Non-fungible Token Market Impact of Industry Size, Shares, and Impact Y-o-Y

The Global Non-fungible Token Market accounted for US$ 16 Billion in 2021 and is estimated to reach US$ 212 Billion by 2030, with a significant CAGR of 33.7% from 2022 to 2030.

NFTs are tokenized assets that are traded on a blockchain, the digital ledger technology (DLT) that underpins crypto currencies such as Ethereum and Bitcoin. Unlike Bitcoin, each NFT is a distinct entity that cannot be exchanged for another. NFTs are most usually connected with purchasing/owning digital artwork, as they allow an investor or collector to possess the original digital piece while retaining copyright and reproduction rights.

The NFT is a digital, irreversible proof of ownership and authenticity certificate. Unless they sell or lease the copyright for the individual NFT, NFT developers maintain intellectual property rights. NFTs free artists from middlemen and brokers since royalties can be put in at the time of creation-in the past, artists have not benefited from secondary sales.

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COVID-19 Impact on Non-Fungible Token Industry

In 2020, the pandemic sped up the traditional art market's pivot to digital sales. NFTs present innovative, perhaps tentative, opportunities for art fairs, galleries, auction houses, even museums and nonprofits, and the collectors and donors with whom they transact. The growth in the adoption of enhanced technologies in the art industry accelerated the non-fungible token market revenue during the COVID-19 pandemic.

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Market Segmentation

The global non-fungible token market has been segmented based on type, application, and end-use.

Based on the type, the market is divided into digital assets and physical assets. Among them, the digital asset segment occupied the largest non-fungible token market share in 2021 due to the increasing use of NFTs for obtaining ownership of digital assets by artists globally. On the other hand, the physical asset segment is expected to attain the fastest growth rate throughout the forecast period from 2022 to 2030. The market for the category is rising since it allows consumers to claim ownership of their assets and confirm their identity in the event of fraudulent activities.

Based on application, the market is categorized into collectibles, art, gaming, utilities, sport, metaverse, and others. The collectibles segment is further divided into audio clips, video clips, gamification, and others. The gaming segment is breakdown into video games, trading card games (TCG), strategic role-playing games, and others. The art segment is split into pixel art, GIFs, 2D/3D painting, 2D/3D computer graphics, fractal/algorithmic art, computer-generated painting, and others. Furthermore, the utility segment is sub-categorized into tickets, domain names, and asset ownership. Out of these, the collectibles segment was the largest revenue-generating segment in 2021. Collectibles are priceless items that collectors purchase and sell. Collectors might vary from traders looking for quick wins to crypto billionaires who enjoy accumulating goods. Some of the categories include art, video, music, games, and sports. However, the sports segment is expected to develop at the quickest rate in the next years as NFTs gain popularity in the sports sector by allowing athletes to market their identities and generate possibilities to communicate with fans through increasing fan engagement.

Furthermore, the end-use segment is split into commercial and personal. The personal segment accounted for the maximum market share during the forecasted years 2022 - 2030. This could be attributable to increased global expenditure on digital assets. In contrast, the commercial segment is expected to grow at the quickest rate in the next years due to the concentration of businesses in this sector. One of the developments in the worldwide non-fungible token market is the increasing usage of NFTs for business objectives, such as improving logistics and supply chain management.

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Regional Overview

North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa are the regional classification of the global non-fungible token market. Based on the regional classification, the North America region conquered the market with leading share during the projected years. Growing implementation of non-fungible tokens by millennials is the primary factor that is helping the North America market to expand significantly. The growing number of digital artists coupled with the surged demand for digital artworks is also supporting the market growth during the coming years. Meanwhile, the Asia-Pacific region is anticipated to grow with lucrative opportunities throughout the given forecast timeframe. Surging investments in crypto currencies and rising investments by start-ups in metaverse platforms in nations such as India, China, and Japan are the factors that will escalate the demand for Asia-Pacific market growth.

Major Players

Key players covered in the Cloudflare, Inc., Dapper Labs, Inc., Dolphin Entertainment, Inc., Funko, Gemini Trust Company, LLC., Onchain Labs, Inc., Ozone Networks, Inc., PLBY Group, Inc., Takung Art Co., Ltd., and Yellow Heart, LLC.

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