SAN FRANCISCO – The global non-fungible token market size is anticipated to total USD 211.72 billion by 2030, witnessing growth at a CAGR of 33.9% from 2022 to 2030 according to a new report by Grand View Research, Inc. Rising popularity of digital artwork across the globe is the key factor propelling the market growth. Like other sectors, the ongoing technological advancements have thrived the art world. Using these technologies, the art is created or displayed, which is called digital art. This art is gaining tremendous prominence in today’s fast world, which has positively impacted the NFT market to grow at a fast pace.

Key Industry Insights & Findings from the report:

  • In 2021, based on type, the digital asset has accounted maximum market revenue share of more than 71% of the overall market. The growth is attributed to the rising demand for NFTs for the safety and security of digital assets across the globe.
  • The physical asset segment is emerging as the second largest segment estimated to showcase a lucrative growth rate during the forecast period.
  • The collectibles section accounted for over 53% of the total market revenue share of the overall market in 2021.
  • Based on the application, the sports segment is projected to increase market revenue during the forecast period. NFT is creating opportunities for athletes to promote their names and engage in people interaction.
  • The personal segment dominated the non-fungible token (NFT) market in 2021 and accounted for more than 61.0% share of the global revenue.
  • Due to the rising demand for NFT for supply chain innovations and logistics, the commercial section is expected to expand at the largest CAGR during the forecast period.
  • North America accounted for a maximum revenue share of 31% of the total market in 2021.
  • The market in the Asia Pacific is anticipated to exhibit growth at the highest CAGR during the forecast period owing to the increasing adoption of cryptocurrency across the region.

Non-fungible Token Market Growth & Trends

Furthermore, the growing inclination toward the use of cryptocurrency worldwide is flourishing the market. Cryptocurrency is surging to be the largest economy in the world changing the face of global capitalization. Hence, the key companies operating in the market are increasing their investments and funding toward NFT.

The COVID-19 outbreak has favoured the market. The stringent lockdown restrictions made the population explore the digital world. Moreover, it has affected the economic system of the globe due to recession and halt of work in various sectors. However, due to digital platforms, people found ways to earn money online. Thus, this took NFT-based platforms and apps to a new level, creating opportunities for market expansion.

Non-fungible Token Market Segmentation

Grand View Research has segmented the global non-fungible token market based on type, application, end-use, and region:

Type Outlook (Revenue, USD Billion, 2018 – 2030)

  • Physical Asset
  • Digital Asset

Application Outlook (Revenue, USD Billion, 2018 – 2030)

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

End-use Outlook (Revenue, USD Billion, 2018 – 2030)

  • Personal
  • Commercial

Regional Outlook (Revenue, USD Billion, 2018 – 2030)

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
    • Mexico
    • Middle East & Africa

List of Key Players in the Non-Fungible Token (NFT) Market

  • 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.

Source: Grand View Research, Inc.