Global Digital Artwork Market Is Estimated To Witness High Growth...

Global Digital Artwork Market Is Estimated To Witness High Growth Owing To Increasing Adoption of Digital Platforms and Growing demand for NFT Artworks

Posted 2023-10-18 10:09:54

The Digital Artwork Market is estimated to be valued at US$ 4.09 billion in 2023 and is expected to exhibit a CAGR of 16.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The Digital Artwork Market involves the creation, distribution, and monetization of digital artworks through various digital platforms. Digital artworks include digital paintings, illustrations, animations, virtual reality experiences, and NFT (Non-Fungible Token) artworks. These artworks are created using digital tools and software, allowing artists to bring their imagination to life. The market offers various use cases for digital artworks, including digital advertising, gaming, entertainment, and interior design.

Market Dynamics:
The growth of the Digital Artwork Market can be attributed to two main drivers. Firstly, the increasing adoption of digital platforms and social media platforms has provided a vast canvas for artists to exhibit and sell their digital artworks. This has led to a significant rise in the number of digital artists and increased the visibility of their artworks. Secondly, the growing demand for NFT artworks has contributed to the market growth. NFT artworks, backed by blockchain technology, offer unique ownership and provenance to digital artworks, providing new opportunities for artists and collectors in the market. The combination of these drivers is expected to drive the growth of the Digital Artwork Market over the forecast period.