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Non-Fungible Token (NFTs) Market Size to Reach USD 3,57,316.3 Million in 2030-Emergen Research

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Non-Fungible Token (NFTs) Market Size to Reach USD 3,57,316.3 Million in 2030-Emergen Research

The global Non-Fungible Token (NFT) market size reached USD 340.0 Million in 2020 and is expected to register a rapid revenue CAGR during the forecast period, according to latest analysis by Emergen Research. Increasing use of NFTs in gaming is one of the major factors expected to continue to drive global market revenue growth.

Drivers:

Global non-fungible token market revenue growth is expected to be driven by rising use of NFT in supply chain and logistics. NFTs prevent counterfeiting, assist in tracing the movement of products across the supply chain, and ensure originality. This can apply to supply chains for high-end fashion businesses. NFTs could also provide information about each material and component in a specific product for industries such as automotive. This could also aid in cost-cutting. NFTs could also be beneficial to enterprises concerned about tracking the usage of reusable and sustainable materials.

Restraints:

Concerns regarding fraud and scams and lack of standardization are major factors hampering revenue growth of the market. Using NFTs and blockchain in the real world might be an effective approach to check titles and validate ownership histories. However, this type of application poses security risks. Though blockchain improves the security of NFTs, hacking is still a possibility. A major problem in the NFT market is unpredictability in determining NFT pricing. The price of any NFT can be determined by the buyer’s and seller’s originality, uniqueness, rarity, and a variety of other factors. As there are no formed standards for any particular type of NFT, the prices of NFTs fluctuate significantly.

Growth Projections:

Global non-fungible token market is expected to register a CAGR of 39.6% over the forecast period and revenue is projected to increase from USD 340.0 Million in 2020 to USD 3,57,316.3 Million in 2030. Increasing demand for decentralized marketplace is boosting market revenue growth.

COVID-19 Impact Analysis:

Because of global lockdowns caused by the Covid-19 pandemic, a number of individuals have adopted a more sedentary lifestyle and also to seek alternatives to maintain social connections due to prolonged periods of confinement and being deprived of interaction. As a result, many individuals engaged in various online metaverses platforms in order to increase social engagement and gain exposure for NFTs.

Current Trends and Innovations:

Gaming is one of the most popular applications for NFTs currently. Following the lead of blockchain-first game developers, traditional game developers such as Ubisoft are already experimenting with this technology. Decentraland, Sorare, Gods Unchained, and My Crypto Heroes are among the most popular NFT-based games.

Geographical Outlook:

Europe non-fungible token market is expected to register a significantly steady revenue CAGR over the forecast period. Market revenue growth is expected to be driven by rapid growth of the gaming industry in countries in the region.

Strategic Initiatives:

Some major companies included in the market report include YellowHeart, Cloudflare, Inc., PLBY Group, Inc., Dolphin Entertainment, Inc., Funko Inc., OpenSea (Ozone Networks, Inc.), Takung Art Co., Ltd., Dapper Labs, Inc., Nifty Gateway (Gemini Trust Company, LLC), and MakersPlace (Onchain Labs, Inc.)

  • In January 2021, Dolphin Entertainment announced the acquisition of B/HI, formerly known as Bender/Helper Impact, which is a gaming public relations firm. This acquisition of B/HI offers the Super Group a great entry point into the final remaining significant vertical of entertainment including Esports and video gaming.

Emergen Research has segmented global non-fungible token on the basis of type, application, end-use, and region:

  • Type Outlook (Revenue, USD Million; 2018–2030)
    • Physical Asset
    • Digital Asset
  • Application Outlook (Revenue, USD Million; 2018–2030)
    • Collectibles

      a.  Video Clip

      b.  Audio Clip

      c.  Gamificatio

      d.  Others

    • Art
      1. Pixel Art
      2. Fractal/Algorithmic Art
      3. Computer Generated Painting
      4. 2D/3D Painting
      5. 2D/3D Computer Graphics
      6. GIFs
      7. Others
    • Gaming
      1. Trading Card Game (TCG)
      2. Video Game
      3. Strategy Role Playing Game (RPG)
      4. Others
    • Utilities
      1. Tickets
      2. Domain Names
      3. Assets Ownership
    • Metaverse
    • Sport
    • Others
  • End-Use Outlook (Revenue, USD Million; 2018–2030)
    • Personal
    • Commercial
  • Regional Outlook (Revenue, USD Million; 2018–2030)
    • North America

      a.  U.S.

