT analytics tools allow users to track the prices of NFTs, get insights into the NFT market, and help to find out which NFTs are rare and profitable for users. With help of the NFT analytics tool, users can get time-to-time alerts which helps them for profitable investments” says FMI analyst.
Why is the Demand for NFT Analytics tools increasing?
NFT trading is a growing exponent as it has become highly popular with the introduction of NFT platforms. The procedure for buying NFTs has also become easier, resulting in higher adoption of NFTs by general consumers.
With cryptocurrency exchanges increasingly allowing NFTs, the number of users purchasing and trading is expected to increase. NFT transactions are associated with significant and hidden gas charges that most first-time users are unaware of, which creates a restrain for the market.
But, with the help of NFT analytics tools, the user can gather or collect information about hidden gas fees which helps them to save their money. Due to such factors, the demand is NFT analytics tools is increasing during the forecast period.
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More Valuable Insights on Non-Fungible Tokens (NFT) Analytics Tools Market (segment-wise)
Future Market Insight’s report on the Non-Fungible Tokens (NFT) analytics tools industry research is segmented into three major sections –Tool Type (Web-based NFT Analytics Tool, and Mobile-based NFT Analytics Tool), by End User (Individual Users, and Commercial/Business Users), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the Non-Fungible Tokens (NFT) analytics tools demand outlook.
Non-Fungible Tokens (NFT) Analytics Tools Market players are focusing on various strategies for increasing their investments in research and development to upgrade their technologies as per the market requirement. Also, several organizations are acquiring and entering into a partnership with other companies to develop their own Non-Fungible Tokens (NFT) Analytics Tools Market solution to serve the customer demand.
For Instance, In February 2022, NFT Terminal launched an NFT analytics tool to analyze NFT’s real-time data, NFT sales, mints, and transaction trends. This innovation helps the company to fulfill the market requirements.
In May 2022, Quicknode, the blockchain infrastructure provider acquired Icy.tools, an NFT analytics platform. This acquisition helps Quicknode to enhance its NFT analytics product portfolio.
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NFT Analytics Tools Outlook by Category
Global Non-Fungible Tokens (NFT) Analytics Tools Market Outlook Tool Type:
- Web-based NFT Analytics Tool
- Mobile-based NFT Analytics Tool
By End User, Non-Fungible Tokens (NFT) Analytics Tools Market Outlook is segmented as:
- Individual Users
- Commercial/Business Users
By Region, the Non-Fungible Tokens (NFT) Analytics Tools Market is segmented as:
- North America
- Latin America
- East Asia
- South Asia & Pacific
- The Middle East and Africa (MEA)