Global Non-Fungible Tokens (NFTs) Market

Global Non-Fungible Tokens (NFTs) Market Size, Share, Growth Analysis, By Type(Physical Asset, Digital Asset), By Application(Collectibles, Art), By End-Use(Personal, Commercial) - Industry Forecast 2023-2030


Report ID: SQMIG45D2033 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 92 | Figures: 76

Global Non-Fungible Tokens (NFTs) Market Insights

Non-Fungible Tokens (NFTs) Market size was valued at USD 16 billion in 2021 and is poised to grow from USD 21.39 billion in 2022 to USD 212 billion by 2030, growing at a CAGR of 33.7% in the forecast period (2023-2030).

Non-fungible token is blockchain-based cryptographic assets having unique identification codes and metadata that distinguish them from one another. They cannot be traded or swapped at parity with cryptocurrencies. This is in contrast to fungible tokens, such as cryptocurrencies, which are identical to one another and can thus be used as a medium for commercial transactions.

NFT, or non-fungible tokens, became a big digital topic in 2021, encompassing trading cards, digital artwork, animal pictures, music, and online gaming. In March 2021, Beeple's crypto art "First 5000 Days" sold for USD 69 million and became the world's most expensive NFT. This transaction sparked an "NFT fever and started trending on Google across Asia and the US. However, digital tokens are not new. CryptoKitties, a project that integrates randomly generated photos of kittens, is one of the most established NFTs, with sales dating back to 2017. The number of sales using non-fungible tokens (NFTs) in the art industry fluctuated dramatically between April 15, 2021, and April 15, 2022. Approximately 28,400 NFTs were sold under the art segment in the past 30 days as of April 15, 2021. On the other hand, 22,600 NFTs were sold on the Ethereum blockchain over 30 days as of April 15, 2022. But in mid-August 2021, the number zoomed to 109,1000.

US Non-Fungible Tokens (NFTs) Market is poised to grow at a sustainable CAGR for the next forcast year.

Market snapshot - 2023-2030

Global Market Size

USD 16 billion

Largest Segment

Art

Fastest Growth

Art

Growth Rate

33.7% CAGR

Global Non-Fungible Tokens (NFTs) Market 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
Global Non-Fungible Tokens (NFTs) Market Size by Application 2021-2028 ($ Bn)
Global Non-Fungible Tokens (NFTs) Market Size by Application 2021-2028 (%)

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Global Non-Fungible Tokens (NFTs) Market Segmental Analysis

For better understanding, we have segmented the global non-fungible token (NFT) market by type, application, end-use, and region. Based on the type, the Non-Fungible Token market is bifurcated into physical asset and digital asset. Based on application, the global non-fungible token (NFT) market is segmented as collectibles, art, gaming, utilities, metaverse, sport, and others. Based on end-use, the Non-Fungible Token market is bifurcated into personal and commercial. Based on region, the global Non-Fungible Token market is categorized into North America, Europe, Asia-Pacific, South America, and MEA.

Non-Fungible Token Market Analysis by Application

Based on application, the global non-fungible token (NFT) market is segmented into collectibles, art, gaming, utilities, metaverse, sport, and others. The art segment is anticipated to dominate the global Non-Fungible Token market in the years to come. In the last few years, the segment has witnessed a considerable rise in the sales value of art and collectibles non-fungible token (NFT), collectively accounting for USD 11.16 billion. Overall, NFT sales in the art industry reached USD 2.57 billion in 2021, up from roughly USD 20 million in 2020. Meanwhile, NFT transactions in the collectibles market generated approximately USD 8.6 billion in 2021, up from around USD 10 million in 2020.