      b.  Canada

      c.  Mexico

    • Europe

      a.  Germany

      b.  France

      c.  U.K.

      d.  Italy

      e.  Spain

      f.  BENELUX

      g.  Rest of Europe

    • Asia Pacific

      a.  China

      b.  India

      c.  Japan

      d.  South Korea

      e.  Rest of APAC

    • Latin America

      a.  Brazil

      b.  Rest of LATAM

    • Middle East & Africa

      a.  Saudi Arabia

      b.  UAE

      c.  South Africa

      d.  Turkey

      e.  Rest of MEA

Explore Related Reports by Emergen Research:

The global metaverse in finance market size was significantly robust in 2020 and is expected to register rapidly inclining revenue CAGR over the forecast period. Rapid adoption of metaverse initiatives by brokerage companies and banks to improve the business offerings, emergence of cryptocurrency as a large-scale alternative financial system, and growing focus of fintech and smaller financial companies on developing their own digital financial ecosystems are key factors expected to drive market revenue growth over the forecast period.

The global metaverse in healthcare market size was significantly robust in 2020 and is expected to register a rapid revenue CAGR over the forecast period. Some key factors driving steady market revenue growth include integration of Augmented Reality (AR), Virtual Reality (VR), and Artificial Intelligence (AI) in the healthcare sector to improve efficiency of medical equipment, enable provision of hands-on training to personnel, and diagnose and treat certain conditions.

The global metaverse in automotive market size was significantly robust in 2020 and is expected to register a rapid revenue CAGR over the forecast period. Growing focus on leveraging metaverse technology in car to create human machine interface, emerging opportunities for contextual advertising for automotive dealers, rising trend of online car buying, and increasing efforts undertaken by major automotive companies to develop their own metaverse platforms are some key factors expected to fuel market revenue growth over the forecast period.

The global metaverse in gaming market size was significantly robust in 2020 and is expected to register a rapidly inclining CAGR during the forecast period. Rapidly rising popularity of play-to-earn games, increasing efforts to create immersive gaming experiences, and growing investment to develop different versions of metaverse are some key factors expected to drive market revenue growth over the forecast period.

The global digital water market size reached USD 7.96 Billion in 2020 and is expected to register a revenue CAGR of 12.1% during the forecast period. Increasing need for better water services is resulting in growing demand for digital water services, which is a major factor expected to drive market revenue growth over the forecast period.

The global Computer-Generated Imagery (CGI) market size reached USD 3.18 Billion in 2020 and is expected to register a revenue CAGR of 19.9% during the forecast period. Increasing demand for more cost-effective animation tools and increasing need to improve brand credibility are some of the key factors expected to continue to drive global computer-generated imagery market revenue growth during the forecast period.

The global emerging memory technologies market size reached USD 4.17 Billion in 2020 and is expected to register a revenue CAGR of 30.7% during the forecast period. Increasing demand for high-end and more advanced devices and increasing need for time saving in data transferring are some of the key factors expected to continue to drive global emerging memory technologies market revenue growth during the forecast period.

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Yango Launches ‘Elite’ Tariff, Showcasing Commitment to Quality

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Dubai: Embracing the ethos that excellence is not an act but a habit, Yango ride-hailing service is introducing the Elite tariff, a new premium service class, for its discerning users in Dubai. Designed for those special occasions when only the best will do, the Elite tariff redefines travel with elegant experiences.

