Non-fungible Token Market to Reach $211.72 Billion by 2030: Grand View Research, Inc.
SAN FRANCISCO, June 5, 2023 /PRNewswire/ — The global non-fungible token market size is expected to reach USD 211.72 billion by 2030, growing at a CAGR of 34.2% from 2023 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 the market growth. Digital art is defined as the art that is displayed or created using digital technologies
Key Industry Insights & Findings from the report:
- In terms of type, the digital asset segment dominated the market in 2022. The demand for art NFTs is growing as they enable artists to track all work transactions. This tracking of transactions helps artists avail perpetual royalty payback benefits on every transaction of their digital art.
- In terms of application, the collectibles segment dominated the market in 2022. 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.
- In terms of end use, the commercial segment is expected to experience the fastest growth over the forecast period. The demand for NFTs is growing among businesses to enable improved transactions across a range of application areas.
- 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 across the region.
Read 130-page full market research report for more latest industry insights, “Non-fungible Token (NFT) Market Size, Share & Trends Analysis Report By Type (Physical Asset, Digital Asset), By Application (Collectibles, Art, Gaming), By End Use (Personal, Commercial), By Region, And Segment Forecasts, 2023 – 2030“, published by Grand View Research.
Non-fungible Token Market Growth & Trends
The growing use of cryptocurrency globally is also anticipated to drive market growth. This is because cryptocurrency is used by people 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 is expected to impact the market positively over the forecast period. The restrictions imposed during the pandemic confined people at homes and limited their sources of income. As a result, NFT-based gaming platforms such as Axie Game have gained increased popularity as they help people earn income amid the COVID-19 pandemic.
Non-fungible Token Market Segmentation
Grand View Research has segmented the global non-fungible token market on the basis of type, application, end-use, and region
NFT Market – Type Outlook (Revenue, USD Billion, 2018 – 2030)
- Physical Asset
- Digital Asset
NFT Market – Application Outlook (Revenue, USD Billion, 2018 – 2030)
- Collectibles
- Video Clip
- Audio Clip
- Gamification
- Others
- Art
- Pixel Art
- Fractal/Algorithmic Art
- Computer Generated Painting
- 2D/3D Painting
- 2D/3D Computer Graphics
- GIFs
- Others
- Gaming
- Trading Card Game (TCG)
- Video Game
- Strategy Role Playing Game (RPG)
- Others
- Utilities
- Tickets
- Domain Names
- Assets Ownership
- Metaverse
- Sport
- Others
NFT Market – End-use Outlook (Revenue, USD Billion, 2018 – 2030)
- Personal
- Commercial
NFT Market – Regional Outlook (Revenue, USD Billion, 2018 – 2030)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- Kingdom of Saudi Arabia (KSA)
- UAE
- South Africa
List of Key Players in Non-fungible Token (NFT) Market
- YellowHeart, LLC.
- Cloudflare, Inc.
- PLBY Group, Inc.
- Dolphin Entertainment, Inc.
- Funko
- Ozone Networks, Inc.
- Takung Art Co., Ltd.
- Dapper Labs, Inc.
- Gemini Trust Company, LLC.
- Onchain Labs, Inc.
Check out more related studies published by Grand View Research:
- Cryptocurrency Exchange Platform Market – The global cryptocurrency exchange platform market size is expected to reach USD 264.32 billion by 2030, growing at a CAGR of 27.8% from 2022 to 2030, according to a new study conducted by Grand View Research, Inc. The rising awareness about cryptocurrencies and their advantages, such as flexibility and security, is driving the industry’s growth. The strong emphasis on secure and decentralized networks owing to the emergence of blockchain technology also bodes well with the market growth. Several market players have invested in research and development activities to introduce advanced innovative exchange platforms. For instance, in July 2022, Billium, an exchange based in Dubai, announced the launch of a new-age platform to carry out decentralized transactions more effectively and efficiently. It is integrated with a copy trading function named ‘Billium Copy Trading’, which will allow novice users to follow the trades of the professionals.
- Passwordless Authentication Market – The global passwordless authentication market size is expected to reach USD 55.70 billion by 2030, growing at promising 18.2% CAGR, according to a new report by Grand View Research, Inc. Passwordless authentication is a security procedure that uses unique biological traits of a person to validate their authenticity. The increasing adoption of smartphones and other electronic gadgets is a crucial element driving the biometric authentication market forward.
- Tokenization Market – The global tokenization market size is expected to reach USD 13.53 billion by 2030, registering a CAGR of 24.09% from 2022 to 2030, according to a new report by Grand View Research, Inc. Tokenization is a software-based data security technology. The advancements in data and technology have been adopted by industries handling and dealing with sensitive data to offer an improved and significantly secure process for consumers. As the technology has become advanced and easily compatible with various devices, the industries have found it easier to incorporate it and enhance their offerings.
Browse through Grand View Research’s Next Generation Technologies Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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