Global Non-fungible token Market Analysis by Type, application, market type, End Users, Region and segments forecast till 2033
Market Overview
The non-fungible token market is valued at USD 55,460 million in 2022 and is projected to reach a value of USD 125,070 million in 2033 expanding at a CAGR of 10.7% over the forecast duration of 2023-2033.
Report Scope
Report Attributes | Description |
Market Forecast in 2022 | USD 55,460 million |
Market Forecast in 2033 | USD 125,070 million |
CAGR % 2023-2033 | 10.7% |
Base Year | 2022 |
Historic Data | 2020-2021 |
Forecast Period | 2023-2033 |
Report USP | Product, end-user industry, company share, company heatmap, company Capacity Technology Product capacity, growth factors and more |
Key Companies | sky mavis, Larva labs, Dapper Labs, Sandbox, Decentraland, Sorare, SuperRare, Solanart, Rarible, Foundation, MakersPlace, NBA Top Shot, Cryptopunks, Hashmasks, Cryptokitties, Ethereum Name Services, OpenSea, and Others. |
Global Non-fungible token Market- Description
A non-fungible token (NFT) is defined as a non-interchangeable unit of data which is stored on a block chain, a form of digital ledger, and can be sold and traded. There are different types of NFT data units that can be associated with digital files, such as photos, videos, and audio. Each token is uniquely identifiable AND NFTs differ from most of the cryptocurrencies, such as Bitcoin that is fungible. NFTs are also unique cryptographic tokens that mainly exist on a block chain and cannot be replicated. These are mainly used in representing real-world items, such as artwork and real estate.
NFTs helps in tokenizing these real-world tangible assets that makes buying, selling, and also trading them more efficient and helps in the reduction of the probability of fraud. NFTs can also function to represent individuals' identities, property rights, and are an ideal vehicle to digitally represent physical assets. As they are based on block chains, NFTs can work to remove intermediaries and connect artists with audiences or for identity management. NFTs are used in removing intermediaries, simplify transactions, and also in creating new markets.
The increase in demand for digital artwork is the key factor for the growth of the NFT market. Digital art is referred to the art that is created or displayed in utilizing digital technology. NFTs are valuable to the artists as they secure the authenticity and originality of block chain representations of creative work. Also, NFTs cut out intermediaries and allows artists and original creators to communicate and directly deal with clients. This has helped the creators to enable them to earn a commission every time NFT is traded.
Much of the current market for NFTs is centred around collectibles that includes digital artwork, sports cards, and rarities. The most hyped space is NBA Top Shot, which is a place to collect non-fungible tokenized NBA moments in digital card form. It is also seen that some of these cards have sold for millions of dollars. NFTs also contain ownership details for easy identification and transfer between token holders just like bitcoin. Owners can now add metadata or attribute the pertaining to the asset in NFTs.
Global Non-fungible token market- Key Trends
· Rise in awareness and demand for digital artwork.
There are a number of factors that have increased the market growth. One of the major factor that has boosted the market growth is the rising awareness and demand for digital artwork. Also, the increase in demand for decentralised market places have also increased the market growth.
· Concerns regarding scams and frauds as well as lack of standardization
On the flip side, concerns regarding scams and frauds as well as lack of standardization are expected to hamper the growth of the market during the forecast year. This is because NFTs are mostly unregulated and anyone can get the access to create as well as sell an NFT without a certainty of its actual worth.
Global Non-fungible token market- Segmental analysis
Based on type
• Physical asset
• Digital asset
The digital asset segment is expected to dominate the market growth over the forecast year. This is because the most common use for NFT is in digital material and NFTs can be used to sell digital real estate in the virtual as well as real world.
Based on application
• Collectibles
• Art
• Gaming
• Utilities
• Metaverse
• Sports
• Others
The collectible segment holds the largest market share and this is because collectibles are defined as valuable items which collectors seek and purchase. Also, the segment ranges from traders seeking short-term gains to crypto magnates.
Based on market type
• Primary market
• Secondary market
Based on end-user
• Personal
• Commercial
Commercial segment is projected to have the largest share in the market. This is because the rise in demand for NFTs for business usage is projected to drive revenue growth of the commercial segment over the forecast year.
Global Non-fungible token market - Geographical landscape
The primary regions constituting the geographical ambit of this business sphere are North America, Europe, Asia Pacific, and Middle East and Africa. North America is expected to hold the largest share in the NFTs market over the forecast duration. This is because of the increase in traction of metaverse and rise in demand for digital artwork which is coupled with rise in number of digital artists that create digital content in countries.