Yango has always been committed to service quality, and the Elite tariff is no exception. Drivers for the Elite tariff are handpicked and have undergone rigorous special training designed to exceed rider expectations on every journey. This includes enhanced customer service training and etiquette to ensure every interaction is memorable. Passengers will experience travel in a class of its own, featuring top-of-the-line vehicles such as the Mercedes-Benz S-Class or BMW 7 Series. These cars are not just a means of transport but a part of the experience, combining comfort with unparalleled style.

Moreover, the Elite experience is tailored to pamper customers from the moment they step into the vehicle. Drivers will greet customers with courtesy, opening the door to add an extra touch of class. Inside, passengers will find a serene environment, complete with complimentary water, ensuring their comfort throughout the ride. Every detail, from the seamless booking process to the attentive service provided by partner drivers, is carefully considered to ensure Yango’s service quality leaves a lasting impression.

Islam Abdul Karim, General Manager, Yango GCC, commented: “We have poured our passion for quality into every aspect of this service, from the meticulous selection and training of our drivers to the curation of a fleet comprised solely of premium vehicles. What truly sets us apart is our extensive footprint in over 20 countries, which not only empowers us with a deep understanding of diverse customer needs but also fuels our drive for innovation. With the Elite tariff, we’re not just offering rides; we’re creating experiences that redefine luxury and convenience.”

Available now through the Yango app, the Elite tariff is more than just a ride — it’s a lifestyle choice. Following last year’s successful launch of the Kids’ service class, which catered specifically to the safety and convenience of families travelling with young children, the Elite tariff is a direct response to the riders’ demands for more bespoke travel options. For the next special occasion, choose Elite and turn every journey into a celebration of luxury and comfort.

For more information, please visit https://yango.com/en_int/ or download the Yango app from Google Play or the App Store.

About Yango

Yango is a tech company that transforms global technologies into everyday services tailored for local communities. With an unwavering commitment to innovation, we reshape and enhance leading cutting-edge technologies from around the world into seamlessly integrated daily services for diverse regions.

Our mission is to bridge the gap between leading world innovations and local communities, fostering connections and enhancing everyday living experiences. In addition to ride-hailing services, Yango Maps, Yango Delivery, Yango Play, Yango Tech, and Yasmina, an advanced Arabic human-like AI voice assistant, are also available in the UAE.

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Mappable launches Neurogeocoder API to revolutionize mapping solutions for UAE businesses

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Mappable

Mappable, a global company that brings powerful and highly customizable mapping solutions to the local markets, announces the launch of its new product — the Neurogeocoder API, which is now available to all clients in the UAE.

The Neurogeocoder API, powered by machine learning and AI, is a game-changer in geospatial solutions, particularly in light of the projected 14.2% CAGR growth of the global digital map market by 2030. Unlike standard geocoders with fixed algorithms set by the development team, Neurogeocoder’s adaptive nature ensures precise results, even with unstructured location queries containing errors or typos. This advanced tool allows for the seamless display of user-entered addresses on maps and facilitates the transformation of map points into detailed street addresses, ensuring precise and reliable location results. By recognizing local expressions for districts, towers, and roads, the Neurogeocoder effectively links them to specific addresses or points, a feat beyond the capabilities of standard geocoders.

The Neurogeocoder API is a powerful tool for various industries, including e-commerce, real estate, food-tech, ride-tech, and logistics. It helps quickly translate large address volumes into coordinates and vice versa, as well as process intricate or locally specific location queries for different business scenarios. For e-commerce, the Neurogeocoder can enhance customer service by displaying pickup points on maps, allowing users to choose the most convenient location when placing orders. For real estate companies, the tool can accurately showcase property locations, helping potential buyers visualize the surroundings to make informed decisions when considering a purchase. For logistics services, the API optimizes operations by providing accurate addresses to managers for better cost estimation of deliveries, leading to increased operational efficiency and cost savings for the business.

