Non-fungible Tokens Market Size & Growth Analysis to 2030

The global non-fungible tokens market size is expected to experience a robust CAGR of around 34% during the forecast period from 2022 to 2028. The growing demand for the technology in various applications such as gaming, digital art, music, metaverse, and others is a major factor to drive the market growth. Furthermore, the growing demand for NFTs around the globe due to their uniqueness, transparency, individuality, and exchangeable and secure ownership is further expected to boost market growth. Moreover, the growing adoption of the technology in supply chain management, retail, and fashion is projected to propel market growth. However, the lack of standardization and the issues with copyright protection are some major factors expected to restrain the market growth.

Market Drivers:

Digital ownership and scarcity: NFTs provide a unique digital ownership experience by utilizing blockchain technology. Each NFT represents a distinct and irreplaceable asset, whether it’s digital art, collectibles, virtual real estate, or in-game items. The concept of scarcity and uniqueness associated with NFTs attracts collectors and enthusiasts, driving demand in the market.

Growing interest in digital art and collectibles: NFTs have gained significant attention and popularity in the art and collectibles space. Artists and creators can tokenize their work and sell it directly to buyers, bypassing traditional intermediaries. The ability to prove ownership, authenticity, and provenance of digital assets through NFTs has opened new possibilities for artists, collectors, and investors, fueling the growth of the NFT market.

Creator empowerment and monetization opportunities: NFTs offer creators a new way to monetize their digital creations. Artists, musicians, writers, and other content creators can tokenize their work, sell it as NFTs, and earn royalties from secondary market transactions. This enables creators to retain control over their intellectual property, reach a global audience, and potentially generate more revenue than traditional distribution models allow.

DeFi integration and financial applications: Non-fungible tokens are increasingly being integrated into decentralized finance (DeFi) platforms and financial applications. NFTs can be used as collateral for loans, fractionalized for investment purposes, or traded on decentralized exchanges. The integration of NFTs with DeFi expands the utility and liquidity of NFT assets, attracting more participants and driving innovation in the market.

Virtual and augmented reality experiences: NFTs have the potential to enhance virtual and augmented reality experiences by enabling the ownership and trade of digital assets within these immersive environments. NFTs can represent virtual land, avatars, virtual goods, and other digital assets that can be used and traded within virtual worlds. The integration of NFTs with virtual and augmented reality technologies creates new opportunities for entertainment, gaming, and virtual commerce.

Celebrity endorsements and mainstream adoption: Prominent celebrities, athletes, and influencers endorsing and participating in the NFT market have contributed to its mainstream adoption. High-profile sales and collaborations with well-known individuals attract attention and generate interest among their fan bases and followers. This has led to increased awareness and participation in the NFT market by a broader audience.

Technological advancements and interoperability: Advancements in blockchain technology, including scalability improvements, reduced transaction costs, and interoperability between different blockchain networks, have facilitated the growth of the NFT market. These technological advancements enhance the user experience, increase accessibility, and support the seamless transfer and trading of NFT assets.

Marketplaces and platforms: The emergence of NFT marketplaces and platforms has provided infrastructure and support for buying, selling, and trading NFTs. These platforms offer a user-friendly interface, secure transactions, and a wide range of NFT categories. The availability of established marketplaces and platforms facilitates the discovery, valuation, and exchange of NFT assets, contributing to the growth of the market.

Cultural and societal shifts: The adoption of NFTs reflects larger cultural and societal shifts, including the digitalization of assets, the decentralization of ownership, and the democratization of creativity. NFTs align with the changing preferences and behaviors of digital-native generations who value digital experiences, personal expression, and direct engagement with creators.

