Report Code: 12871 | Available Format: PDF | Pages: 190
The global non-fungible tokens market size stood at USD 4,068.5 million in 2023, and it is expected to reach USD 34,395.6 million by 2030, advancing at a CAGR of 36.2% during 2024–2030. This can be ascribed to the rising traction for blockchain-based gaming, increasing number of digital assets & collectibles, burgeoning trend of the metaverse, surging acceptance of digital currency (cryptocurrency), and rising number of facilities for authentication and tracking of authentic owners.
Moreover, due to features such as individuality, transparency, and distinctiveness, the demand for digital tokens has increased. Additionally, these tokens are non-distributable and cannot be shared with multiple owners, which offers ownership benefits that protect customers from counterfeiting.
The gaming category is expected to witness the fastest growth during the forecast period, advancing at a CAGR of 40%. This can be ascribed to the rising number of gamers, game events, and game development firms, increasing preference for blockchain-enabled games, and mounting trend for play-to-earn.
The media and entertainment category holds the largest revenue share in the market, and it is further expected to maintain its position in the coming years. This is because NFTs are now becoming the new way of audience engagement, allowing people to make money from the early steps of development and beyond. It also helps develop a huge fanbase before the release of any movie, song, or TV series.
Moreover, in the real estate sector, the property or physical land can be represented on a blockchain as a digital token, which indicates a piece of land having all sorts of attributes, such as location, measurements, and price.
Additionally, the rising awareness regarding the advantages of such digital tokens across the globe is an important factor responsible for the market expansion. For example, They can be used on social media platforms, such as Instagram or Facebook, to sell and buy digital artwork, which further creates opportunities for the growth of the non-fungible token market.
NFT platform-marketplace will witness the highest growth rate during the prediction period, of 38%.
Furthermore, digital assets can be monetized, which offers an additional revenue stream to the market players. In the meantime, the rising number of new entrants and digital assets boosts the digital economy, which will further contribute to the progress of the market in the coming years.
Companies are using NFTs to establish that they own the products and services they offer. This could generate additional income if these digital tokens are sold to consumers. It also represents loyalty points and awards, which can be used as currency to purchase services or products. This is anticipated to offer businesses a new method to cooperate with their consumers and create loyalty.
Report Attribute | Details |
Market Size in 2023 |
USD 4,068.5 Million |
Market Size in 2024 |
USD 5,380.4 Million |
Revenue Forecast in 2030 |
USD 34,395.6 Million |
Growth Rate |
36.2% CAGR |
Historical Years |
2017-2023 |
Forecast Years |
2024-2030 |
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
Segments Covered |
By Offering; By End User; By Region |
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Governments are taking initiatives to promote the blockchain technology. For example, the Indian government has launched a center of excellence (CoE) in blockchain technology in January 2020, which is an interoperable coordinated, blockchain ecosystem operational across the nation. With the enriched infrastructure supported by NIC, the CoE additionally provides blockchain-as-a-service (BaaS). It allows government departments to avail blockchain services to develop, host, and use their own blockchain applications, smart contracts, and functions on the blockchain.
Furthermore, blockchain solutions’ integration with legacy systems to control functions served by legacy systems will boost the market advance. The integration of the two will lead to companywide acceptance of the technology. Companies are looking for options to protect their data with technologies that cannot be easily breached.
North America is estimated to have accounted for the largest revenue share, of 50%, in 2023 in the market, and it is further expected to maintain its dominance during the forecast period. This can be attributed to the growing number of artists creating digital artwork, presence of prominent players, high rate of adoption of advanced technologies, such as blockchain, and implementation of several favorable policies for digital currency.
The APAC market will witness the highest growth rate in the coming years. This will be due to the growing count of industry players, rising investments in the IT infrastructure, launch of NFT trading platforms by several internet service providers, growing use of cryptocurrency, increasing interest of individuals in digital artwork, development of metaverse platforms by startups, and increasing funding from international players.
This fully customizable report gives a detailed analysis of the non-fungible tokens market from 2017 to 2030, based on all the relevant segments and geographies.
The global NFTs market is projected to attain USD 34,395.6 million by 2030.
The NFT market is estimated to advance at a CAGR of 36.2%.
The surge in NFT-based gaming channels, enabling players to earn tokens and trade digital assets within virtual environments, is a prominent trend shaping the NFT market.
North America holds the largest revenue share of 50% in the NFT market.
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