Wilmington, Delaware, Nov. 13, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Non-Fungible Tokens Market by Application (Metaverse, Art, Collectibles, Gaming, and Others), by Offering (NFT creation and management, Business strategy formulation, and NFT platform-marketplace), and End User (Commercial, and Personal) Global Opportunity Analysis and Industry Forecast, 2023–2032.” According to the report, the global non-fungible tokens market was valued at $22.5 billion in 2022, and is projected to reach $395.6 billion by 2032, growing at a CAGR of 33.5% from 2023 to 2032.
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133 – Tables
74 – Charts
249 – Pages
Non-fungible tokens (NFTs) are digital assets that are unique and cannot be exchanged on a one-to-one basis. They are characterized by their ease of use and distinctiveness and are created through the use of blockchain technology. Blockchains such as Ethereum, Flow, and Matic, as well as Wax, are used to construct NFTs. NFTs are not only useful for digital transactions but also have a significant impact on tangible assets. They grant exclusive ownership rights in both digital and physical markets.
Prime Factors Influencing Market Growth:
The growth of the non-fungible tokens market is attributed to heightened digital ownership, creative expression and monetization, and the growing utilization of blockchain technology. Furthermore, because of its high volatility, speculative nature, scalability, and environmental considerations restrict the market growth. On the contrary, the integration of non-fungible tokens (NFTs) into gaming and virtual reality (VR) applications is anticipated to offer prolific opportunities for market growth in the coming years.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $ 22.5 billion |
| Market Size in 2032 | $ 395.6 billion |
| CAGR | 33.5% |
| No. of Pages in Report | 382 |
| Segments Covered | Offering, Application, End User, and Region |
| Drivers | Heightened digital ownership |
| Creative expression and monetization | |
| The growing utilization of blockchain technology | |
| Opportunities | The integration of non-fungible tokens (NFTs) into gaming and virtual reality (VR) applications |
| Restraints | High volatility, speculative nature, scalability, and environmental considerations |
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The NFT platform marketplace segment to maintain its lead position during the forecast period-
By offering, the NFT platform marketplace segment dominates the largest market share in 2022, contributing to nearly half of the global non-fungible tokens market revenue, and is predicted to maintain its lead position during the forecast period. The same segment would display the highest CAGR of 35.7% from 2023 to 2032. The existence of vibrant and engaged communities in NFT projects is essential for generating attention and demand. Marketplaces with active communities draw in more users and foster long-term success. In addition, NFTs are used in a wide range of industries, from gaming to virtual real estate to music, sports to fashion, and more. This wide range of applications has broadened the market for NFTs and attracted a wider range of players, which is likely to drive market growth.
The collectibles segment to maintain prominent revenue growth in 2032-
By application, the collectibles segment accounted for highest market share in 2022, holding around two-fifths of the global non-fungible tokens market revenue, and is expected to maintain a prominent revenue growth in 2032. Non-fungible tokens (NFTs) have modernized the art market by providing artists with the ability to sell their digital works directly to collectors, eliminating the need for third-party intermediaries like galleries or auction houses. NFTs are democratizing the art market, bringing new opportunities for artists and collectors alike, which is fueling the market's growth. However, the gaming centers segment would cite the fastest CAGR of 38.7% from 2023 to 2032. As secondary NFT markets grow, gamers and collectors can exchange assets, enabling investors to bet on the potential value of high-value NFT. Furthermore, NFTs increase player engagement and community growth within games. Players can contribute to creating content, collecting rare items, and contributing to the game’s development.
The personal segment to rule the roost by 2032-
By end user, the personal segment garnered the major market share in 2022, acquiring more than three-fifths of the global non-fungible tokens market revenue, and is projected to rule the roost by 2032. This is because NFT marketplaces have become increasingly user-friendly, allowing people to buy and sell NFTs more easily. These platforms offered a wide range of NFT products, including digital art, virtual assets, and more. The NFT market has also received extensive media coverage, which has raised awareness and attracted people's attention. The commercial segment, on the other hand, would exhibit the highest CAGR of 34.8% from 2022 to 2032. Digital artists and creators can tokenize their artworks, providing a distinct, verifiable, and limited representation of their works. This has pioneered new avenues of revenue for artists and enabled collectors to purchase, sell, and exchange digital art in the non-fungible token (NFT) marketplace, thus providing corporate lending opportunities in the healthcare sector.
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North America to maintain its dominance throughout the forecast timeframe-
By region, North America contributed to the largest market share in 2022, holding more than one-third of the global non-fungible tokens market revenue, and is anticipated to maintain its dominance throughout the forecast timeframe. This is because the NFT market in North America has seen an increase in investor interest. Investors are aware that NFTs can be sold at high prices, leading to speculation and market growth. Simultaneously, the Asia-Pacific region would portray the fastest CAGR of 36.5% from 2023 to 2032. Blockchain and non-fungible tokens (NFTs) are rapidly increasing in traditional industries like music, sport, fashion, and entertainment. Governments in the Asia-Pacific region are looking for innovative uses for NFTs, such as royalty tracking, ticket management, fan involvement, and traceability. This trend creates new opportunities for NFT adoption and implementation.
Industry-Leading Players: -
- SuperRare
- Enjin
- Gala games
- Binance Limited
- Mintable
- The sandbox
- Nifty gateway
- Rarible, Inc.
- Ozone networks, inc.
- ConsenSys AG
The report provides a detailed examination of the top players in the global non-fungible tokens market. These players have initiated various strategies such as the launch of new products, collaborations, geographical expansion, agreements, and others to boost their market share and maintain their leading position in different regions. The report is valuable in highlighting top winning segments, product portfolios, business performance, and strategic moves of leading players to showcase the competitive edge.
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Key benefits for stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the non-fungible tokens market forecast from 2022 to 2032 to identify the prevailing non-fungible tokens market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the non-fungible tokens market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global Non-fungible tokens market trends, key players, market segments, application areas, and market growth strategies.
Non-Fungible Tokens Market Key Segments:
By Offering:
- Business Strategy Formulation
- NFT Creation and Management
- NFT Platform-Marketplace
By Application:
- Collectibles
- Utilities
- Art
- Gaming
- Metaverse
- Others
By End User:
- Personal
- Commercial
By Region:
- North America (U.S., Canada)
- Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
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