Market Snapshot:

Market Insights:

By type, the digital asset segment is expected to hold the largest market share of over 2/3 share of the market by 2028

The global non-fungible tokens market is bifurcated into type, application, end-use, and geography. On the basis of type, the market is further segmented into physical and digital asset. The digital asset segment dominated the global market in 2021 and accounted to hold a significant market share of over 2/3 share of the global market in 2021. The growing use of non-fungible tokens for securing ownership, especially in digital artworks is a primary factor to drive the segment growth. Furthermore, the growing adoption of the NFTs in the digital real state is further expected to boost the segment growth over the forecast period.

By application, the collectibles segment dominated the global market in 2021

On the basis of application, the global market is bifurcated into collectibles, art, gaming, utilities, metaverse, sport, and others. The collectibles segment dominated the global non-fungible tokens market in 2021 and is expected to hold the largest revenue share of over half of the market by the end of the analysis period. The strong demand for crypto collectibles is a primary factor to drive the segment growth. On the other hand, the sports segment is expected to grow at a significant growth rate over the forecast period. The growing popularity of NFTs in the sports sector globally due to the growing focus to enhance fan engagement is expected to drive the segment growth.

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The non-fungible tokens comprehensive study analyzes industry trends, market size, competitive analysis, and market forecast – 2022 to 2028. Research Corridor report provides detailed premium insight into the global market and reveals the potential revenue streams, commercial prospects, market drivers, challenges, opportunities, issues, and events affecting the industry. In addition, the report has a dedicated section covering market forecasts and analysis for leading geographies, profiles of major companies operating in the market and expert opinion obtained from interviews with industry executives and experts from prominent companies.

The non-fungible tokens market research report presents the analysis of each segment from 2019 to 2028 considering 2020 as the base year for the research. The compounded annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2021 to 2027.

Historical & Forecast Period

• 2019-20 – Historical Year
• 2021 – Base Year
• 2022-2028 – Forecast Period

Market Segmentation:

By Type:

• Physical Asset
• Digital Asset

By Application:

• Collectibles
• Art
• Gaming
• Utilities
• Metaverse
• Sport
• Others

By End-Use:

• Personal
• Commercial

By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Regional Analysis:

Geographically, North America dominated the global non-fungible tokens market in 2021 and is expected to hold the largest revenue share of around 1/3 market share by the end of the analysis period. The growing adoption of NFTs among millennials is a major factor to drive the market growth in the region. Furthermore, the growing number of digital artworks and the presence of major players are further anticipated to fuel the market growth in the region. On the flip side, the Asia Pacific is expected to register the fastest growth rate in the market during the forecast period due to the increasing adoption of cryptocurrency in the region.

Competitive Assessment:

Some of the major market players operating in the global non-fungible tokens market are YellowHeart, LLC., Cloudflare, Inc., PLBY Group, Inc., Dolphin Entertainment, Inc., and Funko. Companies are exploring markets by expansion, new investment, the introduction of new services, and collaboration as their preferred strategies. Players are exploring new geography through expansion and acquisition to gain a competitive advantage through joint synergy.

Key Companies:

• YellowHeart, LLC.
• Cloudflare, Inc.
• PLBY Group, Inc.
• Dolphin Entertainment, Inc.
• Funko
• Ozone Networks, Inc.
• Takung Art Co., Ltd.
• Dapper Labs, Inc.
• Gemini Trust Company, LLC.
• Onchain Labs, Inc.

Key Questions Answered by Non-fungible Tokens Market Report

• Global non-fungible tokens market forecasts from 2022-2028
• Regional market forecasts from 2022-2028 covering Asia-Pacific, North America, Europe, Middle East & Africa, and Latin America
• Country-level forecasts from 2022-2028 covering 15 major countries from the regions as mentioned above
• Non-fungible tokens submarket forecasts from 2022-2028 covering the market by type, by application, by end-use, and geography
• Various industry models such as SWOT analysis, Value Chain Analysis about the market
• Analysis of the key factors driving and restraining the growth of the global, regional, and country-level non-fungible tokens markets from 2022-2028
• Competitive Landscape and market positioning of top 10 players operating in the market