In addition to the Neurogeocoder API, Mappable offers a comprehensive suite of solutions tailored to multiple business needs:

  • Performative, customizable, and data-rich maps for clients’ websites, apps, or CRM.
  • Automatic geo verification and easy search by address, coordinates, and other parameters.
  • Navigation and route planning tools that take into account traffic and weather forecasts as well as other parameters, to help drivers, couriers, and other professionals efficiently move around the country.

“The UAE is rapidly progressing in the fields of technology, e-commerce, and smart mobility and we’re excited to support businesses on this journey. Mappable solutions allow companies to optimize logistics and enhance customer service quality by automating processes and reducing workloads on internal personnel, call centers and order-processing specialists. We know what local businesses need and are constantly updating our products, using machine learning and AI to give our clients the best possible mapping solutions. The newly launched Neurogeocoder is a great example of this. It understands our address-inputting habits and adapts to them”, explained Sabina Mirza-Akhmedova, Chief Executive Officer at Mappable.

Sabina Mirza-Akhmedova, Chief Executive Officer at Mappable

All Mappable solutions provide extensive customization opportunities, and a wide range of licensing choices. The company has also launched an online self-service desk, which gives easy and fast access to its APIs — for trial or license purchase. More information can be found at mappable.world.

About Mappable:

Mappable is a global mapping and geospatial solutions provider based in the UAE, offering powerful and customizable business solutions to local markets. With a focus on innovation and precision, Mappable provides cutting-edge mapping, geospatial, and navigation technologies to meet the diverse business needs of e-commerce platforms, retail chains, logistics and delivery firms, manufacturing enterprises, ride-tech and food-tech companies, telecommunications corporations, banks, as well as the public sector.

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Yango showcases latest innovations to transform urban transport at Mobility Live ME

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Abu Dhabi, UAE, Yango, an international tech company, made a significant impact as the Silver Sponsor at Mobility Live ME, the region’s most crucial event focusing on disruptive technology in mobility. Being committed to leveraging the power of technology to improve its users’ lives, Yango showcased its latest products and innovations and presented insights tailored to the MENA region’s evolving demands.

Building on its reputation for unique service offerings, the company recently launched Yango Drive, a comprehensive car rental marketplace integrated within the Yango SuperApp that is gaining substantial traction in Dubai. It features a digital booking system that offers an array of 3,500 cars, providing a seamless, high-quality rental experience from booking to return. This service reflects Yango’s commitment to comfort, convenience, and sustainability, supporting the shift towards shared mobility and aligning with the UAE’s Net Zero 2050 and Dubai Urban Plan 2040 initiatives.

Furthermore, in alignment with its dedication to enriching local communities, the ‘Prayer Mode’ for Muslim drivers was recently launched during the holy month of Ramadan. This feature facilitates drivers’ adherence to prayer schedules and includes innovative mapping and smart routing technologies to locate the nearest mosques. The app also mutes notifications during prayer times and provides directions to the Qibla, ensuring drivers can seamlessly balance their professional responsibilities with their religious practices.

Islam Abdul Karim, General Manager, Yango GCC, said: “We have seen great demand for our services since our entry into the market and are dedicated to developing a safe and comfortable urban transport system to keep up with this demand. With technology at the heart of our mission, we are not just responding to the current status but are actively shaping the future of mobility with innovative solutions and features. We will continue to set new standards in the industry, contributing to creating smart, sustainable cities.”

Islam spoke in a panel discussion at Mobility Live: “Movers and Shapers: Shining a Spotlight on the Game-Changers in Modern Transport Systems.” Shashi Shekhar Singh, Director of New Markets at Yango, delivered a keynote speech on the “Future of Mobility,” delving into how the company redefines urban mobility.

The company’s commitment to innovation is reflected in its diverse range of services, including Yango Maps, Yango ride-hailing service, Yango Play, Yango Tech, the advanced Arabic human-like AI voice assistant Yasmina, and many more, all of which are designed to enhance the everyday lives of local communities. As one of the leading apps in the region, the company is committed to supporting local transport providers, creating jobs, and fostering long-term partnerships with local communities and governments.

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