Description
The global non-fungible token market is expected to grow from USD XX billion in 2020 to USD XX billion by 2027, at a CAGR of XX% from 2021 to 2027. The NFTs market is growing at a high pace globally. A non-fungible token (NFT) is a non-interchangeable and unique cryptographic asset or unit of data stored on a digital ledger (blockchain). NFTs can be paired with easy-to-construct things such as videos, audio, photos, and other digital file types as unique items and use blockchain technology to provide the NFT with public proof of ownership.
The rise in awareness regarding NFTs during the pandemic, the surge in demand for NFTs in various segments, support from cryptocurrencies will increase the demand for NFTs across the globe in upcoming years. The threat of fraud and risk in investing in NFTs will hamper the growth of the NFTs market.
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Global Non-Fungible Token Market Dynamics
Drivers: Rising awareness during COVID-19 and digitalization
During the pandemic, the rising awareness regarding NFTs, cryptocurrencies was highly elevated, and various people invested in such segments. The rise in online work culture boomed the growth of the NFT’s market, especially post-pandemic, owing to the key marketing strategies used by the market players to lure the internet users into investing in the NFTs and contributing to the growth of the NFTs market across the globe during the forecasting period. Rising digitalization and different users from various verticals exploring and investing in the NFTs and rising demand for the user-oriented, digitalized, and secured NFTs platform contributes to the NFTs market's growth.
Restraints: Fraud & Risk while dealing with NFTs
The NFT's cryptographic assets encrypted in blockchain also help secure data, increasing the chances of fraud and loss of investment capital, thereby hampering the growth of the market and people’s involvement in the NFTs. Fluctuation in the prices and risks associated with it will hinder market growth across the globe.
Opportunities: Rising support from cryptocurrencies will accelerate the growth of NFTs
Rising support from cryptocurrencies will accelerate the growth of NFTs across the globe over the forecasting period. For instance, Ethereum blockchain supports the NFTs with its ERC-721 standards, widely recognized Bitcoin Cash also supports NFTs, and additionally, it powers the Juungle NFT marketplace. This factor will fuel the growth of the NFTs market in upcoming years. Furthermore, Cardano blockchain introduced native tokens, which will enable the creation of NFTs without smart contracts; the FLOW blockchain uses a proof of stake consensus model to support NFTs. Moreover, GoChain, a blockchain, also supports NFTs, and powers the Zeromint NFT marketplace, and Tezos is a blockchain network that operates on a proof of stake and supports the sale of NFT art, among others. All these blockchains will elevate the growth of the NFTs market during the forecasting period across the globe.
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Scope of the Report
The study categorizes the non-fungible token market-based type, end-users, at the regional and global levels.
By Type (Revenue, USD Billion, 2017-2027)
- Art
- Collectibles
- Game
- Insurance
- Real Estate
- Automobile
- Others
By End-user (Revenue, USD Billion, 2017-2027)
- Personal
- Commercial
By Region (Revenue, USD Billion, 2017-2027)
- North America (US, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
- The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
The type segment of the Non-Fungible Token market is projected to account for the largest share in the global market
The NFT market is segmented into art, collections, game, insurance, real estate, automobile, and others based on the type. By type, art accounts for the largest share in the NFT market; the art segment is further classified into GIFs, pixel arts, 2D/3D printing, digital art, and others. Among them, digital art leads to new creations, allowing more people to be interested and involved in the art world. The artists in this space will continue to innovate and produce works that will continue to push the boundaries of the current art form. But there is a downside to this regular digital artwork. For instance, the object may be copied and reproduced by others many a time, free of charge. For this, NFT has allowed digital artists to earn money from their artwork by putting it on a blockchain or NFT platform. For this reason, it is estimated that digital art will contribute to the significant share of the global non-fungible market and promote the growth of the NFT market across the globe during the forecasting period.
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Asia-Pacific accounts for the highest CAGR during the forecast period in the Non-Fungible Token market
Based on the regions, the global NFT market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Four main countries, namely, China, India, Japan, and the Rest of Asia-Pacific, are analyzed in Asia-Pacific. Asia-Pacific is estimated for the highest CAGR during the forecasting period in the non-fungible token market in the upcoming years. They are owing to the strategic business expansion planning by the major market player in the emerging economies of the Asia-Pacific region. For instance, India's Bitcoin and cryptocurrency exchange platform, WazirX, announced that it would launch a non-fungible token (NFT) marketplace for Indian artists and creators to sell or auction their digital assets and collect royalties.
Key Market Players
The non-fungible token market is emerging and evolving with few global players operating in the market such as NBA Top Shot, Cryptopunks, Hashmasks, Sorare, CryptoKitties, Decentraland, Rarible, OpenSea, SuperRare, Ethereum Name Services, and others. These players have been adopting various winning strategies to gain higher shares or retain leading positions around the globe.
Recent Developments
- In May 2021, Larva Labs introduced its latest project, called Meebits. On the Ethereum blockchain, the project boasts 20,000 procedurally created 3D characters that may be traded. Meebits will be used as avatars in "virtual worlds, gaming, and VR" in the future. Larva Labs has made various basic modifications to Meebits, the most significant of which is likely the ability to personalize transactions, allowing users to swap Meebits with one other in a more complicated manner.
- In March 2021, Tapinator Inc., an industry-leading developer and publisher of games for mobile platforms, announced that it was developing NFT500, a subscription-based casting service, and platform focused on the blue-chip NFTs.
