Product Code: GVR-4-68039-923-9
Non-fungible Token Market Growth & Trends:
The global non-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.
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, Federation 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
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation and Scope
- 1.2. Market Definitions
- 1.3. Research Methodology
- 1.3.1. Information Procurement
- 1.3.2. Information or Data Analysis
- 1.3.3. Market Formulation & Data Visualization
- 1.3.4. Data Validation & Publishing
- 1.4. Research Scope and Assumptions
- 1.4.1. List of Data Sources
Chapter 2. Executive Summary
- 2.1. Market Outlook
- 2.2. Segment Outlook
- 2.3. Competitive Insights
Chapter 3. Market Variables, Trends, and Scope
- 3.1. Market Introduction/Lineage Outlook
- 3.2. Industry Value Chain Analysis
- 3.3. Market Dynamics
- 3.3.1. Market Drivers Analysis
- 3.3.1.1. Rising adoption of cryptocurrencies
- 3.3.1.2. Rising traction around Web 3.0, metaverse, and decentralized finance
- 3.3.1.3. Increasing popularity of non-fungible token marketplaces
- 3.3.2. Market Challenge Analysis
- 3.3.2.1. Security and data privacy concerns
- 3.3.3. Market Opportunity Analysis
- 3.3.3.1. Application of non-fungible tokens in supply chain
- 3.4. Non-fungible Token (NFT) Market Analysis Tools
- 3.4.1. Porter's Analysis
- 3.4.1.1. Bargaining power of the suppliers
- 3.4.1.2. Bargaining power of the buyers
- 3.4.1.3. Threats of substitution
- 3.4.1.4. Threats from new entrants
- 3.4.1.5. Competitive rivalry
- 3.4.2. PESTEL Analysis
- 3.4.2.1. Political landscape
- 3.4.2.2. Economic and Social landscape
- 3.4.2.3. Technological landscape
- 3.4.2.4. Environmental landscape
- 3.4.2.5. Legal landscape
Chapter 4. Non-fungible Token (NFT) Market: Type Estimates & Trend Analysis
- 4.1. Segment Dashboard
- 4.2. Non-fungible Token (NFT) Market: Type Movement Analysis, USD Million, 2023 & 2030
- 4.3. Physical Asset
- 4.3.1. Physical Asset Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 4.4. Digital Asset
- 4.4.1. Digital Asset Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
Chapter 5. Non-fungible Token (NFT) Market: Application Estimates & Trend Analysis
- 5.1. Segment Dashboard
- 5.2. Non-fungible Token (NFT) Market: Application Movement Analysis, USD Million, 2023 & 2030
- 5.3. Collectibles
- 5.3.1. Digital Asset Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 5.3.2. Video Clips
- 5.3.2.1. Video Clips Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 5.3.3. Audio Clips
- 5.3.3.1. Audio Clips Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 5.3.4. Gamification
- 5.3.4.1. Gamification Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 5.3.5. Others
- 5.3.5.1. Others Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 5.4. Art
- 5.5. Art Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 5.5.1. Pixel Art
- 5.5.1.1. Pixel Art Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 5.5.2. Fractal/Algorithmic Art
- 5.5.2.1. Fractal/Algorithmic Art Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 5.5.3. Computer Generated Painting
- 5.5.3.1. Computer Generated Painting Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 5.5.4. 2D/3D Painting
- 5.5.4.1. 2D/3D Painting Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 5.5.5. 2D/3D Computer Graphics
- 5.5.5.1. 2D/3D Computer Graphics Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 5.5.6. GIFs
- 5.5.6.1. GIFs Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 5.5.7. Others
- 5.5.7.1. Others Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 5.6. Gaming
- 5.7. Gaming Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 5.7.1. Trading Card Game (TCG)
- 5.7.1.1. Trading Card Game (TCG) Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 5.7.2. Video Game
- 5.7.2.1. Video Game Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 5.7.3. Strategy Role Playing Game (RPG)
- 5.7.3.1. Strategy Role Playing Game (RPG) Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 5.7.4. Others
- 5.7.4.1. Others Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 5.8. Utilities
- 5.9. Utilities Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 5.9.1. Tickets
- 5.9.1.1. Tickets Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 5.9.2. Domain Names
- 5.9.2.1. Domain Names Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 5.9.3. Assets Ownership
- 5.9.3.1. Assets Ownership Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 5.10. Metaverse
- 5.10.1. Metaverse Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 5.11. Sports
- 5.11.1. Sports Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 5.12. Others
- 5.12.1. Others Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
Chapter 6. Non-fungible Token (NFT) Market: End-use Estimates & Trend Analysis
- 6.1. Segment Dashboard
- 6.2. Non-fungible Token (NFT) Market: End-use Movement Analysis, USD Million, 2023 & 2030
- 6.3. Personal
- 6.3.1. Personal Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.4. Commercial
- 6.4.1. Commercial Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
Chapter 7. Non-fungible Token (NFT) Market: Regional Estimates & Trend Analysis
- 7.1. Non-fungible Token (NFT) Market Share, By Region, 2023 & 2030, USD Million
- 7.2. North America
- 7.2.1. North America Non-fungible Token Market Estimates & Forecasts, 2018 - 2030 (USD Million)
- 7.2.2. U.S.
