Digital Asset Segment Became Largest Revenue Share For Global NFT Market

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Feb 18, 2022, 08:55 ET

PALM BEACH, FL, Feb. 18, 2022 /PRNewswire/ -- Consumer awareness and demand are great ways to build a market… and the Global Non-Fungible Token (NFT) market, has seen both those momentum builders growing rapidly over the last year… and are expected to do so through 2030 according to Proficient Market Insights, who said: "NFTs are cryptographic assets on the blockchain which include unique identification codes and metadata that identify them from one another. They cannot be traded or exchanged for equivalency. Because of the rapidly advancing digital economy, rising consumer awareness of crypto currencies, blockchain technology, and NFT, and the rising trend of owning true, original, and real possessions such as music audio, movie, video, lyrics, pictures, or portraits, the Non-Fungible Token (NFT) market share is expected to grow rapidly." A report from Emergen Research projected that the global Non-fungible Token (NFT) market size reached USD 50.10 Billion in 2021 and is expected to register a revenue CAGR of 10.7% during the forecast period. Increasing demand for digital artworks is a key factor expected to drive market revenue growth over the forecast period. Active companies in the market this week include Troika Media Group, Inc. (NASDAQ: TRKA), Funko, Inc. (NASDAQ: FNKO), Liquid Media Group, Ltd. (NASDAQ: YVR), Jiayin Group Inc. (NASDAQ: JFIN), WISeKey International Holding Ltd. (NASDAQ: WKEY).

The report added: "Digital art is defined as art that is created or displayed utilizing digital technology. Non-fungible tokens are valuable to artists because these secure the authenticity and originality of blockchain representations of creative works… Rising awareness of and demand for digital artworks are some key factors expected to drive global non-fungible token market revenue growth in the near future. Digital asset segment accounted for largest revenue share in the global non-fungible token market in 2021 and Digital asset segment is expected to lead in terms of revenue contribution to the global NFT market during the forecast period. (2030). Collectibles segment accounted for largest revenue share in the global non-fungible token market in 2021. The global non-fungible token market is segmented into collectibles, art, gaming, utilities, metaverse, sport, and others based on application. Collectibles segment is expected to lead in terms of revenue share during the forecast period. Collectibles are valuable items that collectors seek and purchase. Collectors can range from traders seeking short-term gains to crypto magnates who like collecting items. Art, music, clips, sports, and games are just a few of the categories."

Troika Media Group, Inc. (NASDAQ: TRKA) BREAKING NEWS: Troika Media Group's Subsidiary, Troika IO, Launches Bitcoin NFTs Backed by Luxury Brands Using the Stacks Blockchain - Troika Media Group, Inc. ("TMG" or "Company"), through its subsidiary, Troika IO, has become the first publicly-traded company to use the Bitcoin ledger to secure its non-fungible tokens (NFTs) backed by luxury brands. With more fashion and luxury brands looking to capitalize on NFTs and crypto offerings, Troika IO will provide a new way for brands to list luxury assets tied to NFTs using a familiar asset such as Bitcoin.

Troika's NFT marketplace, Redeeem NFT, serves as a marketplace for luxury asset-backed NFTs and lists a number of rare luxury goods including handbags and wallets, shoes and accessories, and collectable art pieces. Asset-backed NFTs are verified physical items stored in a secure vault. Each item is represented by a series of NFTs that delineate ownership of the physical item and users can choose to redeem the NFT for the physical item at any time, which will be delivered locally by a secure service.

Since its launch, Troika.IO has worked with a popular consignment company to authenticate and integrate major luxury fashion brands to its exchange in 2022.

"One of our goals at Troika IO is to demystify and simplify the NFT world for the general market. One way we're doing that is by bridging the digital and physical divide with our physically-backed NFTs," said Kyle Hill, President, Head of Crypto, Troika IO. ". Integrating with Stacks has been instrumental in accelerating interest and adoption from the mainstream market, considering that many people are automatically familiar with Bitcoin."

Troika uses the Stacks network (STX) to settle the transactions on the Bitcoin blockchain and uses Clarity smart contracts to link information about the physical object such as where it came from, where it is located, and authentication details.

