Non-fungible Token (NFT) Market size is set to grow by USD 113.93 billion from 2022-2027 | The increasing demand for digital art to drive the market growth

Non-fungible Token (NFT) Market size is set to grow by USD 113.93 billion from 2022-2027 | The increasing demand for digital art to drive the market growth

NEW YORK, Nov. 29, 2023 /PRNewswire/ — The Non-Fungible Token (NFT) market size is estimated to grow by USD 113.93 billion from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 35.02% during the forecast period. The increasing demand for digital art significantly drives market growth, characterized by computer-generated visual content. Globally, Non-Fungible Tokens (NFTs) have increased in the digital art realm, facilitated through online platforms and social media. NFTs serve as links between digital artworks and tokens, allowing artists or owners to set prices and certify ownership through unique keys. Artists can offer limited edition NFTs or create new variations, enabling increased sales and boosting market growth during the forecasted period. For more insights on the historic (2017 to 2021) and forecast market size (2023 to 2027)  buy the report

Non-fungible Token (NFT) Market – Segmentation Assessment
Segment Overview
Technavio has segmented the market based on Application (Collectibles, Sports, Arts, and Others), End-user (Personal and Commercial), and Geography (APAC, North America, South America, Europe, and Middle East and Africa). 

  • Significant market share growth is anticipated in the collectibles segment during the forecast period. NFT collectibles, limited or rare tokens minted on the blockchain, are unique and non-interchangeable. Companies like Funko Inc., Foundation, and Makerspace offer platforms for buying and selling these exclusive NFT collectibles, fueling segment growth due to the increasing global demand for digital assets.

Geography Overview
By geography, the global Non-fungible Token (NFT) Market is segmented into APAC, North America, South America, Europe, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the Non-fungible Token (NFT) Market.

  • APAC is anticipated to hold 39% of the global market share. The NFT market in APAC anticipates growth driven by increasing demand for digital assets in nations like Singapore, China, South Korea, the Philippines, and Japan. Notably, Korean retail channels are entering the NFT sector, with CJ OliveNetworks Co. Ltd partnering with Galaxia Metaverse to sell NFT artworks, including the recent auction of Cherry Blossom Ending by a local digital artist. Moreover, Lotte Home Shopping Inc. plans to launch an NFT marketplace in South Korea by April 2022. These advancements are poised to enhance the market reach of NFT products during the forecast period.

Insights on the market contribution of various segments including country and region wise, historic (2017 to 2021) and forecast market size (2023 to 2027) – Download a Sample Report

Non-fungible Token (NFT) Market – Market Dynamics

Leading trends influencing the market 

  • Emerging trend: Fractionalized NFTs divide ownership, enabling democratized access to NFTs, despite rising individual NFT prices.
  • Fractionalization allows broader participation and stable market activity, shielding overall prices from impact when one owner sells their share of the NFT.

Major challenges hindering the market growth

  • Major market challenges: Uncertainty in NFT demand and pricing hinges on the difficulty in value based on scarcity, uniqueness, buyer perception, and distribution channels.
  • Value fluctuations in NFTs are driven by buyer perception, making it challenging for sellers to anticipate buyers’ identities or the factors influencing their purchases.

Insights on Market Drivers, trends, & Challenges, historic period(2017 to 2021) and forecast period(2023 to 2027)- Request a sample report

What are the key data covered in this Non-fungible Token (NFT) Market report?

  • CAGR of the market during the forecast period
  • Detailed information on factors that will drive the growth of the Non-fungible Token (NFT) Market between 2023 and 2027
  • Precise estimation of the size of the Non-fungible Token (NFT) Market size and its contribution to the market in focus on the parent market
  • Accurate predictions about upcoming trends and changes in consumer behavior
  • Growth of the Non-fungible Token (NFT) Market industry across APAC, North America, South America, Europe, and Middle East and Africa
  • A thorough analysis of the market’s competitive landscape and detailed information about vendors
  • Comprehensive analysis of factors that will challenge the growth of Non-fungible Token (NFT) Market vendors

Related Reports:

Decentralized Finance Market: The Decentralized Finance (DeFi) Market size is estimated to grow at a CAGR of 40.32% between 2022 and 2027 and the size of the market is forecast to increase by USD 99,652 million.