Global Non-Fungible Tokens (NFTs) Market By Application, 2021 (%), 2021 (%)

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Global Non-Fungible Tokens (NFTs) Market Regional Insights

North America is projected to remain the largest contributor to the global non-fungible token (NFT) market during the forecast period thanks to the existence of key NFT suppliers such as OpenSea, Larva Labs, Cloudflare, Dapper Labs, and others. These suppliers are likely to open up profitable ways NFT consumers across the US and Canada. Apart from this, several other organizations engaged in the regional Non-Fungible Token market are leading the way with active initiatives and partnerships to investigate and educate people about the patterns and applications of NFTs to help them monetize their work. For instance, Lagunitas Brewing Company emerged as the first beer brand in Latin America to enter the NFT segment. Lagunitas collaborated with Byte to create NFTs that mimic the main features of a traditional backyard.

Few companies such as OpenSea, an American firm, do not charge a fee to mint NFTs. The site levies a fee based on the final sale price, which is now set at 2.5% of the traction value. These strategies are supporting the growth of North America non-fungible token (NFT) market.

On the other hand, Asia Pacific is projected to grow at the fastest CAGR during the forecast period on account of increasing acceptance of cryptocurrencies by numerous consumers across several countries and a surge in the creation of metaverse platforms by start-ups in the region. Apart from this, rapidly expanding gaming industry is opening up new avenues for the global non-fungible token (NFT) market.

Global Non-Fungible Tokens (NFTs) Market By Geography, 2021-2028, 2023-2030
  • Largest
  • Fastest

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Global Non-Fungible Tokens (NFTs) Market Dynamics

Non-Fungible Token Market Driver

  • Rising demand for digital artworks to drive global non-fungible token (NFT) market: NFT has gained immense popularity in digital art applications around the world through social media and other digital platforms. Furthermore, NFT makes the art world easily accessible to consumers through digital platform and eliminates the need of physical visit to a gallery. The tokens can be used to sell artworks directly through virtual marketplaces. Thus, shortening the purchasing cycle.

Non-Fungible Token Market Restraint

  • Uncertainty in global non-fungible token (NFT) market: Valuation of NFTs is heavily influenced by scarcity, uniqueness, and the perspective of owners and purchasers, as well as the availability of distribution channels. As a result, it is extremely difficult for a new seller to predict the identity of the next buyers of an NFT or the potential motives driving their purchase. Because the market is still in its infancy, it is difficult for new investors to forecast future patterns in NFT pricing. A rapid fluctuation in NFT can result in a massive loss for the owner. In fact, sometimes NFT owners may face several challenges while selling the NFT collectible or artwork or fail to sell them due to the low demand or lack of interest by buyers.
  • NFT transactions are connected with large and hidden gas fees, which most first-time users are either unaware of or ignorant of. Many NFTs are built on the Ethereum blockchain, and smart contracts are built using ERC-721, ERC-20, ERC-1155, and other token standards. The Ethereum blockchain, for instance, uses the proof of work mechanism to determine its value, which results in high gas fees hamper the non-fungible token (NFT) market.
  • However, Ethereum is attempting to overcome this constraint by transitioning from a proof-of-work approach to a proof-of-stake model, which could cut energy consumption per transaction to as little as 35Wh, resulting in lower gas fees.

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Global Non-Fungible Tokens (NFTs) Market Competitive Landscape

Global non-fungible token (NFT) market is highly fragmented and numerous vendors are competing with each other by using growth strategies such as partnerships, mergers, and acquisitions to strengthen their market position. For instance, in March 2022, LimeWire announced a partnership with Algorand, a blockchain cryptocurrency platform based on proof-of-stake. The former company will employ Algorand as the foundation of its NFT marketplace as a result of this collaboration. Non-Fungible Token Market participants are also working to improve their product offerings in order to better adapt to changing user wants and remain competitive. As a result, they have started spending heavily on R&D activities to integrate new technology into NFTs. Furthermore, firms are cooperating with institutions all over the world to assist technical development, academic research, and innovation in blockchain technology, adding fuel to the global non-fungible token (NFT) market.

