Smart contracts are self-executing contracts with terms of agreement between buyer and seller being directly written into lines of code. They not only define the rules and penalties around an agreement in the same way that a traditional contract does, but also automatically enforce those obligations. Smart contracts eliminate the risks and costs associated with third-party involvement and provide transparency to all involved parties. Smart contracts are being widely used in various applications such as payments, escrow, titles, copyrights, patents, medical records management, identity management and much more.

The Global Smart Contracts Market is estimated to be valued at US$ 287.71 Bn in 2024 and is expected to exhibit a CAGR of 16% over the forecast period 2024 to 2030.

Key Takeaways

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. Rapid adoption of blockchain technology and growing cryptocurrencies market are the key factors fuelling the demand for smart contracts. Technological advancements such as integration of IoT, AI and cloud computing are further enhancing the capabilities of smart contracts.

Market Trends

Decentralized Finance (DeFi) has become one of the biggest trends in the Smart Contracts Market Size. DeFi allows for financial services without centralized intermediaries and provides an open financial system built on Ethereum. NFTs for digital assets are also gaining steady traction in the market. The ability to tokenize real-world assets using smart contracts is another emerging trend.

Market Opportunities

Growing application of smart contracts in payments and supply chain management presents significant opportunities. Banking and financial institutions are exploring ways to integrate smart contracts for developing novel products and services. Governments and public services can leverage blockchain-enabled smart contracts to improve transparency and eliminate intermediaries.

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