Non-fungible Token Market Size, Share & Trends Analysis Report By Application (Art, Sports), By Type (Physical Assets, Digital Assets), By End-use (Commercial, Personal), By Region, And Segment Forecasts, 2024 - 2030

Non-fungible Token Market Size, Share & Trends Analysis Report By Application (Art, Sports), By Type (Physical Assets, Digital Assets), By End-use (Commercial, Personal), By Region, And Segment Forecasts, 2024 - 2030

Non-fungible Token Market Growth & Trends

The global non-fungible token market size is anticipated to reach USD 211.7 billion by 2030, registering a CAGR of 34.5% from 2024 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 market growth. Digital art is defined as the art that is displayed or created using digital technologies. The growing use of cryptocurrency globally is also anticipated to drive market growth. This is because people use cryptocurrency 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 had a positive impact on this market. The restrictions imposed during the pandemic confined people at home and limited their sources of income. As a result, NFT-based gaming platforms, such as Axie Game, gained popularity as they helped people earn amid the pandemic.

Non-fungible Token Market Report Highlights

• The digital asset type segment dominated the market in 2023. The rising demand for art NFTs stems from their capability to allow artists to monitor all transactions related to their work. This transaction-tracking feature facilitates artists in accessing continuous royalty payments for each transaction involving their digital art
• The collectibles application segment dominated the market in 2023. 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
• The commercial end-use segment is expected to experience the fastest CAGR from 2024 to 2030. The demand for NFTs is growing among businesses to enable improved transactions across a range of application areas
• North America accounted for a dominant revenue share in 2023. 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 in this region
• In December 2023, Fédération Internationale de Football Association (FIFA) announced its collaboration with Modex, a blockchain database provider to launch a limited NFT collection series with real-world utility ahead of the 2023 Club World Cup
• According to FIFA, the new NFT collection will allow fans an opportunity to own a piece of footballing history from the competition. Such initiatives are increasing the product adoption

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