New Castle, Delaware, Sept. 04, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Non-fungible tokens Market by Offering (Business strategy formulation, NFT creation and management, and NFT platform-marketplace), by Application (Collectibles, Art, Gaming, Metaverse, and Others), and End User (Personal, and Commercial) Global Opportunity Analysis and Industry Forecast, 2023–2032”. According to the report, the global Non-fungible tokens industry generated $ 22.48 billion in 2022 and is anticipated to generate $ 395.54 billion by 2032, witnessing a CAGR of 33.5% from 2023 to 2032.
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A Non-fungible tokens (NFT) refers to a distinct and specialized unit of data that cannot be exchanged on a one-to-one basis. This digital asset is characterized by its exceptional ease of use and distinctiveness, and it operates through the utilization of blockchain technology. Various blockchains like Ethereum, Flow, Matic, and Wax are utilized for constructing NFTs. Beyond its significant utility in digital transactions, NFTs also hold substantial relevance for tangible assets. NFTs grant exclusive ownership rights within both the digital and physical market space.
Prime determinants of growth
The global Non-fungible tokens market is driven by an increased digital ownership, creative expression and monetization, and growing interest in blockchain technology. However, high volatility and speculative nature and scalability and environmental concerns hamper the market growth to some extent. Nevertheless, integration of NFTs into gaming and Virtual Reality (VR) platforms is expected to provide remunerative growth opportunities in the upcoming years.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $ 22485.13 million |
| Market Size in 2032 | $ 395549.8 million |
| CAGR | 33.5% |
| No. of Pages in Report | 382 |
| Segments Covered | Offering, Application, End User, and Region. |
| Drivers | Increased digital ownership Creative expression and monetization Growing interest in blockchain technology |
| Opportunities | Integration of NFTs into gaming and Virtual Reality (VR) platforms |
| Restraints | High volatility and speculative nature Scalability and environmental concerns |
Covid-19 Scenario
- The COVID-19 pandemic had a positive impact on the Non-fungible tokens market (NFT). The pandemic heightened interest in and use of digital assets such as NFTs. People were spending more time online and looking for new types of entertainment. Therefore, NFTs have grown in popularity as a unique and digital way to own and exchange assets such as art, collectibles, and virtual real estate.
- Furthermore, the pandemic accelerated digital transformation in a variety of businesses. As traditional art galleries, museums, and auction houses experienced restrictions owing to lockdowns and social distancing tactics, many artists and makers turned to non-profit organizations (NFTs) to present and commercialize their work. This digital transformation opened up new prospects for artists and enlarged the NFT industry.
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The NFT Platform-Marketplace segment to maintain its leadership status throughout the forecast period
Based on offering, the NFT Platform-Marketplace segment held the highest market share in 2022, accounting for nearly half of the global Non-fungible tokens market revenue and is estimated to maintain its leadership status throughout the forecast period, this was attributed due to the strong and active communities inside NFT projects are critical in generating interest and demand. NFT marketplaces with active communities attract more participants and promote long-term growth. In addition, some investors see NFTs as alternative investment opportunities, which leads to market speculative purchasing and selling. The possibility of high profits on NFT investments has contributed to the market growth. The same segment is projected to manifest the highest CAGR of 35.7% from 2023 to 2032, owing to the NFTs having garnered tremendous appeal outside of the art world. They are used in industries including gaming, virtual real estate, music, sports, fashion, and others. This variety of use cases has increased the NFT market's potential and attracted a broader spectrum of participants, which is expected to positively impact market growth.
The Collectibles segment to maintain its leadership status throughout the forecast period
Based on application collectibles segment held the highest market share in 2022, accounting for around two-fifths of the global Non-fungible tokens market revenue, NFTs have disrupted the traditional art market by allowing artists to sell their digital creations directly to collectors without the need for intermediaries such as galleries and auction houses. This democratization of the art market opens new prospects for both artists and collectors, which is driving the growth of the market. However, the gaming centers segment is projected to manifest the highest CAGR of 38.7% from 2022 to 2032, owing to the expansion of secondary NFT marketplaces allows gamers and collectors to swap assets, allowing investors to speculate on the possible appreciation of valuable NFTs. Moreover, the NFTs help increase player involvement and community development within games. Gamers could help create content, collect rare treasures, and contribute to the game's growth.
The personal segment to maintain its leadership status throughout the forecast period
Based on end user, the personal segment held the highest market share in 2022, accounting for more than three-fifths of the global Non-fungible tokens market revenue, this is attributed to the NFT marketplaces are becoming more user-friendly, making it easier for people to buy, sell, and trade NFTs. These platforms supplied a varied spectrum of NFT offerings, ranging from digital art to virtual assets and beyond. In addition, the NFT market received substantial media coverage, raising awareness and attracting people's interest. The appearance of NFT-related news in mainstream media outlets sparked the interest of a larger audience. However, the commercial segment is projected to manifest the highest CAGR of 34.8% from 2022 to 2032. Digital artists and creators can tokenize their artwork, creating a unique, verifiable, and scarce representation of their pieces. This has opened new revenue streams for artists and allowed collectors to buy, sell, and trade digital art in the NFT marketplace, creating opportunities for corporate lending in the healthcare industry.
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North America garnered the major share in 2022
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global non fungible tokens market. North America region has a significant population of gamers and collectors that are interested in digital assets. NFTs have become a popular way to own and sell in-game objects, virtual real estate, and other unique digital artefacts, adding to the market growth. In addition, the North America market has experienced a surge in investor interest in NFTs. Investors recognize the potential for high-value NFT sales, resulting in speculative investments and market expansion. However, the Asia-Pacific region is expected to witness the fastest CAGR of 36.5% from 2023 to 2032 and is likely to dominate the market during the forecast period, there is an increasing trend of incorporating blockchain and NFTs into traditional industries such as music, sports, fashion, and entertainment. The Asia-Pacific governments are looking for new ways to use NFTs for royalties tracking, ticketing, fan engagement, and provenance verification. This trend creates new potential for NFT uptake and implementation.
Leading Market Players: -
- Binance limited
- Consensys ag
- Enjin
- Gala games
- Mintable
- Nifty gateway
- Ozone networks, inc.
- Rarible, inc.
- Superrare
- The sandbox
The report provides a detailed analysis of these key players in the global Non-fungible tokens market. These players have adopted different strategies such as expansion, merger, and product launch to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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