The latest market report published by Credence Research, Inc. “Global Food NFT Market: Growth, Prospects, and Competitive Analysis, 2016 – 2030“. The global food NFT market generated revenue of around USD 152.6 million in 2022 and is anticipated to grow a CAGR of over 42.50% during the forecast period from 2018 to 2030 to reach around USD 1820.8 million in 2030.
The rise of digital assets and collectibles, the expansion of the blockchain-based food industry and the metaverse, the quick uptake of cryptocurrencies, the availability of authentication, and the ability to track original owners are the main factors propelling the growth of the food NFT market. Since it has grown increasingly widespread due to the launch of NFT platforms, food NFT trading is expanding exponentially. Consumers are adopting food NFTs more frequently due to the ease of purchasing NFTs. The number of people purchasing and selling these unique items is anticipated to increase as more bitcoin exchanges enable food NFTs. Furthermore, another factor behind the growth of the food NFT sector is the desire for distinctive and exclusive dining experiences. Food NFTs provide a mechanism to acquire rare or unique food goods and dining experiences, which consumers increasingly seek as personalized and immersive experiences. A sense of exclusivity and possession can be highly valued in today’s culture.The global food NFT market is bifurcated into type, offering, and geography. Based on type, the market is categorized into the physical asset and digital asset. Based on offering, the global market is segmented into business strategy formulation, NFT creation and management and NFT platform. Based on geography, the market is segmented into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
In 2022, North America was expected to occupy the largest food NFT market share in revenue and sales due to the region’s widespread use of cryptocurrency and blockchain technology. The rising demand for sustainable and locally sourced food is one of the major factors driving the North American food NFT market. Food NFTs may provide consumers with a new option to support regional farmers and producers, a trend that is on the rise. Customers who buy NFTs can obtain distinctive and exclusive food goods or dining experiences while helping small-scale farmers and artisanal food producers. The region’s sizable and varied food business is also anticipated to benefit the North American food NFT market.
Why to Buy This Report-
- The report provides a qualitative and quantitative analysis of the global food NFT by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2018-2021, base year- 2022, and forecast period 2023-2030.
- The report contains information related to the competitive landscape, like how the key players in the market are operating at a global, regional, and country level.
- In-depth global food NFT segmentation analysis based on type, offering and regional integration.
- The global food NFT report also includes analyzing the global, regional, and country levels, key market trends, significant players analysis, market growth strategies, and key application areas.
Browse Full Report with Toc and List Of Figure – https://www.credenceresearch.com/report/food-nft-market
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