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Growing Popularity of Smart contracts Artwork Accelerated by Rising Investments in Blockchain Technology

Growing Popularity of Smart contracts Artwork Accelerated by Rising Investments in Blockchain Technology

Smart contracts allow digital representation of various assets and agreements that are trackable and verifiable. Smart contracts find widespread adoption in various industries like finance, supply chain & logistics, and real estate due to benefits like reduced overhead costs, streamlined processes, and automated workflows. In the art world, Smart contracts are being leveraged to create and trade non-fungible tokens (NFTs), a cryptographic asset that represents a unique digital item like works of art, collectibles, and in-game assets. Smart contracts allow creation of scarce digital items by encoding traits like scarcity, ownership, royalty payments in NFTs to give them true intrinsic value.

The global Smart Contracts Market is estimated to be valued at US$ 249.74 Mn in 2023 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The increasing usage of blockchain technology in creating and trading digital artworks as NFTs is a key trend fueling growth of smart contracts market. According to the report, the valuation of global NFT market surged from $95.2 million in 2020 to over $25 billion in 2021 with rising investor interest. Top NFT marketplaces like OpenSea and Rarible witnessed over $3.4 billion and $76 million monthly trading volumes respectively. The ability of smart contracts to create NFTs representing scarce digital works has boosted investments toward development of startups focusing on digital arts. This is expected to further propel smart contracts adoption in the art world going ahead. Collaborations between NFT platforms and renowned artists as well as galleries is also expanding popularity of NFT artwork collecting as an investment class of assets.

Segment Analysis

The smart contracts market comprises the Enterprise smart contracts, Consumer smart contracts, and Government smart contracts segments. The Enterprise smart contracts segment dominates the market currently due to rapid adoption of blockchain technology by the enterprises. Large enterprises are using smart contracts for supply chain management, identity management, and royalty distribution.

Key Takeaways

The Global Smart Contracts Market Growth is expected to witness high over the forecast period of 2023 to 2030. The market size is projected to reach US$ 249.74 Mn in 2024.

Regional analysis: North America currently dominates the smart contracts market due to extensive technological developments and presence of key players in the region. The USA and Canada are rapidly adopting blockchain technology and contributing to regional market growth. Asia Pacific is expected to be the fastest growing market due to increasing investments by governments to develop infrastructure and rising IT expenditure. Countries like China, India, and Japan are likely to offer lucrative opportunities with growing blockchain adoption.

Key players operating in the smart contracts market are DeviantArt, Nifty Gateway, SuperRare, Foundation, MakersPlace, KnownOrigin, Async Art, ArtBlocks, OpenSea, Rarible, NTWRK, ArtStation, Artsy, Saatchi Art, Singulart, DigitalArt4Climate, Hic et Nunc, Showtime, Verisart, Artmajeur. Nifty Gateway and OpenSea capture major market share currently with their advanced platforms for managing digital art transactions using smart contracts. The companies are investing in developing enhanced features to smarter tools for creators and collectors.

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