Non-Fungible Token Market Top Player’s Company Profiles

  • OpenSea (US)
  • Axie Infinity
  • NBA Top Shot
  • Binance NFT
  • CryptoPunks
  • SuperRare
  • Rarible
  • The Sandbox
  • Art Blocks
  • Decentraland
  • Nifty Gateway
  • Sorare
  • Terra Virtua
  • Foundation
  • Async Art
  • WAX
  • Gala Games
  • Mythical Games
  • Animoca Brands
  • Enjin

Non-Fungible Token Market Recent Developments

  • In May 2022, BUD raised $37 million in a Series B investment headed by Sequoia Capital India, with participation from NetEase, William Lei Ding's business, ClearVue Partners, and Northern Light Venture Capital, as well as previous investors GGV Capital, Qiming Venture Partners, and Source Code Capital.
  • In May 2022, Arianee, an end-to-end web3 solution for brands, secured €20 million ($21.09 million) in a Series A led by Tiger Global.
  • In May 2022, immi App was valued at $50 million in a seed round.
  • In May 2022, Yuga Labs raised $285 million through a virtual land auction.
  • In May 2022, Epic Games, one of the leading players in the global non-fungible token (NFT) market, raised $2 billion for Metaverse Initiative.
  • In November 2021, Gemini, a cryptocurrency platform, announced a $400 million growth equity round headed by Morgan Creek Digital, with participation from 10T, ParaFi, Newflow Partners, Marcy Venture Partners, and the Commonwealth Bank of Australia, among others. These round values the company at $7.1 billion.
  • In April 2021, Cloudflare launched a new API that places an ERC-721 token ID and contact address on a video, allowing every video on Stream to be represented by an NFT.

Global Non-Fungible Tokens (NFTs) Key Market Trends

  • In 2021, holding or trading NFTs had almost 2.5 million crypto wallets, up from just 89,000 the previous year. The number of purchasers climbed from 75,000 to 2.3 million in the same period in the global non-fungible token (NFT) market. According to a poll, people improved their ability to profit from NFTs, with investors earning $5.4 billion in profits from NFT sales last year. SkyQuest reports that over 470 wallets profited more than $1 million. With $8.4 billion in sales, collectibles were the most popular type of NFT. Gaming NFTs, such as Axie Infinity, accounted for $5.2 billion in sales. Later in the year, the emphasis shifted to the so-called metaverse, with $514 million in sales of digital land and other projects in the field.
  • Investors are using their NFTs and NFT collections as collateral to obtain loans for new potential investments and emergencies. Many DeFi (decentralized finance) platforms were established in 2021 that facilitate the usage of NFTs as collateral for loans. Arcade, for example, is a DeFi platform that offers loans backed by NFTs. Once both the lender and the borrower have agreed to the terms, the funds are placed in an escrow account maintained by an Arcade smart contract. The NFT(s) remain locked and irreversible until the loan is paid in full or defaulted.

Global Non-Fungible Tokens (NFTs) Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that collects, collates, co-relates, and analyses the data collected by means of primary exploratory research backed by the robust secondary desk research. The report talks in detail about non-fungible token (NFT) market share, market sales, market trends, market dynamics, key players, and segmentation.

According to our global non-fungible token (NFT) market analysis, NFT has become successful in gaining attention of several businesses from various industries, with each proposing unique tactics to obtain a cut of the action. Limited-edition NFT collectibles are being released by food brands such as Taco Bell, McDonald's, and Campbell's, as well as luxury labels such as Louis Vuitton, Nike, and Gucci, as a way to raise money for charity, generate new revenue streams, increase social media engagement, and boost brand loyalty. For instance, Pringles debuted its digital collection of crypto-themed crisps with CryptoCrisp, a "virtual flavor" limited to 50 copies. The limited-edition NFT is an MP4 file that portrays a spinning golden Pringles can with the flavor "CryptoCrisp."

