The global non-fungible token market size was US$ 16 billion in 2021. The global non-fungible token market size is forecast to reach US$ 212 billion by 2030, growing at a compound annual growth rate (CAGR) of 33.7% during the forecast period from 2022 to 2030.
NFTs are used to determine who owns a particular digital item (typically a digital artwork). They’re causing havoc in industries as diverse as art, gaming, events, and insurance. NFTs include things like tweets, GIFs, photographs, songs, and movies. NFTs, like cryptocurrencies, are part of a global ecosystem that is borderless, decentralized, and based on virtual-crypto marketplaces. The legitimacy, provenance, and ownership of NFTs are verified using blockchain technology, which is a decentralized, immutable ledger of transactions.
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Factors Influencing Market Growth
Increasing awareness about NFTs, the rising trend of digital artworks, and a surge in adoption in the gaming sector drive the global market.
Troubles regarding frauds and scams and the absence of standardization may slow down the overall market growth.
Rising demand for decentralized marketplaces and the growing popularity of social media channels are forecast to offer lucrative opportunities for the global market during the forecast period.
Impact Analysis of COVID-19
The COVID-19 pandemic had a positive impact on the global market. Several governments implemented a lockdown in order to reduce the spread of the deadly virus. This caused fast-forwarded adoption of NFT technology in many other traditional markets, especially NFT related to art. Due to lockdown, art galleries were unable to function, and art sellers and collectors had to adopt the digital space. This increased the demand for NFT-related assets.
Regional Analysis
The Asia Pacific region had a substantial market share in 2021 and is forecast to remain dominant during the forecast period. As a result of the surge in the number of recent developments like the debut of non-fungible tokens. In addition, the increasing popularity of these tokens in countries such as China, India, and Japan.
North America is forecast to have lucrative growth during the forecast period. As a result of the increasing digital art, growing development, and the advancement of cryptocurrencies.
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Leading Competitors
The leading prominent companies profiled in the global non-fungible token market are:
Cloudflare, Inc.
Dapper Labs, Inc.
Dolphin Entertainment, Inc.
Funko
Gemini Trust Company, LLC.
Onchain Labs, Inc.
Ozone Networks, Inc.
PLBY Group, Inc.
Takung Art Co., Ltd.
YellowHeart, LLC
Other Prominent Players
Scope of the Report
The global non-fungible token market segmentation focuses on Type, Application, End-Use, and Region.
Segmentation based on Type
Digital Asset
Physical Asset
Segmentation based on Application
Collectibles
o Video Clip
o Audio Clip
o Gamification
o Others
Art
o Pixel Art
o Fractal/Algorithmic Art
o Computer Generated Painting
o 2D/3D Painting
o 2D/3D Computer Graphics
o GIFs
o Others
Gaming
o Trading Card Game (TCG)
o Video Game
o Strategy Role Playing Game (RPG)
o Others
Utilities
o Tickets
o Domain Names
o Assets Ownership
? Metaverse
? Sport
? Others
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Segmentation based on End-Use
Commercial
Personal
Segmentation based on Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
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