Non-fungible Tokens Market Share, Size, Trends, Industry Analysis Report, By Type (Digital Asset, Physical Asset); By Application (Collectibles, Gaming, Art, Utilities, Sport, Metaverse, Others); By End-Use; By Region; Segment Forecast, 2022 - 2030
- Published Date:Jul-2023
- Pages: 115
- Format: PDF
- Report ID: PM2519
- Base Year: 2022
- Historical Data: 2019-2021
Report Outlook
The global non-fungible tokens market was valued at USD 24.78 billion in 2022 and is expected to grow at a CAGR of 32.6% during the forecast period.
Non-fungible tokens (NFTs) have the potential to bring financial benefits to suppliers through their expanding applications in various sectors, such as supply network administration, retail, and the fashion industry. Additionally, the industry titans' efforts to realize the Metaverse and the ability of NFTs to be personalized further contribute to the financial prospects for NFT suppliers.
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As electronic assets replicating real-world artifacts like music, artwork, and video games, NFTs are built on blockchains using underlying software like other cryptocurrencies. Each NFT possesses unique identifying numbers and information that differentiate them. As the general population becomes more aware of NFTs, the industry's demand is expected to grow significantly in the foreseeable future.
However, the main challenge to the global expansion of the NFT market lies in its inherent volatility. Several factors, including scarcity, distinctiveness, the perspectives of both owners and buyers and the accessibility of distribution networks, play crucial roles in evaluating NFTs. These factors are anticipated to hinder the market's growth during the projected period. Nonetheless, as the industry continues to evolve, it is expected that innovative solutions and strategies will emerge to mitigate these challenges, allowing the NFT market to thrive and flourish.
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Industry Dynamics
Growth Drivers
One of the critical developments for the industry during the projected timeframe is the tokenization of games. Players may purchase NFT-based commodities, including digital property, identities, membership to exclusive groups, outfits, and weaponry for characters in the emerging electronic world controlled by blockchain. Furthermore, more gaming projects are anticipated to employ non-fungible tokens to advertise their offerings, draw users in, and enhance user engagement, creating lucrative industry growth opportunities.
Another key element promoting the industry's expansion is the investment acquired by non-fungible token firms. For example, Magic Eden, a non-fungible token platform, secured USD 27 million in a Series A investment in March 2022. Grants by Solana Ventures and Sequoia were included in the transaction, headed by Paradigm. The money will go toward increasing the business's offerings of both operations and goods.
Report Segmentation
The market is primarily segmented based on type, application, end-use, and region.
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By Type |
By Application |
By End-Use |
By Region |
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The digital asset segment accounted for the highest market share over the forecasted period
The digital asset segment is anticipated to grow at a considerable pace throughout the forecast period as a result of artists throughout the world using NFTs to secure ownership of digital creations. Furthermore, increasing awareness regarding these assets will propel segment growth in the coming years.
The physical asset segment is expected to grow considerably throughout the forecast period because non-fungible tokens allow people to assert their ownership and confirm the legitimacy of unauthorized transactions involving their assets.
The collectibles application segment is expected to dominate the market in 2022.
The collectibles application segment is anticipated to dominate the market. Collectibles, including digital artworks, trading cards, and virtual items, hold unique value and appeal to passionate collectors. The scarcity and authenticity ensured by blockchain technology contribute to their desirability.
Online platforms dedicated to NFT collectibles facilitate trading and customization, further driving their popularity. While other applications show potential, the collectibles segment has gained significant traction and is expected to continue its dominance. The evolving NFT market may introduce new applications, diversifying its landscape.
North America dominated the global market in 2022
North America dominated the global non-fungible tokens market in 2022 and is anticipated to maintain its dominance throughout the projected period. The presence of prominent players operating in blockchain technology in countries including the U.S. and Canada is expected to increase the non-fungible tokens market demand throughout the projected period.
The Asia Pacific is anticipated to grow faster during the forecast period due to the increasing adoption of advanced technologies and cryptocurrency. It is also expected that an increase in the number of entrepreneurs in the area creating metaverse platforms will accelerate non-fungible token industry growth. Furthermore, throughout the projected timeframe, numerous business opportunities are being made by the region's growing gaming sector, which is expected to propel non-fungible tokens market growth.
Competitive Insight
Some of the major players operating in the global market include Antier Solutions Pvt. Ltd., Appdupe, Cloudflare, Inc., CryptoKitties, Dapper Labs, Inc., Dolphin Entertainment, Inc., Funko, Gala Games, Gemini Trust Company, LLC., Larva Labs, Onchain Labs, Inc., Ozone Networks, Inc., PLBY Group, Inc., Solanart, Sorare, Takung Art Co., Ltd., and YellowHeart, LLC.
Recent Developments
- In January 2022, UFC and Dapper Labs, the company behind NFL ALL DAY and NBA Top Shot, announced the official release of their much-awaited NFT collectible item, UFC Strike.
- In March 2022, The Sandbox collaborated with World of Women, a pioneering NFT community, to give them a generous grant of USD 25 million to increase the representation of women in digital spaces.
Non-fungible Tokens Market Report Scope
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Report Attributes |
Details |
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Market size value in 2023 |
USD 32.70 billion |
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Revenue forecast in 2030 |
USD 236.38 billion |
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CAGR |
32.6% from 2023 – 2030 |
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Base year |
2022 |
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Historical data |
2019 – 2021 |
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Forecast period |
2023 – 2030 |
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Quantitative units |
Revenue in USD billion and CAGR from 2023 to 2030 |
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Segments Covered |
By Type, By Application, By End-Use, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key Companies |
Antier Solutions Pvt. Ltd., Appdupe, Cloudflare, Inc., CryptoKitties, Dapper Labs, Inc., Dolphin Entertainment, Inc., Funko, Gala Games, Gemini Trust Company, LLC., Larva Labs, Onchain Labs, Inc., Ozone Networks, Inc., PLBY Group, Inc., Solanart, Sorare, Takung Art Co., Ltd., and YellowHeart, LLC. |
FAQ's
The global non-fungible tokens market size is expected to reach USD 236.38 billion by 2030.
Key players in the non-fungible tokens market are Antier Solutions Pvt. Ltd., Appdupe, Cloudflare, Inc., CryptoKitties, Dapper Labs, Inc., Dolphin Entertainment, Inc.
North America contribute notably towards the global non-fungible tokens market.
The global non-fungible tokens market is expected to grow at a CAGR of 32.6% during the forecast period.
The non-fungible tokens market report covering key segments are type, application, end-use, and region.
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