Troika's marketplace makes it easy for first time NFT purchasers to buy NFTs and accepts familiar payment options including credit/debit cards, giftcards, ACH payments or wire transfers. NFTs can also be purchased using cryptocurrency including bitcoin and a number of supported stablecoins andaltcoins. No wallet is needed to purchase the NFTs, allowing for a more user-friendly experience. Owners of these asset-backed NFTs have the option to sell their NFT on the Redeeem NFT marketplace, gift it to a friend, withdraw to any private wallet, or burn it and redeem the physical item from a secure vault. CONTINUED… For more information about Troika Media Group, visit https://www.troikamedia.com/; https://troika.io/

Other recent developments in the markets include:

Funko, Inc. (NASDAQ: FNKO) in partnership with Make-A-Wish, recently announced the newest Pops! With Purpose product assortment featuring iconic Disney, Pixar, Marvel, and Lucasfilm characters. Each Pop! With Purpose figure sold will feature a designated sticker and box art indicating that Funko has made a charitable donation to the organization. The new collectibles line will be available online and in stores on April 4 leading up to World Wish Day on April 29.

"Funko understands the importance of giving back by supporting causes that are close to the hearts of our employees, fans and the greater community," said Andrew Perlmutter, Chief Executive Officer at Funko. "We are honored to support Make-A-Wish's efforts as they work around the clock to fulfill children's wishes."

Liquid Media Group, Ltd. (NASDAQ: YVR) recently announced that further to its press release dated August 4, 2021, it has executed a definitive agreement to acquire Digital Cinema United Holdings Ltd. ("DCU"), which provides content supply chain technology and services supporting independent intellectual property (IP) owners, producers, sales agents, alternative content distributors, downstream media platforms and studios globally. The closing is expected to be completed in the coming weeks as the remaining customary closing conditions are fulfilled and will drive phase III of Liquid's four-phase business solution engine spanning the end-to-end creative process from inception to monetization.

"With the acquisition of DCU, Liquid inherits DCU's longstanding position as a company of choice for the entertainment and media industry. The services DCU provides are essential to film and TV producers and distributors, engage with clients across every aspect of the supply chain, supercharge our solution engine and further our reach," says Ron Thomson, CEO of Liquid Media. "This transaction is a strategic win for both companies, with DCU bringing a range of loyal clientele, revenue base and stellar reputation worldwide. Liquid brings DCU additional capital that drives rapid growth, back office support to scale execution across verticals, and the benefits of the many arms of its growing family of companies."

Jiayin Group Inc. (NASDAQ: JFIN), a leading fintech platform in China, recently announced that the Company has determined to sell 95% equity interest of Shanghai Bweenet Network Technology Co., Ltd. ("Shanghai Bweenet"), a limited liability company incorporated in the PRC.

On December 29, 2021, Shanghai Jiayin Finance Technology Co., Ltd. ("Jiayin Finance"), a wholly consolidated variable interest entity of the Company, entered into a share acquisition framework agreement with Shenzhen Rongxinbao Non-Financial Guarantee Co., Ltd. ("Shenzhen Rongxinbao"), an independent third-party guarantee company, pursuant to which, Jiayin Finance agreed to transfer 95% equity interest of Shanghai Bweenet to Shenzhen Rongxinbao for an aggregate consideration of RMB93.3 million, subject to certain conditions. The closing of the proposed transaction is subject to certain customary conditions, including completion of satisfactory due diligence. Following the completion of the proposed transaction, Jiayin Finance will not own any equity interest in Shanghai Bweenet.

Crypto Art Island and WISeKey International Holding Ltd. (NASDAQ: WKEY), a leading global cybersecurity, AI, Blockchain and IoT company, recently announced that they will join forces at the Crypto Art Island event, which takes place in Gibraltar, from April 29 to May 4, 2022. During the event, some of the world's most innovative NFT art created by leading artists will be auctioned on WISeKey'sentrusted NFT platform, WISe.ART.

Crypto Art Island is the first European NFT art fair focussed on crypto art featuring a 'phygital' or hybrid physical and digital art platform focussed exclusively on digital work. For six days, one of Gibraltar's most iconic buildings, the Xapo Bank, will be converted into an incredible immersive viewing experience showcasing the most exciting and collectable NFT art in the world.

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