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Non-Fungible Token Market Size, Industry Analysis Report Based on type(Physical asset, Digital asset), Based on application(Collectibles, Art, Gaming, Utilities, Metaverse, Sports), Based on market type(Primary, Secondary), Based on end-user(Personal, Commercial) & Region - Forecasts

  • PUBLISHED ON
  • 2024-09-27
  • NO OF PAGES
  • 256
  • CATEGORY
  • Electronics & Communication

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

Why to buy this Report?

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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

Quality Assurance Process

  1. We Market Research’s Quality Assurance program strives to deliver superior value to our clients.

We Market Research senior executive is assigned to each consulting engagement and works closely with the project team to deliver as per the clients expectations.

Market Research Process




We Market Research monitors 3 important attributes during the QA process- Cost, Schedule & Quality. We believe them as a critical benchmark in achieving a project’s success.

To mitigate risks that can impact project success, we deploy the follow project delivery best practices:
  • Project kickoff meeting with client
  • Conduct frequent client communications
  • Form project steering committee
  • Assign a senior SR executive as QA Executive
  • Conduct internal editorial & quality reviews of project deliverables
  • Certify project staff in SR methodologies & standards
  • Monitor client satisfaction
  • Monitor realized value post-project

Case Study- Automotive Sector

One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).

Solution

The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research

The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.

Market Estimates and Forecast

In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.

Case Study- ICT Sector

Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.


Business Solution

An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.


Conclusion

The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.

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