Non Fungible Token Market Overview
A non-fungible token (NFT) is a financial security made up of digital data recorded in a distributed ledger called a blockchain. The blockchain records the ownership of an NFT, which can be transferred by the owner, allowing NFTs to be sold and exchanged. NFTs can be made by anyone and require little to no coding knowledge. Digital data such as images, films, and audio are frequently referenced in NFTs. NFTs vary from fungible cryptocurrencies in that they are uniquely recognisable. The digital file that an NFT refers to determines its market worth. According to NFT proponents they provide a public certificate of authenticity or proof of ownership, but the legal rights that an NFT conveys can be ambiguous. The ownership of an NFT, as defined by the blockchain, has no intrinsic legal meaning and does not imply copyright, intellectual property rights, or other legal rights over the digital material it is connected with. An NFT does not block the production of NFTs that reference identical files, nor does it restrict the sharing or copying of its associated digital file. An NFT is a data unit that can be sold and exchanged and is recorded on a form of digital ledger known as a blockchain. The NFT can be linked to a specific digital or physical product, such as art, music, or sports highlights, as well as a permission to use the asset for a certain purpose. In digital markets, an NFT (and, if applicable, the related licence to use, copy, or display the underlying asset) can be bought and sold. The extralegal character of NFT trading frequently results in an informal transfer of ownership of the item with no legal basis for enforcement, and so often confers little more than status symbolism. The Non-Fungible Token Market size accounted for US$ 14.56 billion in 2020 and is estimated to be US$ 170.34 billion by 2030 and is anticipated to register a CAGR of 28.2%.
Non Fungible Token Market Dynamics
Increasing transformation in gaming industries
One of the main reasons for the exponential rise in NFT demand is that NFTs have expanded their horizons beyond music, films, and sports to include other streams such as Metaverse and, in particular, gaming. Enjin was one of the first big gaming firms to integrate blockchain technology into its infrastructure, releasing ENJ, a gaming cryptocurrency that has been officially whitelisted for use in Japan, in 2017. Players can also buy, sell, and trade earned in-game assets products thanks to the introduction of Pplay-to-Earn (P2E). Games like Axie Infinity and Splinterlands, for example, allow users to convert rare in-game assets into NFT, and the buying and selling of these gaming-related asset transactions can quickly add up. For instance, According to DappRadar, on Aug 7, 8, and 9, 2021, Splinterlands alone generated almost 4 million transactions per day, while the Ethereum network as a whole generated an average of 1.2 million transactions per day. By transforming in-game assets into NFTs, gamers can generate cash from their in-game assets. According to Forbes, when Axie Infinity provided players an alternate source of money during the pandemic, it saw a boom in user growth in the Philippines. As a result, the gaming industry has established itself as a huge growth prospect for NFT, particularly the play-to-earn blockchain gaming model.
Copyright Issues
Currently, there is no specialised legal structure or laws in the NFT market to verify real ownership of an NFT and the related copyright evidence. There is a risk of duplication of legitimate works, such as photos, photographs, music pieces, and so on. Without the creator's permission, such replicated assets can be easily personalised and disseminated online. This can hamper NFT market baseline during forecast period. Moreover, NFTs are good for digital artists because they give them entire ownership of their work and allow them to profit from it.
Non Fungible Token Market Segmentation
The global Non-Fungible Token Market is segmented based on type, application, end-user and region.
On the basis of Type, the global Non-Fungible Token Market is segmented into digital asset and physical asset. On the basis of application, the target market is segmented into gaming, utilities, metaverse, sports, art, collectibles and others. Based on End-User, the target market is segmented into commercial and personal.
Regional Insights:
The global Non-Fungible Token Market size accounted for US$ 14.56 billion in 2020 and is estimated to be US$ 170.34 billion by 2030 and is anticipated to register a CAGR of 28.2%. On region the global Non-Fungible Token Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In 2021, North America dominated the market, accounting for over XX % of worldwide sales. Millennials in the region are increasingly adopting NFTs, which is fueling regional market growth. At the same time, the increase in the number of artists generating digital artwork in nations like the United States and Canada is likely to fuel regional market growth. The presence of key players in the blockchain business in the region is also encouraging for the regional market. Over the projected period, the Asia Pacific market is expected to develop at the fastest rate. The region market growth is likely to be fueled by the increasing usage of cryptocurrency in Asia Pacific countries. A rise in the number of startups in the region developing metaverse platforms is also projected to boost industry growth. Additionally, the region rising gaming industry is opening up new business potential during the forecast period.