Online Auction Market: The online auction market is estimated to grow at a CAGR of 11.35% between 2022 and 2027. The size of the market is forecast to increase by USD 2,506.13 million.

TOC

  1. Executive Summary
  2. Market Landscape
  3. Market Sizing
  4. Historic Market Size
  5. Five Forces Analysis
  6. Market Segmentation by Application
  7. Market Segmentation by End-User
  8. Customer Landscape
  9. Geographic Landscape
  10. Drivers, Challenges, and Trends
  11. Company Landscape
  12. Company Analysis
  13. Appendix

About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

Vital Photography Lessons I’ve Learned from Shooting Weddings |

Vital Photography Lessons I’ve Learned from Shooting Weddings |

For some very good reasons, I have decided to stop photographing weddings. There are many lessons I learned from the challenges of weddings that may be useful to all photographers.

Wedding Photography Is Not a Great Place to Start Professionally

Many photographers see weddings as a stepping stone into the world of professional photography. However, it’s possibly one of the hardest genres to do well. You need a wide range of skills in different genres, perfect camera control in each, an understanding of your system’s strengths and weaknesses, and the ability to create compelling images that, nonetheless, have your own style. If you get it wrong, you have ruined the most important day of two people’s lives.

I’ve seen a lot of wedding photographers come and go because their photography work was just not good enough or they didn’t have the personal wherewithal to meet the needs of the clients or run a business. Before asking for money from clients, you need to have your work assessed by another professional to find out if it is good enough – not by your Mom or partner, though; they will only say nice things.

Coping With Stressful Photoshoots

Many photographers find weddings stressful. All established and successful photographers worry that their images are not good enough. On top of that, there is the expectation that the photographer will deliver every shot that the happy couple expects. There’s also the nagging concern that you have the right amount of equipment and haven’t left anything behind.

Although those doubts cross my mind, I’ve learned not to let them bother me. I’ve been doing this long enough to realize what is expected. I know what equipment I need. I regularly practice with my cameras, so I know what their capabilities are too. Then, I have settings applied to custom modes, so the cameras are ready for any circumstance with a quick turn of the dial.

Talking of equipment, you won’t be the only person who is stressed. I always carry a couple of pocket packets of tissues with me. These are for mopping the face of a tearful child with a runny nose, the sweaty forehead of a middle-aged man, and happy mothers’, fathers’, grooms’, and brides’ tears. They are also useful for cleaning spilled wine. Handy hint: good quality tissues don’t break up when they get wet.

How Well Do You Know Your Camera?

Photography and operating equipment must become second nature, so you are not dithering on the day and stressed about whether you will get the shot. Can you put your finger on the menu button without looking? Do you remember how each of your custom modes is set? Do you know what shutter speeds freeze and blur dancers’ movements? What is the maximum ISO you are happy to shoot at? At ISO 25,600 how far from your camera can a face be before definition is lost when you apply Lightroom’s noise reduction?

Proper Prior Planning Prevents Poor Performance

That’s a polite version of an old military adage, and it applies to most things in life. Just turning up on the day is not the way to do a wedding. I meet with the couple and sometimes their families, and I usually do a pre-wedding shoot too. I have a contract that I go through and get the clients to sign, as well as a form for them to fill in that tells me what they expect. You get some unusual requests – more than once I’ve been asked for relatives’ partners to be stood at the edge of group shots so they are more easily removed from the picture after an anticipated break-up.

Four days in advance of a wedding, I check and prepare all my equipment. Four days is long enough for me to replace faulty equipment if necessary.

What if My Equipment Fails?

Many worry that the camera, lens, or memory cards will fail. That doesn’t bother me. I’ve never had camera equipment fail during an event, and I carry spares. However, other photographers have suffered disasters.

I don’t have empirical data to back up this anecdotal evidence, but I know of one brand popular with wedding photographers whose cameras fail regularly and worryingly often. I’ve also met a photographer who had both memory cards in the camera fail; he lost the entire wedding shoot. Using reliable equipment and backing up your photos as soon as possible is essential.

