JERSEY CITY, N.J. – Verified Market Research recently published a report, “Non-Fungible Tokens Market” By Product Type (Personal, Commercial), By End User (Media And Entertainment, Gaming), and By Geography. According to Verified Market Research, the Non-Fungible Tokens Market size was valued at USD 11.32 Billion in 2021 and is projected to reach USD 231.98 Billion by 2030, growing at a CAGR of 33.7% from 2022 to 2030.

Global Non-Fungible Tokens Market Overview

One of the main reasons for the exponential rise in NFT demand is that NFTs have expanded their horizons beyond music, films, and sports to include other streams such as Metaverse and, in particular, gaming. Enjin, for example, was one of the first big gaming firms to combine blockchain technology with its infrastructure and issue ENJ, a gaming cryptocurrency that is officially whitelisted for use in Japan, in 2017. By transforming in-game assets into NFTs, gamers can generate cash from them in-game assets.

According to Forbes, Axie Infinity saw a surge in user growth in the Philippines after providing gamers with an alternative source of money during the pandemic. As a result, the gaming industry has established itself as a huge growth prospect for NFT, particularly the play-to-earn blockchain gaming model. However, there is a threat of duplication of genuine works, such as images, photographs, music pieces, etc. Without the consent of the creator, such duplicated assets can be personalized and spread online very easily. This is restraining the baseline of the Non-Fungible Tokens Market.

Key Developments

  • In March 2022, The Sandbox partnered with the first of its kind NFT community, World of Women, to provide them with grand funding of USD 25 million to amplify the representation of women in the digital spaces.
  • In January 2022, Dapper Labs, in collaboration with UFC, the world’s premier mixed martial arts organization, officially launched their highly anticipated NFT collectible product, UFC Strike. UFC Strike Moment NFT is designed to capture, memorialize, and celebrate a specific instance of UFC history.
  • In November 2021, with the integration with Adobe, OpenSea had added new features such as a new collection review pop-up, updates on the activity page, creator address on collection pages, and homepage top collection, among others.
  • In May 2020, Torus did its latest DApp integration with OpenSea. With this integration, Torus’ customers can buy, sell, make bids, and auction over ten million unique digital collectibles on OpenSea.

Key Players

The major players in the market are Cloudflare, Gemini Trust, OpenSea, Semidot Infotech, Dapper Labs, The Sandbox (China), Axie Infinity (Vietnam), Rarible, Art Blocks, Foundation, Superrare, Mintbase, Larva Labs (US), Appdupe (India), CryptoKitties (Canada), Sorare (France), Yellow Heart, Onchain Labs, Solanart (France), Gala Games (US), and others.

Verified Market Research has segmented the Global Non-Fungible Tokens Market On the basis of Product Type, End Users, and Geography.

  • Non-Fungible Tokens Market, By Product Type
    • Personal
    • Commercial
  • Non-Fungible Tokens Market, By End Users
    • Media and Entertainment
    • Gaming
    • Others (Finance, Healthcare, Retail, Research, and Academia)
  • Non-Fungible Tokens Market, by Geography
    • North America
      • U.S
      • Canada
      • Mexico
    • Europe
      • Germany
      • France
      • U.K
      • Rest of Europe
    • Asia Pacific
      • China
      • Japan
      • India
      • Rest of Asia Pacific
    • ROW
      • Middle East & Africa
      • Latin America

Source: Verified Market Research