non fungible tokens market

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 2022
  • Pages: 115
  • Format: PDF
  • Report ID: PM2519
  • Base Year: 2021
  • Historical Data: 2018-2020

Report Summary

The global non-fungible tokens market was valued at USD 18.47 billion in 2021 and is expected to grow at a CAGR of 34.1% during the forecast period. NFT suppliers would benefit financially from increasing applications of non-fungible tokens in supply network administration, retail, and the fashion sector, as well as from industry titans' attempts to make the Metaverse a realization and from non-fungible tokens' ability to be personalized.

Non-fungible Token Market Size
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They are electronic assets that mimic real-world artifacts, including music, artwork, video games, and other media. They utilize identical basic software as similar cryptos and are constructed on blockchains. Every it includes unique identifying numbers and information to differentiate themselves from each other. Increasing awareness regarding NFTs among the population is expected to boost industry demand over the forecast period.

Nevertheless, the unpredictability of the industry poses the biggest threat to the expansion of the market globally. The scarcity, distinctiveness, perspective of proprietors and purchasers, and accessibility of distributing networks all play a significant role in its evaluation. These factors are anticipated to hamper the growth of the non-fungible market over the projected period.

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, it is anticipated that more gaming projects will employ non-fungible tokens to advertise their offerings, draw users in, and enhance user engagement, creating lucrative industry growth opportunities.

Another of the key elements 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, which was 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.

By Type

By Application

By End-Use

By Region

  • Digital Asset
  • Physical Asset

 

  • Collectibles
    • Audio Clip
    • Video Clip
    • Gamification
    • Others
  • Art
    • Fractal/Algorithmic Art
    • Pixel Art
    • Computer Generated Painting
    • 2D/3D Computer Graphics
    • 2D/3D Painting
    • GIFs
    • Others
  • Gaming
    • Video Game
    • Trading Card Game (TCG)
    • Strategy Role Playing Game (RPG)
    • Others
  • Utilities
    • Domain Names
    • Tickets
    • Assets Ownership
  • Sport
  • Metaverse
  • Others

 

  • Commercial
  • Personal

·         

  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Netherlands, Russia, Spain)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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Digital asset type segment holds the biggest market share

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 make it possible for people to assert their ownership and confirm the legitimacy of any unauthorized transactions involving their assets.

Collectibles application segment is expected to dominate the market

non-fungible tokens collectible markers use blockchain technology to recognize possession of electronic collectibles. This applies to audio clips, video clips, gamification, and other collected media. The ease of trading non-fungible token collectibles is among the main factors driving their rise. These are simple to buy and trade online, anywhere around the globe. Because NFTs are unique, they have emerged as one of the highest transacted digital instruments.

The sports application segment is expected to grow significantly due to its increasing popularity among the sports industry throughout the globe as they enable athletes to market their identities and offers possibilities for interaction with followers by boosting fan involvement.

The market demand in North America is expected to dominate the global industry

North America dominated the global non-fungible tokens market in 2021 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 in the region.

Competitive Insight

Major players operating the global non-fungible tokens market include 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.

These players are adopting marketing strategies such as mergers & acquisitions, product launches, and investing in research and development to increase their global share and enlarge their customer base.

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.

In March 2022, Algorand, a blockchain cryptocurrency platform using proof-of-stake, and LimeWire announced their alliance. Algorand will serve as the foundation for the former company's NFT marketplace due to this agreement.

In May 2020, With OpenSea, Torus completed its most recent DApp integration. With the help of this connection, consumers of Torus may trade, bid on, and auction off more than ten million different digital items on OpenSea.

Non-fungible Tokens Market Report Scope

Report Attributes

Details

Market size value in 2021

USD 18.47 billion

Revenue forecast in 2030

USD 506.61 billion

CAGR

34.1% from 2022 - 2030

Base year

2021

Historical data

2018 - 2020

Forecast period

2022 - 2030

Quantitative units

Revenue in USD billion and CAGR from 2022 to 2030

Segments covered

By Type, By Application, By End-Use, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America; Middle East & Africa

Key companies

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

Key Take-Away
Polaris Market Research
Global Non-fungible Tokens Market Size Report, 2022 - 2030