SAN FRANCISCO, July 21, 2022 /PRNewswire/ — The Global non-fungible token market size should total $211.72 billion by 2030, growing at a CAGR of 33.9% from 2022 to 2030 according to a new report from Grand View Research, Inc. The growing popularity of digital artworks across the globe is the key factor propelling the growth of the market. Like other sectors, ongoing technological advancements have prospered the art world. Using these technologies, art is created or displayed, which is called digital art. This art is gaining prominence in today’s fast-paced world, which has positively impacted the NFT market to develop at a rapid pace.
Key industry insights and findings from the report:
- In 2021, depending on the type, the digital asset accounted for a peak market revenue share of over 71% of the overall market. The growth is attributed to the growing demand for NFTs for the safety and security of digital assets across the globe.
- The physical assets segment is emerging as the second largest segment estimated to show a lucrative growth rate during the forecast period.
- The collectibles section accounted for more than 53% of the total market revenue share in the overall market in 2021.
- Based on the application, the sports segment is expected to grow the market revenue over the forecast period. NFT creates opportunities for athletes to promote their names and engage in interaction with people.
- The personal segment dominated the non-fungible token (NFT) market in 2021 and accounted for more than 61.0% of global revenue.
- Due to NFT’s growing demand for supply chain and logistics innovations, the business section is expected to grow at the highest CAGR during the forecast period.
- North America accounted for a maximum revenue share of 31% of the total market in 2021.
- The market in the Asia Pacific is expected to show growth at the highest CAGR over the forecast period owing to the increasing adoption of cryptocurrency in the region.
Read the full 150-page market research report for more information on the latest industry trends, “Non-Fungible Tokens Market Size, Share & Trends Analysis Report By Type (Physical Asset, Digital Asset), By Application (Collectibles, Art, Games), By End-Use, By Region & Forecast segment, 2022-2030“
Non-Fungible Token Market Growth and Trends
Moreover, the growing inclination towards the use of cryptocurrency across the globe is prospering the market. Cryptocurrency is becoming the biggest economy in the world, changing the face of global capitalization. Hence, leading companies operating in the market are increasing their investments and funding towards NFT.
The COVID-19 outbreak favored the market. The strict lockdown restrictions have pushed people to explore the digital world. Moreover, it has affected the economic system of the globe due to recession and work stoppage in various sectors. However, thanks to digital platforms, people have found ways to make money online. Thus, it has taken NFT-based platforms and applications to a new level, creating opportunities for market expansion.
Segmentation of the non-fungible tokens market
Grand View Research has segmented the global non-fungible token market on the basis of type, application, end-use, and region:
Type Outlook (Revenue, USD Billion, 2018 – 2030)
- physical asset
- digital asset
Application Outlook (Revenue, USD Billion, 2018 – 2030)
- Video clip
- sound clip
- pixel art
- Fractal/algorithmic art
- computer generated painting
- 2D/3D painting
- 2D/3D computer graphics
- Trading Card Game (TCG)
- Video game
- Strategy role-playing game (RPG)
- Domain names
- Ownership of assets
End-Use Outlook (Revenue, USD Billion, 2018 – 2030)
Regional Outlook (Revenue, USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of Non-Fungible Tokens (NFT) Market Key Players
- YellowHeart, LLC.
- Cloud Flare, Inc.
- PLBY Group, Inc.
- Dolphin Entertainment, Inc.
- Ozone Networks, Inc.
- Takung Art Co., Ltd.
- Dapper Labs, Inc.
- Gemini Trust Company, LLC.
- Onchain Labs, Inc.
Check out other related studies published by Grand View Research:
- AI in the media and entertainment market – The global AI in media and entertainment market size is expected to reach $99.48 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 26.9% from 2022 to 2030. The growing popularity of virtual creation in the media and entertainment industry, and its ability to create high-definition graphics and real-time virtual worlds drives the market forward. Artificial intelligence (AI) helps media companies leverage these benefits by improving content management across different phases of the content process workflow, including intelligent content analysis and categorization, automatic image tagging, scalable personalization and predictions, time-saving content creation assistance, and text intelligence and analytics, and voice-enabled platforms.
- Virtual reality in the gaming market – The global virtual reality in games market size is expected to reach $92.31 billion by 2027, growing at a CAGR of 30.2% over the forecast period, according to a new report from Grand View Research, Inc. Rising demand for technologically progressive electronic games among millennials is expected to drive market growth from 2020 to 2027.
- Asset management market – The size of the global asset management market is expected to reach $1,292.17 billion by 2027, according to a new study conducted by Grand View Research, Inc. The market is expected to register a CAGR of 25.9% from 2020 to 2027. Factors driving the growth include growing need to reduce time stopping equipment and ensuring the use of available resources. Advances in the latest technologies, such as Artificial Intelligence (AI), Internet of Things (IoT) and infrastructure automation, combined with the continuous integration of analytics and intelligence tools business in asset management solutions, are also expected to drive market growth. The growing awareness of the benefits of IoT-based asset management solutions is particularly auspicious for the growth of the market.
Browse Grand View Research results Next Generation Technology Industry Research reports.
About Grand View Research
Grand View Research, a US-based market research and consulting firm, provides syndicated and custom research reports and consulting services. Checked in California and whose head office is at San Francisco, the company has more than 425 analysts and consultants, adding more than 1,200 market research reports to its extensive database each year. These reports offer in-depth analysis of 46 industries in 25 major countries around the world. Using an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and assess upcoming opportunities.
Corporate Sales Specialist, UNITED STATES
Grand View Research, Inc.
Toll Free: 1-888-202-9519
E-mail: [email protected]
The Web: https://www.grandviewresearch.com
Grand View Compass | Astra ESG Solutions
Follow us: LinkedIn | Twitter
SOURCEGrand View Research, Inc.