Global Non-fungible token Market- Recent Developments
· In March 2023, Christie's auction house announced that it had sold an NFT artwork for USD 69 million, breaking the record for the highest-ever sale of an NFT artwork. The artwork, titled "The First 5000 Days" by artist Beeple, was sold in a digital auction using blockchain technology.
· In February 2023, NBA Top Shot, a blockchain-based platform for buying and selling NBA-licensed NFTs, announced that it had raised $100 million in funding from investors. The platform has experienced explosive growth in recent months, with over 1 million users and over USD 1 billion in sales.
Global Non-fungible token Market: Company Profiles
· sky mavis
· Larva labs
· Dapper Labs
· Sandbox
· Decentraland
· Sorare
· SuperRare
· Solanart
· Rarible
· Foundation
· MakersPlace
· NBA Top Shot
· Cryptopunks
· Hashmasks
· Cryptokitties
· Ethereum Name Services
· OpenSea
· Others.
Global Non-fungible token Market: Regional Scope
North America
· U.S.
· Canada
· Mexico
Europe
· U.K.
· Germany
· France
· Italy
· Spain
· Rest of Europe
Asia Pacific
· China
· India
· Japan
· South Korea
· Australia
· Rest of Asia Pacific
South America
· Brazil
· Argentina
· Rest of South America
Middle East and Africa
· Saudi Arabia
· UAE
· Egypt
· South Africa
· Rest of Middle East and Africa
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Frequently Asked Questions
• What is the market size and growth projections?
• What is the market size and growth projection for each of the market segments and sub-segments across Countries & Regions?
• What are the top performing segments, and countries / regions of each of the markets?
• What is the market size and growth rate across key countries / regions?
• How big is the global & regional market in terms of revenue and volume?
• How far market will grow in forecast period in terms of revenue and volume?
• What factors will influence demand and supply trends across each markets during the forecast period?
• What are the technology trends shaping various markets?
• Which country / region has more opportunities?
• What is the COVID-19 impact on the market and how long will it take to recover?
• Who are the key competitors of market Players?
• What are the market share (%) of Key Players?
• What are the Merger & Acquisition, New Product Launch, Recent Development within each of the Markets?
• What are PEST analysis, Ecosystem Analysis, Porter's Five Forecast Analysis, Ansoff Matrix, and SWOT Analysis among other analyses for diverse markets?
1. Global Non-fungible token Market Introduction and Market Overview
1.1. Objective of the Market Research Study
1.2. Non-fungible token Market Definition & Description
1.3. Research Data Parameters & Reporting Timelines
1.3.1. Historical Data Reporting Years – 2020 to 2021
1.3.2. Projected Data Reporting Years – 2022 to 2033
1.3.3. Reporting Data Parameters – Value (US$ Million)
1.4. Global Non-fungible token Market Scope and Market Estimation
1.4.1. Global Non-fungible token Overall Market Size (US$ Million), Market CAGR (%), Market Estimates & Forecast (2020 to 2033)
1.4.2. Global Non-fungible token Market Revenue Share (%) and Growth Rate (Y-o-Y) from 2020 to 2033
1.5. Non-fungible token Market Segmentation
1.5.1. Type of Global Non-fungible token Market
1.5.2. Market Type of Global Non-fungible token Market
1.5.3. Application of Global Non-fungible token Market
1.5.4. End-user of Global Non-fungible token Market