- 7.2.2.1. U.S. Non-fungible Token Market Estimates & Forecasts, 2018 - 2030 (USD Million)
- 7.2.3. Canada
- 7.2.3.1. Canada Non-fungible Token Market Estimates & Forecasts, 2018 - 2030 (USD Million)
- 7.3. Europe
- 7.3.1. Europe Non-fungible Token Market Estimates & Forecasts, 2018 - 2030 (USD Million)
- 7.3.2. UK
- 7.3.2.1. UK Non-fungible Token Market Estimates & Forecasts, 2018 - 2030 (USD Million)
- 7.3.3. Germany
- 7.3.3.1. Germany Non-fungible Token Market Estimates & Forecasts, 2018 - 2030 (USD Million)
- 7.3.4. France
- 7.3.4.1. France Non-fungible Token Market Estimates & Forecasts, 2018 - 2030 (USD Million)
- 7.4. Asia Pacific
- 7.4.1. Asia Pacific Non-fungible Token Market Estimates & Forecasts, 2018 - 2030 (USD Million)
- 7.4.2. China
- 7.4.2.1. China Non-fungible Token Market Estimates & Forecasts, 2018 - 2030 (USD Million)
- 7.4.3. India
- 7.4.3.1. India Non-fungible Token Market Estimates & Forecasts, 2018 - 2030 (USD Million)
- 7.4.4. Japan
- 7.4.4.1. Japan Non-fungible Token Market Estimates & Forecasts, 2018 - 2030 (USD Million)
- 7.4.5. South Korea
- 7.4.5.1. South Korea Non-fungible Token Market Estimates & Forecasts, 2018 - 2030 (USD Million)
- 7.4.6. Australia
- 7.4.6.1. Australia Non-fungible Token Market Estimates & Forecasts, 2018 - 2030 (USD Million)
- 7.5. Latin America
- 7.5.1. Latin America Non-fungible Token Market Estimates & Forecasts, 2018 - 2030 (USD Million)
- 7.5.2. Brazil
- 7.5.2.1. Brazil Non-fungible Token Market Estimates & Forecasts, 2018 - 2030 (USD Million)
- 7.5.3. Mexico
- 7.5.3.1. Mexico Non-fungible Token Market Estimates & Forecasts, 2018 - 2030 (USD Million)
- 7.6. Middle East & Africa
- 7.6.1. Middle East & Africa Non-fungible Token Market Estimates & Forecasts, 2018 - 2030 (USD Million)
- 7.6.2. Kingdom Of Saudi Arabia (KSA)
- 7.6.2.1. Kingdom Of Saudi Arabia (KSA) Non-fungible Token Market Estimates & Forecasts, 2018 - 2030 (USD Million)
- 7.6.3. UAE
- 7.6.3.1. UAE Non-fungible Token Market Estimates & Forecasts, 2018 - 2030 (USD Million)
- 7.6.4. South Arica
- 7.6.4.1. South Africa Non-fungible Token Market Estimates & Forecasts, 2018 - 2030 (USD Million)
Chapter 8. Competitive Landscape
- 8.1. Recent Developments & Impact Analysis by Key Market Participants
- 8.2. Company Categorization
- 8.3. Company Market Positioning
- 8.4. Company Market Share Analysis
- 8.5. Company Heat Map Analysis
- 8.6. Strategy Mapping
- 8.6.1. Expansion
- 8.6.2. Mergers & Acquisition
- 8.6.3. Partnerships & Collaborations
- 8.6.4. New Product Launches
- 8.6.5. Research And Development
- 8.7. Company Profiles
- 8.7.1. YellowHeart, LLC.
- 8.7.1.1. Participant's Overview
- 8.7.1.2. Financial Performance
- 8.7.1.3. Product Benchmarking
- 8.7.1.4. Recent Developments
- 8.7.2. Cloudflare, Inc.
- 8.7.2.1. Participant's Overview
- 8.7.2.2. Financial Performance
- 8.7.2.3. Product Benchmarking
- 8.7.2.4. Recent Developments
- 8.7.3. PLBY Group, Inc.
- 8.7.3.1. Participant's Overview
- 8.7.3.2. Financial Performance
- 8.7.3.3. Product Benchmarking
- 8.7.3.4. Recent Developments
- 8.7.4. Dolphin Entertainment, Inc.
- 8.7.4.1. Participant's Overview
- 8.7.4.2. Financial Performance
- 8.7.4.3. Product Benchmarking
- 8.7.4.4. Recent Developments
- 8.7.5. Funko
- 8.7.5.1. Participant's Overview
- 8.7.5.2. Financial Performance
- 8.7.5.3. Product Benchmarking
- 8.7.5.4. Recent Developments
- 8.7.6. Ozone Networks, Inc.
- 8.7.6.1. Participant's Overview
- 8.7.6.2. Financial Performance
- 8.7.6.3. Product Benchmarking
- 8.7.6.4. Recent Developments
- 8.7.7. Dolphin Entertainment, Inc.
- 8.7.7.1. Participant's Overview
- 8.7.7.2. Financial Performance
- 8.7.7.3. Product Benchmarking
- 8.7.7.4. Recent Developments
- 8.7.8. Dapper Labs, Inc.
- 8.7.8.1. Participant's Overview
- 8.7.8.2. Financial Performance
- 8.7.8.3. Product Benchmarking
- 8.7.8.4. Recent Developments
- 8.7.9. Gemini Trust Company, LLC.
- 8.7.9.1. Participant's Overview
- 8.7.9.2. Financial Performance
- 8.7.9.3. Product Benchmarking
- 8.7.9.4. Recent Developments
- 8.7.10. Onchain Labs, Inc.
- 8.7.10.1. Participant's Overview
- 8.7.10.2. Financial Performance
- 8.7.10.3. Product Benchmarking
- 8.7.10.4. Recent Developments