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NFT RARITY TRACKING PLATFORM MARKET REPORT OVERVIEW
The global NFT rarity tracking platform market size expanded rapidly in 2022 and will grow substantially by 2029, exhibiting a prodigious CAGR during the forecast period.
An NFT Rarity Tracking Platform is a digital service that records, estimates, and determines the rarity and uniqueness of Non-Fungible Tokens (NFTs) within blockchain networks. NFTs are virtual assets, which prove ownership or authenticity of digital or physical things, and therefore the opportunity to get a rarer NFT makes it more valuable. These platforms offer tools and analytics to help users track the rarity of the NFTs that they buy based on such factors like number of editions, attributes, historical trading data, and community interest. Such platforms provide collectors, investors, and creators with the knowhow of limited supply of NFTs in order for them to make wiser choices which can include buying, selling or holding these assets. They could use algorithms, data visualization tools as well as community-made inputs in order to determine and display the rarity level of NFTs that would help users find rare or specific tokens from the numerous NFTs across the market.
The NFT rarity tracking platform market has been rapidly growing as a result of the increasing NFT (Non-Fungible Token) consumption across various industries. Such platforms deliver incomparable services to their users by equipping them with tech tools to distinguish digital collectibles from common use media in order to make them rare and more marketable. One of the main reasons behind this market expansion is the rising popularity for digital tokens, art and gaming. NFTs have transformed the digital asset ownership and trading industry by creating a need for the niche platforms that can precisely determine the rarity of these digital collectables. With an increase in the number of artworks, the situation of artists, creators, and developers who use NFTs as a way for creation monetization will lead to more necessity of run-resistant tracking. Furthermore, the NFT market includes investment opportunities that bring speculation into focus which has led to high demand for platforms that can help investors and collectors determine excellent opportunities.
COVID-19 Impact: Market Growth Hampered by Pandemic due to Widespread Lockdown and Supply Chain Disruptions
The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.
The NFT rarity tracking platform market was negatively affected by COVID-19 for multiple reasons. It resulted in a drop in disposable income of consumers that led to diminished demand for non-essential goods, including digital NFTs. In addition, the trend to work from home and the ability of consumers to meet their basic needs led to decreased demand on speculative investments such as NFTs in emerging markets. Moreover, logistical constraints and interruption of a supply chain disturb the creation and dissemination of NFTs which lead to the sluggishness of the market. Another way in which the recession has impacted NFTs is with the unpredictability around the length and depth of the pandemic. This created uncertainty among investors which then led to a reduced interest and funding in NFT projects. The outbreak of the COVID-19 triggered different barriers and uncertainties that prevented the growth rate of the market to be fast enough.
LATEST TRENDS
"Growing Emphasis on Advanced Data Analytics to Drive Market Growth"
The market for NFT (non-fungible token) Rarity Tracking Platform is witnessing intense trends considering the stable factors of the digital asset and blockchain technology. Currently, there are several significant trends that set this sector apart. There is an increasing trend for the advanced data analytics and AI-driven algorithm utilization in NFT rarity tracking systems. These platforms are using cutting-edge technologies to evaluate and quantify the scarcity, thus supplying users with critical statistics of rarity and exceptional virtual collectibles. Meanwhile, interoperability and cross-chain compatibility have been raised as critical issues for the rarity tracking technology in NFT space. Many blockchains host their NFTs as the demand for platforms that can easily monitor and analyze rarity of these NFTs across the different blockchain universe becomes a common place. Moreover, NFTs with community-driven features will continue growing in popularity within NFT rarity tracking platform. These platforms are building communities of collectors, artists, and the enthusiasts which allow information passing on discussions, collaborations and the sharing of perspectives with regards to the NFT rarity metrics.
NFT RARITY TRACKING PLATFORM MARKET SEGMENTATION
By Type
Based on type the global market can be categorized into Cloud-based, On-premises.
- Cloud-based: Cloud-based rarity tracking platforms on NFT offer the advantage of being accessible and scalable. These platforms use cloud infrastructure to maximize reach and away-from-distraction, which make them ideal for users who value mobility and accessible from anywhere with an internet connection.
- On-premises: On-premises NFT rarity tracking platforms are the ones which are installed and moved at the expense of the organization. With this approach, people have more control and flexibility over the platform type and hardware and software specifications. Organisations which pay extra attention to security may choose on-premises solutions as they remain in control of their data and can leverage the security tools that best fit their needs.
By Application
Based on application the global market can be categorized into Large Enterprises, SMEs.
- Large Enterprises: For the large corporations NFT rarity tracking platforms provide the way to broaden the investment portfolios and find new ways of income within the rapidly increasing NFT market. Such companies usually hold robust portfolio holdings and therefore seek to employ rarity tracking platforms to locate exclusive and possibly valuable digital assets.