1.5.5. Key Regions of Global Non-fungible token Market
2. Global Non-fungible token Market - Executive Summary
2.1. Global Non-fungible token Market – Summary & Snapshot
2.2. Global Non-fungible token Market, By Type (US$ Million)
2.3. Global Non-fungible token Market, By Market Type (US$ Million)
2.4. Global Non-fungible token Market, By Application (US$ Million)
2.5. Global Non-fungible token Market, By End User (US$ Million)
2.6. Global Non-fungible token Market, By Geography (US$ Million)
2.7. Global Non-fungible token Market Outlook & Future Opportunities
3. Non-fungible token Market Trends, Outlook, and Factors Analysis
3.1. Global Non-fungible token Market Industry Development Trends under COVID-19 Outbreak
3.1.1. Global COVID-19 Status Overview
3.1.2. Influence of COVID-19 Outbreak on Global Non-fungible token Market Industry Development
3.1.3. Pre & Post COVID-19 Trends and Scenarios
3.2. Non-fungible token Market Dynamics (Growth Impacting Factors & Rationales)
3.2.1. Drivers
3.2.1.1. The increasing demand for digital artwork
3.2.1.2. Increasing adoption of NFT in various industries especially in gaming, ticketing, real estate and others
3.2.1.3. Increasing demand for a decentralized marketplace
3.2.2. Restraints
3.2.2.1. Concerns regarding fraud and scams
3.2.3. Opportunities
3.2.3.1. The introduction of secondary platforms to resell NFTs
3.2.4. Impact Analysis of Drivers and Restraints
3.3. Ecosystem/ Value Chain Analysis
3.4. Porter’s Five Forces Analysis
3.5. SWOT Analysis
3.6. PEST Analysis
3.7. Average Selling Prices and Pricing Trends Analysis of Non-fungible token Market
3.8. Technological Roadmap
3.9. Key Investment Pockets of Non-fungible token Market
3.9.1. By Type
3.9.2. By Market Type
3.9.3. By Application
3.9.4. By End User
3.9.5. By Regions
4. Global Non-fungible token Market: Estimates & Historic Trend Analysis (2020 to 2021)
4.1. Global Non-fungible token Market, 2020 – 2021 (US$ Million)
4.2. Global Non-fungible token Market, By Type, 2020 to 2021 (US$ Million)
4.3. Global Non-fungible token Market, By Market Type, 2020 to 2021 (US$ Million)
4.4. Global Non-fungible token Market, By Application, 2020 to 2021 (US$ Million)
4.5. Global Non-fungible token Market, By End User, 2020 to 2033 (US$ Million)
4.6. Global Non-fungible token Market, By Region, 2020 to 2021 (US$ Million)
5. Global Non-fungible token Market Estimates & Forecast Trend Analysis, by Type
5.1. Global Non-fungible token Market Share (%) Estimates and Forecasts, by Type, 2022 & 2033
5.2. Global Non-fungible token Market Revenue (US$ Million) Estimates and Forecasts, by Type, 2022 to 2033
5.2.1. Physical Asset
5.2.2. Digital Asset
6. Global Non-fungible token Market Estimates & Forecast Trend Analysis, by Market Type
6.1. Global Non-fungible token Market Share (%) Estimates and Forecasts, by Market Type, 2022 & 2033
6.2. Global Non-fungible token Market Revenue (US$ Million) Estimates and Forecasts, by Market Type, 2022 to 2033
6.2.1. Primary market
6.2.2. Secondary market
7. Global Non-fungible token Market Estimates & Forecast Trend Analysis, by Application
7.1. Global Non-fungible token Market Share (%) Estimates and Forecasts, by Application, 2022 & 2033
7.2. Global Non-fungible token Market Revenue (US$ Million) Estimates and Forecasts, by Application, 2022 to 2033
7.2.1. Collectibles
7.2.2. Art
7.2.3. Gaming
7.2.4. Utilities
7.2.5. Metaverse
7.2.6. Sport
7.2.7. Others
Global Non-fungible token Market Estimates & Forecast Trend Analysis, by End-user