Protect Your Lenses

At a recent wedding, I was shooting on a gravel driveway in front of a stately home. A group of children decided it would be fun to kick the stones, so consequently, I quickly covered the front element of my lenses with my palms just in time as the grit bounced off the back of my hands. At a previous event, I had a child grab the front of my lens with sticky fingers. Another photographer I know had the front element of his new lens sprayed with hair lacquer. I know it is a contentious issue, but I recommend protecting the front of the lens with a good-quality UV filter. I use Urth Plus+ filters because I can’t see any difference in my photos between them being on or off the camera.

The Best-Laid Schemes of Mice and Men Gang Aft Agley

Things go wrong. Last year, I was shooting a wedding at an 80-acre country estate. The wedding chapel was a converted boathouse down by the river. I had agreed to meet the bride in the car park next to the stately home. An employee of the estate sat with me in a four-wheel drive utility vehicle, where he said we would see them arrive; he was going to drive the bridal party and me to the chapel.

After a long wait, I got a panicked phone call asking where I was. The limousine had bypassed the car park and, unadvisedly, driven down the steep dirt track to the wedding venue. I was taken there at speed. The wedding otherwise ran smoothly. So, always have a phone with you but remember to put it on Do Not Disturb before the ceremony starts.

Be Everybody’s Friend

When I shoot a wedding, I treat my clients and the wedding guests like friends that I want to help.

At a lot of weddings, there seems to be nobody coordinating the day. Often, the bride has organized everything. But on the big day, she has other things on her plate. So, sometimes I end up directing the event.

There are always little things that need to be sorted, and I find myself helping in different ways that are unrelated to photography. I have no objection to that, as it is in my interest to see the day pass by as painlessly as possible. I want the subjects of my photos to look happy and not stressed. Furthermore, a wedding day shoot can mean 11 or 12 hours of work, and there are big lulls between photography sessions that can become boring. Helping the wedding party breaks the monotony.

What Do I Do About Others With Cameras?

Other people like taking photos at weddings, especially group shots. I’ve seen some professional photographers deliberately get in the way of those doing that, but I do the opposite and invite others to take their snaps after I have taken mine. It doesn’t lessen my work, and I prefer to be seen as friendly and be remembered for future events.

To Be Continued

So you have done all the preparation and taken thousands of photos. So what comes next? The hard work! That follows in my next article.

Do you photograph weddings or events? Are you successful at it? Is it something you want to try? Is it something you attempted and gave up? Let’s hear your thoughts about the preparation and shooting the wedding in the comments.

Registration for 2024 Massachusetts Undergraduate Research Conference Opens Dec. 1

Registration for 2024 Massachusetts Undergraduate Research Conference Opens Dec. 1

Image

The MassURC 30th celebration logo

The annual Massachusetts Undergraduate Research Conference (MassURC) will open its online registration and submission system on Friday, Dec. 1 for undergraduate students looking to present their research, share knowledge and learn from fellow students from across the commonwealth. Marking a return to an in-person conference experience on the UMass Amherst campus for the first time since 2019, the one-day conference will take place Friday, April 19 at the Campus Center.

The MassURC, celebrating its 30th year, serves to broaden the understanding of research, showcasing investigations into more than 60 subject areas, including biochemistry, history, architecture, marketing, fine art and sociology. Going beyond observing, conference attendees have a chance to engage with undergraduate students and get an intimate look at the diverse and defining research conducted by Massachusetts students. 

The MassURC is supported by Commonwealth Honors College at the University of Massachusetts Amherst, the Massachusetts Department of Higher Education, the State Universities of Massachusetts Council of Presidents, and the Massachusetts Association of Community Colleges.

Students and faculty sponsors have until Feb. 23 to submit abstracts and proposals.  More information and important dates can be found on the MassURC website or by contacting Alice Feldman, MassURC conference coordinator, at conference@honors.umass.edu.

Who Should Count as a ‘Student’ in Photo Contests?

Who Should Count as a ‘Student’ in Photo Contests?