Report Metric Details
Market size value in 2021 USD 16 billion
Market size value in 2030 USD 212 billion
Growth Rate 33.7%
Base year 2021
Forecast period 2023-2030
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Physical Asset, Digital Asset
  • Application
    • Collectibles, Art, Gaming, Utilities, Metaverse, Sport, Others
  • End-Use
    • Personal, Commercial
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • OpenSea (US)
  • Axie Infinity
  • NBA Top Shot
  • Binance NFT
  • CryptoPunks
  • SuperRare
  • Rarible
  • The Sandbox
  • Art Blocks
  • Decentraland
  • Nifty Gateway
  • Sorare
  • Terra Virtua
  • Foundation
  • Async Art
  • WAX
  • Gala Games
  • Mythical Games
  • Animoca Brands
  • Enjin
Customization scope

Free report customization with purchase. Customization includes:-

  • Segments by type, application, etc
  • Company profile
  • Market dynamics & outlook
  • Region

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Non-Fungible Tokens (NFTs) Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Non-Fungible Tokens (NFTs) Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Global Non-Fungible Tokens (NFTs) Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Non-Fungible Tokens (NFTs) Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Non-Fungible Tokens (NFTs) Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global Non-Fungible Tokens (NFTs) Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Non-Fungible Tokens (NFTs) Market size was valued at USD 16 billion in 2021 and is poised to grow from USD 21.39 billion in 2022 to USD 212 billion by 2030, growing at a CAGR of 33.7% in the forecast period (2023-2030).

Global non-fungible token (NFT) market is highly fragmented and numerous vendors are competing with each other by using growth strategies such as partnerships, mergers, and acquisitions to strengthen their market position. For instance, in March 2022, LimeWire announced a partnership with Algorand, a blockchain cryptocurrency platform based on proof-of-stake. The former company will employ Algorand as the foundation of its NFT marketplace as a result of this collaboration. Non-Fungible Token Market participants are also working to improve their product offerings in order to better adapt to changing user wants and remain competitive. As a result, they have started spending heavily on R&D activities to integrate new technology into NFTs. Furthermore, firms are cooperating with institutions all over the world to assist technical development, academic research, and innovation in blockchain technology, adding fuel to the global non-fungible token (NFT) market. 'OpenSea (US)', 'Axie Infinity', 'NBA Top Shot', 'Binance NFT', 'CryptoPunks', 'SuperRare', 'Rarible', 'The Sandbox', 'Art Blocks', 'Decentraland', 'Nifty Gateway', 'Sorare', 'Terra Virtua', 'Foundation', 'Async Art', 'WAX', 'Gala Games', 'Mythical Games', 'Animoca Brands', 'Enjin'

Rising demand for digital artworks to drive global non-fungible token (NFT) market: NFT has gained immense popularity in digital art applications around the world through social media and other digital platforms. Furthermore, NFT makes the art world easily accessible to consumers through digital platform and eliminates the need of physical visit to a gallery. The tokens can be used to sell artworks directly through virtual marketplaces. Thus, shortening the purchasing cycle.

In 2021, holding or trading NFTs had almost 2.5 million crypto wallets, up from just 89,000 the previous year. The number of purchasers climbed from 75,000 to 2.3 million in the same period in the global non-fungible token (NFT) market. According to a poll, people improved their ability to profit from NFTs, with investors earning $5.4 billion in profits from NFT sales last year. SkyQuest reports that over 470 wallets profited more than $1 million. With $8.4 billion in sales, collectibles were the most popular type of NFT. Gaming NFTs, such as Axie Infinity, accounted for $5.2 billion in sales. Later in the year, the emphasis shifted to the so-called metaverse, with $514 million in sales of digital land and other projects in the field.

North America is projected to remain the largest contributor to the global non-fungible token (NFT) market during the forecast period thanks to the existence of key NFT suppliers such as OpenSea, Larva Labs, Cloudflare, Dapper Labs, and others. These suppliers are likely to open up profitable ways NFT consumers across the US and Canada. Apart from this, several other organizations engaged in the regional Non-Fungible Token market are leading the way with active initiatives and partnerships to investigate and educate people about the patterns and applications of NFTs to help them monetize their work. For instance, Lagunitas Brewing Company emerged as the first beer brand in Latin America to enter the NFT segment. Lagunitas collaborated with Byte to create NFTs that mimic the main features of a traditional backyard.

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