Non Fungible Token Market Size, Share & Growth Report | 2031
Non Fungible Token Market Size, Share & Growth Report | 2031
Segments - Non-fungible Token Market by Applications (Gaming, Utilities, Metaverse, Collectibles, Art, Sports, Collectibles, and Others), Types (Digital Asset and Physical Asset), End-users (Commercial and Personal), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028
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| Report ID :ICT-SE-4583
| 4.1 Rating
| 83 Reviews
| 192 Pages
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Report Description
The global non-fungible token market size was valued at USD 50.11 billion in 2020 and is expected to expand at a CAGR of 10.8% during the forecast period, 2021–2028. The growth of the market is attributed to increasing demand for cryptocurrency. Cryptocurrency is used for low-cost digital currency payment methods.
Non-fungible tokens are used to digitally characterize any item, including online-only resources such as digital artwork as well as real-world assets such as real estate. Digital art is a piece of art or a technique that uses digital technology in a creative or presentation process. The originality and authenticity of creative works is secured by non-fungible tokens; therefore, it is important to artists. Artists benefit directly from their work with NFTs. NFTs eliminate the need for intermediaries, allowing artists and original producers to receive commission every time the NFT is exchanged. Moreover, the second most popular cryptocurrency, Ethereum, is often utilized to pay for NFT purchases. NFTs emerged as a new way for content producers to sell their work while keeping complete transparency and ownership legitimacy.
The COVID-19 pandemic spurred the adoption of technology in a variety of traditional industries, including the arts. Art+Tech start-ups raised USD 380 million since the beginning of 2020, according to Fuelarts, an accelerator that supports innovation in the art business. Prior to the pandemic, these start-ups received a total of USD 640 million in funding during the previous 20 years. Following the emergence of COVID-19, NFTs registered a surge in popularity. For the first time, several platforms have been made accessible to trade NFTs using bitcoin. For instance, MasterCard collaborated with Coinbase to allow customers to customize their Mastercard cards to make purchases on Coinbase's NFT marketplace.
Market Trends, Drivers, Restraints, and Opportunities
- Leveraging digital assets is expected to drive the market during the forecast period.
- Increasing demand for digital artworks is anticipated to boost the market in the coming years.
- Rising demand for a decentralized marketplace is propelling the market.
- Concerns regarding scams and fraud are projected to hamper the market during the forecast period.
- Advent of secondary platforms for reselling NFTs are estimated to create lucrative opportunities for market players.
Scope of the Report
The report on the global non-fungible token market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes |
Details |
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Report Title |
Non-fungible Token Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2020 |
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Historic Data |
2018–2019 |
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Forecast Period |
2021–2028 |
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Segmentation |
Applications (Gaming, Utilities, Metaverse, Collectibles, Art, Sports, Collectibles, and Others), Types (Digital Asset and Physical Asset), End-users (Commercial and Personal) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
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Key Players Covered in the Report |
Takung Art Co., Ltd.; PLBY Group, Inc.; Dapper Labs, Inc.; Funko Inc.; Dolphin Entertainment, Inc.; YellowHeart; OpenSea (Ozone Networks, Inc.); Cloudflare, Inc.; and MakersPlace (Onchain Labs, Inc.) |
Market Segment Insights
Collectibles segment to expand at a considerable CAGR
On the basis of applications, the non-fungible token market is segmented into gaming, utilities, metaverse, collectibles, art, sports, collectibles, and others. The collectibles segment is projected to expand at a considerable CAGR during the forecast period. Collectibles are rare and precious artefacts that collectors seek out and buy. Traders seeking short-term gains and crypto billionaires who enjoy collecting goods are examples of collectors. The categories of collectibles include art, video, music, and games, to name a few. Collectibles provide a variety of benefits, including independence, ease, and liquidity. Unknown artists, for example, can instantly connect with potential buyers and sell their creations. The gaming segment is anticipated to account for a major market share during the forecast period. The gaming industry is evolving with creative advanced games such as Strategy Role Playing Game, in which gamers may create a game character and use NFT to acquire ownership of that character, which can then be sold on other marketplaces.
Digital Asset segment to hold a significant share of the market
In terms of types, the market is bifurcated into digital asset and physical asset. The digital asset segment is expected to hold a significant share of the market in the coming years, due to rising demand for digital artworks. The physical asset segment accounts for a significant market share, due to increasing need of a decentralized marketplace.
Commercial segment to expand at a high rate during the forecast period
Based on end-users, the non-fungible token market is segregated into commercial and personal. The commercial segment is expected to expand at a high rate during the forecast period, due to the increasing demand for NFTs for use in businesses. The personal segment is expected to be the fast-growing segment during the forecast period, owing to transparency and immutability. This ensures that supply chain data is authentic and comes from a trustworthy source.
North America is anticipated to constitute a key market share
In terms of regions, the non-fungible token market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the forecast period, owing to the presence of major players of the market in the region. The market in Asia Pacific is anticipated to expand at a rapid pace during the forecast period, due to increasing adoption of cryptocurrencies in some prominent countries.
Segments
The global non-fungible token market has been segmented on the basis of
Applications
- Gaming, Utilities
- Metaverse
- Collectibles
- Art
- Sports
- Collectibles
- Others
Types
- Digital Asset
- Physical Asset
End-users
- Commercial
- Personal
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Takung Art Co., Ltd.
- PLBY Group, Inc.
- Dapper Labs, Inc.
- Funko Inc.
- Dolphin Entertainment, Inc.
- YellowHeart
- OpenSea (Ozone Networks, Inc.)
- Cloudflare, Inc.
- MakersPlace (Onchain Labs, Inc.)
Competitive Landscape
Key players competing in the global non-fungible token market are Takung Art Co., Ltd.; PLBY Group, Inc.; Dapper Labs, Inc.; Funko Inc.; Dolphin Entertainment, Inc.; YellowHeart; OpenSea (Ozone Networks, Inc.); Cloudflare, Inc.; and MakersPlace (Onchain Labs, Inc.)
In order to improve their market position and extend their client base, these organizations are adopting a number of organic and inorganic growth tactics. PLBY Group, Inc., for example, launched Rabbitars, a new NFT initiative in October 2021. The business joined the blockchain and NFT industry to deliver Playboy's new membership options. It debuted Liquid Summer, a collection of digital artworks developed in partnership with Slimesunday, as its inaugural NFT release. This collection was sold out in 3 minutes after being disseminated through Nifty portals. Vendor initiatives such as these are propelling the market.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Non-fungible Token Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Non-fungible Token Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Non-fungible Token Market - Supply Chain
4.5. Global Non-fungible Token Market Forecast
4.5.1. Non-fungible Token Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Non-fungible Token Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Non-fungible Token Market Absolute $ Opportunity
5. Global Non-fungible Token Market Analysis and Forecast by Types
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Types
5.2.2. Y-o-Y Growth Projections by Types
5.3. Non-fungible Token Market Size and Volume Forecast by Types
5.3.1. Digital Asset
5.3.2. Physical Asset
5.4. Absolute $ Opportunity Assessment by Types
5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Non-fungible Token Market Analysis and Forecast by Region
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Region
6.2.2. Y-o-Y Growth Projections by Region
6.3. Non-fungible Token Market Size and Volume Forecast by Region
6.3.1. North America
6.3.2. Latin America
6.3.3. Europe
6.3.4. Asia Pacific
6.3.5. Middle East and Africa (MEA)
6.4. Absolute $ Opportunity Assessment by Region
6.5. Market Attractiveness/Growth Potential Analysis by Region
6.6. Global Non-fungible Token Demand Share Forecast, 2019-2026
7. North America Non-fungible Token Market Analysis and Forecast
7.1. Introduction
7.1.1. Basis Point Share (BPS) Analysis by Country
7.1.2. Y-o-Y Growth Projections by Country
7.2. North America Non-fungible Token Market Size and Volume Forecast by Country
7.2.1. U.S.
7.2.2. Canada
7.3. Absolute $ Opportunity Assessment by Country
7.4. North America Non-fungible Token Market Size and Volume Forecast by Types
7.4.1. Digital Asset
7.4.2. Physical Asset
7.5. Basis Point Share (BPS) Analysis by Types
7.6. Y-o-Y Growth Projections by Types
7.7. Market Attractiveness/Growth Potential Analysis
7.7.1. By Country
7.7.2. By Product Type
7.7.3. By Application
7.8. North America Non-fungible Token Demand Share Forecast, 2019-2026
8. Latin America Non-fungible Token Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.1.3. Latin America Average Pricing Analysis
8.2. Latin America Non-fungible Token Market Size and Volume Forecast by Country
8.2.1. Brazil
8.2.2. Mexico
8.2.3. Rest of Latin America
8.3. Absolute $ Opportunity Assessment by Country
8.4. Latin America Non-fungible Token Market Size and Volume Forecast by Types
8.4.1. Digital Asset
8.4.2. Physical Asset
8.5. Basis Point Share (BPS) Analysis by Types
8.6. Y-o-Y Growth Projections by Types
8.7. Market Attractiveness/Growth Potential Analysis
8.7.1. By Country
8.7.2. By Product Type
8.7.3. By Application
8.8. Latin America Non-fungible Token Demand Share Forecast, 2019-2026
9. Europe Non-fungible Token Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Europe Average Pricing Analysis
9.2. Europe Non-fungible Token Market Size and Volume Forecast by Country
9.2.1. Germany
9.2.2. France
9.2.3. Italy
9.2.4. U.K.
9.2.5. Spain
9.2.6. Russia
9.2.7. Rest of Europe
9.3. Absolute $ Opportunity Assessment by Country
9.4. Europe Non-fungible Token Market Size and Volume Forecast by Types
9.4.1. Digital Asset
9.4.2. Physical Asset
9.5. Basis Point Share (BPS) Analysis by Types
9.6. Y-o-Y Growth Projections by Types
9.7. Market Attractiveness/Growth Potential Analysis
9.7.1. By Country
9.7.2. By Product Type
9.7.3. By Application
9.8. Europe Non-fungible Token Demand Share Forecast, 2019-2026
10. Asia Pacific Non-fungible Token Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Asia Pacific Average Pricing Analysis
10.2. Asia Pacific Non-fungible Token Market Size and Volume Forecast by Country
10.2.1. China
10.2.2. Japan
10.2.3. South Korea
10.2.4. India
10.2.5. Australia
10.2.6. Rest of Asia Pacific (APAC)
10.3. Absolute $ Opportunity Assessment by Country
10.4. Asia Pacific Non-fungible Token Market Size and Volume Forecast by Types
10.4.1. Digital Asset
10.4.2. Physical Asset
10.5. Basis Point Share (BPS) Analysis by Types
10.6. Y-o-Y Growth Projections by Types
10.7. Market Attractiveness/Growth Potential Analysis
10.7.1. By Country
10.7.2. By Product Type
10.7.3. By Application
10.8. Asia Pacific Non-fungible Token Demand Share Forecast, 2019-2026
11. Middle East & Africa Non-fungible Token Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Middle East & Africa Average Pricing Analysis
11.2. Middle East & Africa Non-fungible Token Market Size and Volume Forecast by Country
11.2.1. Saudi Arabia
11.2.2. South Africa
11.2.3. UAE
11.2.4. Rest of Middle East & Africa (MEA)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Middle East & Africa Non-fungible Token Market Size and Volume Forecast by Types
11.4.1. Digital Asset
11.4.2. Physical Asset
11.5. Basis Point Share (BPS) Analysis by Types
11.6. Y-o-Y Growth Projections by Types
11.7. Market Attractiveness/Growth Potential Analysis
11.7.1. By Country
11.7.2. By Product Type
11.7.3. By Application
11.8. Middle East & Africa Non-fungible Token Demand Share Forecast, 2019-2026
12. Competition Landscape
12.1. Global Non-fungible Token Market: Market Share Analysis
12.2. Non-fungible Token Distributors and Customers
12.3. Non-fungible Token Market: Competitive Dashboard
12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
12.4.1. Takung Art Co., Ltd.
12.4.2. PLBY Group, Inc.
12.4.3. Dapper Labs, Inc.
12.4.4. Funko Inc.
12.4.5. Dolphin Entertainment, Inc.
12.4.6. YellowHeart
12.4.7. OpenSea (Ozone Networks, Inc.)
Methodology
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