Report Scope:
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Attribute |
Details |
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Base year for estimation |
2020 |
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Forecast period |
2020 – 2030 |
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Market representation |
Revenue in USD Million & CAGR from 2020 – 2030 |
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Market Segmentation |
By Type - Digital Asset and Physical Asset By Application– Gaming, Utilities, Metaverse, Sports, Art, Collectibles and Others By End-User – Commercial and Personal |
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Regional scope |
North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
|
Report coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
Segments Covered in the Report:
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2020 to 2030. For the purpose of this study, has segmented the global Non-Fungible Token Market report based on type, application, end-user and region.
Recent Development:
- In March 2022, The Sandbox teamed with World of Women, the first of its type NFT community, to provide them with a grand funding of USD 25 million to increase women's representation in digital spaces.
- In Aug 2021, Dolphin Entertainment is collaborating with West Realm Shire Services Inc., the owner and operator of FTX.US, to build an NFT marketplace for major sports and entertainment companies. The partnership will bring together Dolphin's creative and marketing skills with FTX's crypto currency expertise.
- In Oct 2021, YellowHeart, some of the year's most significant music industry firm, such as music tech powerhouse and NFT marketplace including NFT drops and community token rollouts for performing artists Kings of Leon and Maroon 5, has launched the YellowHeart Wallet, a mobile app for NFT ticketing. The mobile wallet, which is now available in the Google Play and iOS App Stores, will eliminate the need for a physical ticket and connect users directly to YellowHeart's Web3 Ethereum-based NFT ticketing platform and marketplace, where the company has been actively selling and facilitating NFT ticketing via mobile browser for some time.
Global Non-Fungible Token Market, By Region:
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- North America
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- U.S.
- Canada
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- Europe
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- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
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- Asia Pacific
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- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
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- Latin America
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- Brazil
- Mexico
- Rest of Latin America
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- Middle East & Africa
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- GCC
- Israel
- South Africa
- Rest of Middle East & Africa
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- North America
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Non Fungible Token Market Key Players
The leading players operating in the Global Non-Fungible Token Market includes YellowHeart, LLC is a company based in the United States, Cloudflare, Inc. is a company that provides cloud computing services, PLBY Group, Inc. is a privately held corporation based in the United States, Dolphin Entertainment, Inc. is a company based in Miami, Florida, Funko, Ozone Networks, Inc. is a privately held company based in the United States, Takung Art Co., Ltd. is a company based in Taiwan, Dapper Labs, Inc. is a private company based in the United States, Gemini Trust Company, LLC is a limited liability company, Onchain Labs, Inc. is a company that specialises on blockchain technology.
Cloudflare, Inc.
Cloudflare, Inc. is a content delivery network and DDoS mitigation company based in the United States. It was formed in 2010. It primarily serves as a reverse proxy between a website's visitor and the hosting provider of a Cloudflare customer. Company’s headquarter is in San Francisco, California
Non Fungible Token Market Company Profile
- YellowHeart, LLC.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Cloudflare, Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- PLBY Group, Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Dolphin Entertainment, Inc
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Funko
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Ozone Networks, Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Takung Art Co., Ltd.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Dapper Labs, Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Gemini Trust Company, LLC.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Onchain Labs, Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
Non Fungible Token Market Table of Contents
- Research Objective and Assumption
- Preface
- Research Objectives
- Study Scope
- Years Considered for the study
- Assumptions
- Abbreviations
- Research Methodology
- Research data
- Primary Data
- Primary Interviews
- Primary Breakdown
- Key data from Primary Sources
- Key Thickness Insights
- Secondary Data
- Major Secondary Sources
- Secondary Sources
