USD 15.70 billion
Report ID: SQMIG45D2033 | Region: Global | Published Date: December, 2022 | Pages: 157 | Tables: 92 | Figures: 76
Non-Fungible Token (NFT) Market was valued at USD 15.70 billion in 2021, and the market size is estimated to reach USD 122.43 billion by 2028, at a CAGR of 34.10% over the forecast period (2022-2028).
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.
Global Market Size
USD 15.70 billion
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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.
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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.
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Non-Fungible Token Market Driver
Non-Fungible Token Market Restraint
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 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
Non-Fungible Token Market Recent Developments
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."
|Market size value in 2021||USD 15.70 billion|
|Market size value in 2028||USD 122.43 billion|
|Forecast Unit (Value)||USD Billion|
|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)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
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.
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