- SMEs: Small and medium enterprises are also finding the use of NFT rarity tracking platforms as a gateway to increasing brand awareness and interacting with their intended audience in innovative ways. NFTs can help small and medium scale businesses to interact with their customer base at the grass root level and proffer ways to engage community members, as well to be distinctive in competitive markets.
DRIVING FACTORS
"Increasing Popularity of NFTs to Boost the Market"
Rising popularity of NFTs is the main factor fuelling NFT rarity tracking platform market growth. The increasing trend of NFTs throughout various industries like art, gaming, sports, and entertainment has driven the need for platforms that can support users in their task of finding the rarest NFTs available. As more artists and brands begin accepting NFTs as valid tools of digital content monetization, the role of effective rarity detection becomes more critical. Since the NFT marketplaces and platforms have been stunned by their vast collection of digital assets, there is the necessity of making the evaluation of NFT rarity more centralized and systematic. Rarity tracing platforms provide a unique centralized solution for collectors and investors to evaluate the lack and rareness of NFTs across different venues. NFTs have emerged as a new category of investment comprising digital assets, some which were sold millions in auctions. The investors, in particular, are looking for a method to discover the lowest valued or uncommonly seen NFTs that can dramatically increase their worth in future years. Rarity tracker platforms give useful information to enhance decisions about investments in the NFT market, thereby enabling investors to make informed choices.
"Gamification and Collectibles Culture to Expand the Market"
The gamification of NFTs and increasing interest for digital collectibles have grown demand to platforms with features such as rankscore, badges, and rewards for collecting rare NFTs. Rarity tracking systems add another crack to the gamification experience by offering a competition for the rarest digital items and a way for the players to show them off. The blockchain technology gives transparency and immutability, hence, it becomes impossible to fake the NFTs. Rarity tracking platforms make use of blockchain data for authentication of digital assets and creation of trusted purchases environment for users. These platforms increase the trustworthiness and credibility in the NFT ecosystem by providing an open and clear set of criterions and analysis.
RESTRAINING FACTORS
"Data Integrity and Transparency to Impede Market Growth"
Trust is the key element when it comes to any marketplace, and trustworthiness is absolutely essential for NFT rarity tracking platforms. However, the issue of reliability and transparency of data proves to be a significant threat for the market growth. NFTs being digital assets that are stored in blockchains let the platforms get information from the blockchains when they are evaluating rarity. There may be errors or misleading in using this data, thus can undermine the overall reliability of rarity assessments. Similarly, the uncertainty related to the lack of detail within some blockchain networks makes it difficult to unambiguously verify the NFT’s provenance and property history.
NFT RARITY TRACKING PLATFORM MARKET REGIONAL INSIGHTS
"North America Dominating the Market due to Presence of a Large Consumer Base"
The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.
North America has emerged as the most dominant region in the global NFT rarity tracking platform market share. The region`s innovation ecosystem is very active in blockchain technology and crypto innovations. In terms of technology centres like Silicon Valley in the U.S. and Canada's growing crypto communities, North America holds a prime position with regards to digital currency and blockchain technology. This technological infrastructure is therefore favourable for the development and adoption of NFT rarity tracking platforms. Furthermore, the community of the NFTs owners and makers is the dynamic and rich within the North America. From digital artists to gaming fans, the region is one of the most talented and this talent gives birth to platforms where NFT ratings are analyzed.
KEY INDUSTRY PLAYERS
"Key Industry Players Shaping the Market through Innovation and Market Expansion"
The NFT rarity tracking platform market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. These key players possess extensive retail networks and online platforms, providing consumers with easy access to a wide variety of wardrobe options. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. Moreover, these industry giants continually invest in research and development, introducing innovative designs, materials, and smart features in NFT rarity tracking platform, catering to evolving consumer needs and preferences. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.
List of Market Players Profiled
- BitDegree (Lithuania)
- OpenSea (U.S.)
- DappRadar (Lithuania)
- Rarity Sniffer (U.S.)
- Etherscan (Malaysia)
- DappRadar (Lithuania)
- Crypto.com (Hong Kong)
INDUSTRIAL DEVELOPMENT
September 2022: OpenSea, an American online market for non-fungible tokens (NFTs) introduced a tool called OpenRarity which aims to track the scarcity of NFTs. OpenRarity is an open, transparent, and reproducible standard for NFT Rarity that can be used for the same.
REPORT COVERAGE
The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.
The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.
Frequently Asked Questions
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Which is the leading region in the NFT rarity tracking platform market?
The North America is the prime area for the NFT rarity tracking platform market owing to the presence of key industry players in the region.
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Which are the driving factors of the NFT rarity tracking platform market?
Increasing demand for unique digital assets and the expansion of the blockchain ecosystem are some of the driving factors of the NFT rarity tracking platform market.
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What are the NFT rarity tracking platform market segments?
The NFT rarity tracking platform market segmentation that you should be aware of, which include, Based on type the NFT rarity tracking platform market is classified as Cloud-based, On-premises. Based on application the NFT rarity tracking platform market is classified as Large Enterprises, SMEs.