- Market Estimation
- Top-Down Approach
- Approach for estimating Market Share by Top-Down Analysis (Supply Side)
- Bottom-Up Approach
- Approach for estimating market share by Bottom-up Analysis (Demand Side)
- Market Breakdown and Data Triangulation
- Research Assumptions
- Market Purview
- Executive Summary
- Key Findings—Global Non-Fungible Token Market
- Key Questions this Study will Answer
- Market Snippet, By Type
- Market Snippet, By Application
- Market Snippet, By End-User
- Market Snippet, By Region
- Opportunity Map Analysis
- Executive Summary—3 Big Predictions
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- Market Opportunities
- Market Trends
- DR Impact Analysis
- PEST Analysis
- Porter’s Five Forces Analysis
- Opportunity Orbit
- Market Investment Feasibility Index
- Macroeconomic Factor Analysis
- Market Dynamics
- Global Non-Fungible Token Market, By Type, 2020 – 2030, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), 2020 – 2030
- Y-o-Y Growth Analysis (%), 2020 – 2030
- Segment Trends
- Digital Asset
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
- Physical Asset
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
- Overview
- Global Non-Fungible Token Market, By Application , 2020 – 2030, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), 2020 – 2030
- Y-o-Y Growth Analysis (%), 2020 – 2030
- Segment Trends
- Gaming
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
- Utilities
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
- Metaverse
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
- Sports
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
- Art
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
- Collectibles
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
- Others
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
- Overview
- Global Non-Fungible Token Market, By End-User, 2020 – 2030, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), 2020 – 2030
- Y-o-Y Growth Analysis (%), 2020 – 2030
- Segment Trends
- Commercial
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
- Personal
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
- Overview
- Global Non-Fungible Token Market, By Region, 2020 – 2030, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), 2020 – 2030
- Y-o-Y Growth Analysis (%), 2020 – 2030
- Regional Trends
- North America
- Market Size and Forecast (US$ Bn), By Type, 2020 – 2030
- Market Size and Forecast (US$ Bn), By Application, 2020 – 2030
- Market Size and Forecast (US$ Bn), By End-User, 2020 – 2030
- Market Size and Forecast (US$ Bn), By Country, 2020 – 2030
- U.S.
- Canada
- Europe
- Market Size and Forecast (US$ Bn), By Type, 2020 – 2030
- Market Size and Forecast (US$ Bn), By Application, 2020 – 2030
- Market Size and Forecast (US$ Bn), By End-User, 2020 – 2030
- Market Size and Forecast (US$ Bn), By Country, 2020 – 2030
- UK
- France
- Germany
- Russia
- Italy
- Rest of Europe
- Asia Pacific
- Market Size and Forecast (US$ Bn), By Type, 2020 – 2030
- Market Size and Forecast (US$ Bn), By Application, 2020 – 2030
- Market Size and Forecast (US$ Bn), By End-User, 2020 – 2030
- Market Size and Forecast (US$ Bn), By Country, 2020 – 2030
- India
- Japan
- South Korea
- China
- Rest of Asia Pacific
- Latin America
- Market Size and Forecast (US$ Bn), By Type, 2020 – 2030
- Market Size and Forecast (US$ Bn), By Application, 2020 – 2030
- Market Size and Forecast (US$ Bn), By End-User, 2020 – 2030
- Market Size and Forecast (US$ Bn), By Country, 2020 – 2030
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Market Size and Forecast (US$ Bn), By Type, 2020 – 2030
- Market Size and Forecast (US$ Bn), By Application, 2020 – 2030
- Market Size and Forecast (US$ Bn), By End-User, 2020 – 2030
- Market Size and Forecast (US$ Bn), By Country, 2020 – 2030
- GCC
- Israel
- South Africa
- Rest of Middle East
- Overview
- Competitive Landscape
- Heat Map Analysis
- Market Presence and Specificity Analysis
- Company Profiles
- YellowHeart, LLC.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Cloudflare, Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- PLBY Group, Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Dolphin Entertainment, Inc
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Funko
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Ozone Networks, Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Takung Art Co., Ltd.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Dapper Labs, Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Gemini Trust Company, LLC.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Onchain Labs, Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
The Last Word
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- Future Impact
- About Us
- Contact
FAQs
The Non-Fungible Token Market is segmented based on type, application, end-user and region.
One of the main reasons for the exponential rise in NFT demand is that NFTs have expanded their horizons beyond music, films, and sports to include other streams such as Metaverse and, in particular, gaming.
North America dominated the market, accounting for over XX % of worldwide sales. Millennials in the region are increasingly adopting NFTs, which is fueling regional market growth.
The key players operating in the Non-Fungible Token Market includes 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. And Onchain Labs, Inc.