The Sony World Photography Awards is arguably the most prestigious and largest photo contest. The 2024 edition is open to entries and some of its rules are under fire.

Over at Fstoppers, Kim Simpson writes that the Sony World Photography Awards’ Student category doesn’t adequately cater to all photography students. At the heart of the issue is that the contest has age limits in the category, preventing photography students over the age of 30 from entering.

Specifically, the Student category is open to anyone aged from 18 to 30 years old who is in a full-time photography program. Students answer a set brief with five to 10 images, and the judges will select up to 10 shortlisted photographers. An overall winner receives the “Student Photographer of the Year” title, a massive boon to a budding career, and a significant prize package of Sony digital imaging equipment worth €30,000 for them and their school.

Winning the competition is a huge deal for a photographer, and Simpson argues that not all photography students fit neatly into the box the World Photography Organization and the Sony World Photography Awards have crafted.

“A student competition should extend beyond age brackets and celebrate diverse experiences, perspectives, and creative journeys. By imposing an age limit, the competition inadvertently perpetuates a narrow definition of what it means to be a student photographer. Photography is not confined to a specific age group, and the restrictive policies risk sidelining the rich contributions that mature students can bring to the table,” Simpson writes.

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Simpson herself became a photography student in her late twenties after she had already entered the field professionally. “The exclusionary nature of these competitions not only affects individuals who, like me, ventured into photography later in life, but also undermines the diversity of perspectives that could contribute to the richness of the artistic discourse within the student community,” the photographer explains.

As an aside, it seems unfair that someone who has been working professionally in the field can enter a student competition, but there is seemingly no restriction about that in the Sony World Photography Awards.

For those who have aged out of the Student category, their only option is to enter the Open category, which is full of amateurs and professionals of all skill and experience levels. Further, the Open category winner receives $5,000 in cash rather than the bundle of Sony imaging equipment for the student and their educational institution.

For Simpson, this is not a truly viable alternative for older students. “To even the playing field, student photography competitions should consider adopting more flexible age policies. Eliminating the upper age limit would acknowledge the varied life trajectories of students,” she concludes.

While it is far too late for the organizers to change their policy for this year’s competition, it is something that the World Photography Organization may want to consider for future editions of the very popular Sony World Photography Awards.

However, is Simpson making a mountain of a molehill? And further, should every category in all photo contests be for everyone to enter? Of course not. Reasonable rules restrict who can enter photo contests. That is nothing new.

Simpson has raised some excellent points and made a strong case that a “photography student” can be of any age, whether a traditional student in their late teens or early twenties or a non-traditional student in their thirties or forties. Undoubtedly, a 46-year-old photography student is just as much of a legitimate student as someone fresh out of high school.

Further, as Simpson says, allowing students across a more comprehensive age range to enter a photo contest will increase the diversity of perspectives in the entrant pool, which benefits the competition at large.

The Sony World Photography Awards argues at the top of its Student category page that it is “providing a platform for photography students worldwide.” If that’s the contest’s primary objective, its age restrictions are counterproductive.

However, if there are other concerns, perhaps the rules make sense. While Simpson argues that pursuing equality would mean removing the age cap from the student category, I think equality could be understood differently.

The same expanded life experience that Simpson believes adds to the student photography competition, I’d argue, unfairly disadvantages younger students who have had less time to gain important perspectives and, perhaps more importantly, literally have had fewer chances to take photos and enhance their skills.

If the primary, or only, concern is showcasing the most diverse range of skills and narratives, then that’s what the Open category is for. The Sony World Photography Awards has different goals for its student category, which is perfectly reasonable.

Simpson is right that photography students aren’t exclusively aged 18 to 30. By operating within this constraint, the Sony World Photography Awards are inherently exclusionary — as is every photo contest, as they all have rules that prevent some people from entering.

The question is not really if the rules should be more inclusive, but precisely what the intention of the student category is, and what the organizers hope to achieve. How the World Photography Organization answers those fundamental questions will determine the most suitable rules and regulations.