7.3. Global Non-fungible token Market Share (%) Estimates and Forecasts, by End-user, 2022 & 2033
7.4. Global Non-fungible token Market Revenue (US$ Million) Estimates and Forecasts, by End-user, 2022 to 2033
7.4.1. Personal
7.4.2. Commercial
8. Global Non-fungible token Market Analysis and Forecast, by Region
8.1. Global Non-fungible token Market Share (%) Estimates and Forecasts, by Region, 2022 & 2033
8.2. Global Non-fungible token Market Revenue (US$ Million) Estimates and Forecasts, by Region, 2022 to 2033
8.2.1. North America
8.2.2. Europe
8.2.3. Asia Pacific
8.2.4. Middle East and Africa
8.2.5. Latin America
9. North America Non-fungible token Market: Estimates & Forecast Trend Analysis
9.1. North America Non-fungible token Market Assessments & Key Findings
9.2. North America Non-fungible token Market Share (%) Estimates and Forecasts, 2022 & 2033
9.3. North America Non-fungible token Market Size Estimates and Forecast (US$ Million) (2022 to 2033)
9.3.1. By Type
9.3.2. By Market Type
9.3.3. By Application
9.3.4. By End-user
9.3.5. By Major Country
9.3.5.1. The U.S.
9.3.5.2. Canada
10. Europe Non-fungible token Market: Estimates & Forecast Trend Analysis
10.1. Europe Non-fungible token Market Assessments & Key Findings
10.2. Europe Non-fungible token Market Share (%) Estimates and Forecasts, 2022 & 2033
10.3. Europe Non-fungible token Market Size Estimates and Forecast (US$ Million) (2022 to 2033)
10.3.1. By Type
10.3.2. By Market Type
10.3.3. By Application
10.3.4. By End-user
10.3.5. By Major Country
10.3.5.1. Germany
10.3.5.2. The U.K.
10.3.5.3. France
10.3.5.4. Italy
10.3.5.5. Spain
10.3.5.6. Rest of Europe (includes all other European countries)
11. Asia Pacific Non-fungible token Market: Estimates & Forecast Trend Analysis
11.1. Asia Pacific Non-fungible token Market Assessments & Key Findings
11.2. Asia Pacific Non-fungible token Market Share (%) Estimates and Forecasts, 2022 & 2033
11.3. Asia Pacific Non-fungible token Market Size Estimates and Forecast (US$ Million) (2022 to 2033)
11.3.1. By Type
11.3.2. By Market Type
11.3.3. By Application
11.3.4. By End-user
11.3.5. By Major Country
11.3.5.1. China
11.3.5.2. Japan
11.3.5.3. India
11.3.5.4. ASEAN
11.3.5.5. South Korea
11.3.5.6. Rest of Asia Pacific (includes all other Asia Pacific countries)
12. Middle East & Africa Non-fungible token Market: Estimates & Forecast Trend Analysis
12.1. Middle East & Africa Non-fungible token Market Assessments & Key Findings
12.2. Middle East & Africa Non-fungible token Market Share (%) Estimates and Forecasts, 2022 & 2033
12.3. Middle East & Africa Non-fungible token Market Size Estimates and Forecast (US$ Million) (2022 to 2033)
12.3.1. By Type
12.3.2. By Market Type
12.3.3. By Application
12.3.4. By End-user
12.3.5. By Major Country
12.3.5.1. GCC
12.3.5.2. South Africa
12.3.5.3. Egypt
12.3.5.4. Rest of Middle East & Africa (includes all other Middle East & Africa countries)
13. Latin America Non-fungible token Market: Estimates & Forecast Trend Analysis
13.1. Latin America Market Assessments & Key Findings
13.2. Latin America Non-fungible token Market Share (%) Estimates and Forecasts, 2022 & 2033
13.3. Latin America Non-fungible token Market Size Estimates and Forecast (US$ Million) (2022 to 2033)
13.3.1. By Type
13.3.2. By Market Type
13.3.3. By Application
13.3.4. By End-user
13.3.5. By Major Country
13.3.5.1. Brazil
13.3.5.2. Mexico
13.3.5.3. Rest of Latin America (includes all other Latin America countries)
14. Competitive Landscape
14.1. Non-fungible token Market Revenue Share Analysis (%), by Major Players (2021)
14.2. Non-fungible token Market Competition Matrix, by Leading Players
14.3. Non-fungible token List of Emerging, Prominent and Leading Players
14.4. Major Mergers & Acquisitions, Partnership, Joint Venture, Expansions, Deals, Recent Developments, etc.
15. Company Profiles
15.1. OpenSea
15.1.1. Company Overview & Insights
15.1.2. Financial Performance
15.1.3. Product / Service Portfolio
15.1.4. Geographical Footprint & Share
15.1.5. Strategic Initiatives & Key Developments
15.2. Sky Mavis
15.3. Larva Labs
15.4. Dapper Labs
15.5. SandBox
15.6. Decentraland
15.7. Sorare
15.8. SuperRare
15.9. Solanart
15.10. Rarible
15.11. Foundation
15.12. MakersPlace
15.13. NBA Top Shot
15.14. Cryptopunks
15.15. Hashmasks
15.16. CryptoKitties
15.17. Ethereum Name Services
15.18. Others
16. Assumptions and Research Methodology
16.1. Data Mining
16.2. Secondary Research
16.3. Primary Research
16.4. Subject Matter Expert Advice
16.5. Quality Check
16.6. Final Review
16.7. Data Triangulation
16.8. Bottom-Up Approach
16.9. Top Down Approach
16.10. Research Flow
16.11. Key Insights from Industry Experts
16.12. Data Sources
16.13. Assumptions
16.14. Limitations
17. Conclusions and Recommendations
17.1. Key Research Findings and Conclusion
17.2. Key Insights & Recommendations from Analysts
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