Non-Fungible Tokens (NFT) Market: Current Analysis and Forecast (2022-2028)

Non-Fungible Tokens (NFT) Market: Current Analysis and Forecast (2022-2028)

The global non-fungible tokens market is expected to grow at a significant rate of around 35% during the forecast period, reaching USD 15 billion by 2028. A non-fungible token (NFT) is a unique digital asset that represents ownership of real-world items like art, video clips, music, and more. The growing demand for digital art along with the rising number of online platforms are important factors for the growth of the non-fungible token market. Moreover, with the growing use of cryptocurrency and the increasing interest of people in online investments is also an important factor in the market growth of non-fungible tokens.

YellowHeart LLC., Cloudflare Inc., PLBY Group Inc., Dolphin Entertainment Inc., Funko, Ozone Networks Inc., Takung Art Co. Ltd., Dapper Labs Inc., Gemini Trust Company LLC., Onchain Labs Inc. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report
"Amongst type, digital asset category to witness higher CAGR during the forecast period”

Based on the type, the market has been categorized into a physical asset and a digital asset. Among them, digital asset is expected to have significant growth in the market. The capsules category is expected to witness a higher CAGR during the forecast period. This is mainly due to the advantages offered by the blockchain such as it provides authenticity to the work, and also enables the artist to resale their art. Furthermore, NFTs make it possible even for aspiring creatives to profit from their art and get recognition, catalyzing the segmental growth of digital assets in the market.
"Amongst application, collectibles to hold a significant share in the market in 2020”

Based on the application, the market has been categorized into collectibles, art, gaming, and others. Among these, collectibles to hold a significant share in the market in 2020. The rarity, utility among others are the important factors for the collectible to have a significant contribution to the NFT market. Furthermore, people feel more connected with the collectibles due to their rarity, historical importance, or any other factors and NFTs made the procedure easier and validate the rarity of the item is also a contributing factor to the segmental growth.
"APAC to hold a significant share in the market”

For a better understanding of the market adoption of the non-fungible tokens industry, the market is analyzed based on its worldwide presence in the countries such as North America (United States and Canada), Europe (Germany, France, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of APAC), and Rest of World. In 2020, APAC held a significant share of the global non-fungible tokens market. This is mainly attributed to the increasing popularity of the metaverse games along with the presence of a large young population in the region is an important factor for the regional growth of the NFT market. Additionally, frequent service launches in the region are also prime factors catalyzing the market growth of NFTs. For instance, in April 2022, four prominent global media and capital companies, AC Capital, CoinVoice, Asia Token Fund, and Block Tides, brought the first-ever largest NFT, GameFi, and Metaverse event in Southeast Asia.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.