Non-Fungible Tokens Market To Generate Revenue worth $34,395.6 Million by 2030
- Published: February 2024
The global non-fungible tokens market is projected to generate USD 34,395.6 million revenue by 2030, advancing at a CAGR of 36.2% during 2024–2030. This can be ascribed to the rapid digitalization; mounting popularity of blockchain-based gaming associated with metaverse; rising adoption of cryptocurrency; growing demand for digital art globally; and burgeoning applications of non-fungible tokens in supply network administration, retail, and the fashion sector.
Media and Entertainment Contributes Highest Revenue
Based on end user, the market is categorized into media and entertainment, gaming, and others. Among these, the media and entertainment category held the largest revenue share, of 60%, in 2023, and it is further expected to maintain its dominance during the forecast period. This can be ascribed to the growing entertainment sector owing to rising preference for OTT platforms among people. Additionally, the sector is using innovative ways to raise funding, viewer engagement, and power of fan economy.
Moreover, the gaming category will witness significant growth during the predicted period. This is due to the expanding gaming community across the globe, which provides a great scope for scalability; and the growing video game industry itself. In addition, blockchain-based games emphasis more on making value and allow gamers to capture better utility and value of the assets acquired through in-game purchases, regular gameplay, or promotional events.
Based on offering, the market is divided into business strategy formulation, NFT creation and management, and NFT platform-marketplace. Among these, the NFT platform-marketplace division will witness significant growth in the coming years. This will be due to the fact that such platforms bring creators, artists, and crypto enthusiasts together on a single platform to create and trade NFTs. It facilitates NFT minting and trading at a large or global scale.
Moreover, an NFT marketplace offers the possibility to create, sell, purchase, bid on, collect, trade, showcase, and, otherwise, transact digital blockchain collectibles, which can be represented as an NFT associated with some of the digital media and art.
Business strategy formulation contributed significant revenue in 2023, and it is further expected to maintain its position during the coming years. This is because due to the growing number of blockchain-native startups, the NFT strategy can be used in different industry verticals, such as manufacturing companies, event hosting, and ticketing organizations, as well as real estate or construction companies. NFTs allow firms in mature markets to create further growth opportunities, augment the effectiveness of their security measures, and improve customer service levels. It also enhances the capability to track the buying behavior of customers beyond the preliminary sale.
Geographically, APAC will witness the fastest growth during the forecast period. This will be due to the fact that emergence of numerous organizations within the NFT marketplace, increasing adoption of advanced technologies, rapid digitalization, and growing trend of the metaverse and cryptocurrency. Moreover, China, Japan, South Korea, and India contributed the majority of the revenue to the market in 2023.
North America held the largest revenue share in 2023, and it is further expected to maintain its dominance during the prediction period. This can be ascribed to the presence of a huge number of industry giants, mounting government support for digital currency, and high number of artists designing digital artwork.
Moreover, the U.S. contributes the higher revenue to market currently, and it is further expected to maintain its dominance during the coming years. This will be owing to the rising count for NFT marketplace vendors, growing gaming population, and increasing awareness regarding ways to monetize digital assets via NFTs.
Some of the major players in the non-fungible tokens market are Cloudflare Inc., Gemini Trust Company LLC, Ozone Networks Inc. (OpenSea), SemiDot Infotech, Dapper Labs Inc., TSB Gaming Limited, Art Blocks Inc., Rarible Inc., and Axie Infinity.