Besides, I am way less concerned with the age bracket than that the competition is restricted to those undertaking a “full-time photography program,” which must be a formalized photography course/credit/module/foundation within a diploma/Bachelor of Arts/Master of Arts curriculum. If the goal is inclusivity, a noble albeit always somewhat unattainable aim, the competition should open its student category to part-time students.

Not everyone can afford to enter a full-time college program. Frankly, I’m more interested in seeing the diversity of perspectives that are left out because a part-time student doesn’t count than I am about older full-time students. Further, someone who must juggle improving their educational goals against maintaining a job and possibly raising a family may benefit significantly from the attractive prize pool.

There is no perfect solution and no set of rules that will satisfy everyone. However, that doesn’t mean the Sony World Photography Awards shouldn’t always strive to improve. Does that mean changing how it operates its student category?


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See the First-Ever Photographs of a Rare Giant Rat That Lives Only on One Pacific Island

See the First-Ever Photographs of a Rare Giant Rat That Lives Only on One Pacific Island
Night-vision image of a large rat in a tree

After peanut butter failed to attract the giant rats, researchers turned to sesame oil.
Tyrone Lavery

For the first time, scientists have photographed a large, elusive rat that’s on the brink of extinction. Called the Vangunu giant rat (Uromys vika), the critically endangered species lives on just one island in the South Pacific, where logging has decimated much of its forest habitat.

Researchers hope the new photographs of the mysterious creatures will encourage local government leaders to protect the last bits of intact forest on Vangunu, which is part of the Solomon Islands, located northeast of Australia. They shared the images in a new paper published this month in the journal Ecology and Evolution.

Indigenous people in the Zaira community on Vangunu have long known about big rats that dwell in the trees and are capable of cracking coconuts with their teeth. However, researchers who visited the island were never able to observe or capture one, though they did find a large fecal pellet they suspected came from a giant rat in 2011.

Then, in 2015, loggers cutting down a tree captured an injured Vangunu giant rat, which died not long afterward. They preserved the body as well as they could, then sent it to the Queensland Museum in South Brisbane.

From that specimen, researchers confirmed the existence of the mysterious creatures, which are at least twice as large as a common rat. They also formally described the rat in a paper—the first new rodent species from the Solomon Islands to be recorded in more than eight decades.

But as commercial logging continued to fell trees on Vangunu, the scientists knew they needed more information about the giant rats.

They worked with the Zaira community to set up camera traps in tree species the rodents prefer and used sesame oil to lure them. In the past, researchers had tried using peanut butter, but those attempts were not successful—it only appealed to non-native black rats.

In the end, the team captured 95 images of four individual Vangunu giant rats—three females and one male. All the photos were taken at night, with most centered around midnight.

Collaborating with the Zaira community was critical to the project’s success, the researchers say.

“The knowledge is with the people,” says study co-author Kevin Sese, a researcher at Solomon Islands National University, to the New York Times’ Rebecca Carballo. “They are the custodians of the local knowledge… If it weren’t for them, we wouldn’t have known where to place the cameras.”

Four panes of night-vision images of giant rats in trees

The photos were taken at night, mostly around midnight.

Lavery et al.

The photos are “extremely positive news for this poorly known species,” says study lead author Tyrone Lavery, a mammalogist at the University of Melbourne in Australia, in a statement. “This comes at a critical juncture for the future of Vangunu’s last forests—which the community of Zaira have been fighting to protect from logging for 16 years.”

The Zaira community wants the government to declare their part of the island, located on the southern side, a protected natural area where mining and logging are prohibited. However, the Solomon Islands Environment Ministry gave a logging company permission to operate in the area late last year, the Australian Broadcasting Corporation’s Liam Fox reported in May.

In addition to the 200 people and the giant rats that call Zaira home, the area provides habitat for leatherback turtles and New Georgia monkey-faced bats, which are both vulnerable species.

Documenting the presence of the endangered rat was “considered a vital part of conservation efforts” for Vangunu island, per the statement.

“We know this species doesn’t live in logged forests, so we needed to try and prove it still survived in the remaining forest on the island,” Lavery tells Newsweek’s Robyn White. “Our photographs were only the second time scientists have documented the species. We showed it still survives, and we highlight the importance of the last remaining tract of forest on Vangunu.”

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