The global non-fungible tokens market size is expected to reach USD 506.61 billion by 2030, according to a new study by Polaris Market Research. The report “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” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The rising demand for electronic artworks is among the major drivers propelling the expansion of the non-fungible token industry globally. Via online social networks, as well as other digital platforms, NFT has acquired popularity in digital creative applications throughout the world. Moreover, the increasing entrance of new industry players worldwide is expected to increase the industry demand over the forecast period.
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Furthermore, among the significant NFT developments for the current and upcoming decades is the expansion of music as it has been affected by non-fungible tokens. Musical NFTs offer life-changing experiences and are expected to soar over the projected period. Due to modern innovation, it is now feasible to publish soundbites, songs, and lyrics as non-fungible tokens. Additionally, NFT producers may include music into original works of art by combining electronic art in a variety of forms with music which is expected to create lucrative opportunities for the market development of non-fungible tokens.
Non-fungible Tokens Market Report Highlights
- Increasing initiatives by emerging companies are expected to boost industry demand over the projected period. For instance, with a $25 million fund, World of Women and The Sandbox collaborate to guide and assist women in the metaverse.
- The personal end-use segment is anticipated to grow considerably over the forecast period due to increasing investment in digital currencies and assets worldwide. An online publishing business called CryptoSlam estimates that over USD 1 billion was transacted on digital assets in February 2021. One of the main factors encouraging investments in digital assets is the rising value of NFTs.
- North America is expected to hold a significant market share throughout the projected period due to the increasing adoption of digital currencies. For instance, nearly 46 million Americans hold a share of Bitcoin as of 2021, while about 106 million individuals worldwide use cryptocurrency.
- Market participants include Antier Solutions Pvt. Ltd., Cloudflare, Inc., Appdupe, Dapper Labs, Inc., Dolphin Entertainment, Inc., Takung Art Co., Ltd., CryptoKitties, Gala Games, Funko, Gemini Trust Company, LLC., Larva Labs, Ozone Networks, Inc., Onchain Labs, Inc., Solanart, PLBY Group, Inc., Sorare, and YellowHeart, LLC are some of the key players operating in the market.
Polaris Market Research has segmented the non-fungible tokens market report based on type, application, end-use and region:
Non-fungible Tokens, Type Outlook (Revenue – USD Billion, 2018 – 2030)
- Digital Asset
- Physical Asset
Non-fungible Tokens, Application Outlook (Revenue – USD Billion, 2018 – 2030)
- Audio Clip
- Video Clip
- Fractal/Algorithmic Art
- Pixel Art
- Computer Generated Painting
- 2D/3D Computer Graphics
- 2D/3D Painting
- Video Game
- Trading Card Game (TCG)
- Strategy Role Playing Game (RPG)
- Domain Names
- Assets Ownership
Non-fungible Tokens, End-Use Outlook (Revenue – USD Billion, 2018 – 2030)
Non-fungible Tokens, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa