January 2024 | Report Format: Electronic (PDF)
Non-fungible Token Market Growth & Trends
The globalnon-fungible token market size is anticipated to reach USD 211.7 billion by 2030, registering a CAGR of 34.5% from 2024 to 2030, according to a new report by Grand View Research, Inc. The growing demand for digital art worldwide is one of the major factors driving market growth. Digital art is defined as the art that is displayed or created using digital technologies. The growing use of cryptocurrency globally is also anticipated to drive market growth. This is because people use cryptocurrency to purchase digital assets. According to CoinMarketCap, as of February 2022, the total global capitalization of cryptocurrency is USD 1.76 trillion, making it equivalent to the world’s 8th largest economy. The market growth of non-fungible token (NFT) companies is further supported by the substantial funding they have raised.
In August 2022, during a community event broadcast live, Collective Proof, a non-fungible token, announced that it had successfully raised USD 50 million in a Series A funding round. The funding round, led by a16z, saw the participation of several prominent investors, including Seven Seven Six, Collab+Currency, True Ventures, Flamingo DAO, SV Angel, and VaynerFund. This substantial investment comes as Proof prepares to launch its upcoming NFT collection, further solidifying its position in the NFT market. The COVID-19 pandemic had a positive impact on this market. The restrictions imposed during the pandemic confined people at home and limited their sources of income. As a result, NFT-based gaming platforms, such as Axie Game, gained popularity as they helped people earn amid the pandemic.
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Non-fungible Token Market Report Highlights
The digital asset type segment dominated the market in 2023. The rising demand for art NFTs stems from their capability to allow artists to monitor all transactions related to their work. This transaction-tracking feature facilitates artists in accessing continuous royalty payments for each transaction involving their digital art
The collectibles application segment dominated the market in 2023. Collectibles have a broad appeal and nostalgic value for many individuals. The concept of owning unique digital items, such as virtual trading cards, digital artwork, or virtual pets, resonates with collectors and enthusiasts who value the rarity and exclusivity of these items
The commercial end-use segment is expected to experience the fastest CAGR from 2024 to 2030. The demand for NFTs is growing among businesses to enable improved transactions across a range of application areas
North America accounted for a dominant revenue share in 2023. The growing use of cryptocurrency across North American countries, such as the U.S. and Canada, is expected to create new opportunities for market growth in this region
In December 2023, Fédération Internationale de Football Association (FIFA) announced its collaboration with Modex, a blockchain database provider to launch a limited NFT collection series with real-world utility ahead of the 2023 Club World Cup
According to FIFA, the new NFT collection will allow fans an opportunity to own a piece of footballing history from the competition. Such initiatives are increasing the product adoption
Non-fungible Token Market Segmentation
Grand View Research has segmented the global non-fungible token market on the basis of type, application, end-use, and region:
Non-fungible Token Type Outlook (Revenue, USD Million, 2018 - 2030)
Physical Asset
Digital Asset
Non-fungible Token Application Outlook (Revenue, USD Million, 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
Sports
Others
Non-fungible Token End-use Outlook (Revenue, USD Million, 2018 - 2030)
Personal
Commercial
Non-fungible Token Regional Outlook (Revenue, USD Million, 2018 - 2030)
North America
U.S.
Canada
Europe
UK
Germany
France
Asia Pacific
China
India
Japan
Australia
South Korea
Latin America
Brazil
Mexico
Middle East & Africa
Kingdom of Saudi Arabia (KSA)
UAE
South Africa
List of Key Market Players in Non-fungible Token Market
YellowHeart, LLC
PLBY Group, Inc
Cloudflare, Inc.
Dolphin Entertainment, Inc
Takung Art Co., Ltd
Funko, Ozone Networks, Inc.
Dapper Labs, Inc
Onchain Labs, Inc.
Gemini Trust Company, LLC
