What Has Been The Historical And Current Growth Of The Non-fungible Token Market?
The non-fungible token market has seen considerable growth due to a variety of factors.
• The market size of non-fungible tokens has witnessed a massive surge in growth in the past few years. The forecast predicts an increase from $43.08 billion in 2024 to $61.01 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 41.6%.
Factors such as a boom in digital art, celebrity and brand endorsements, and active involvement from crypto enthusiasts have resulted in this significant growth during the historical period.
What Is The Forecast For The Non-fungible Token Market By 2029?
The non-fungible token market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of non-fungible tokens is anticipated to witness remarkable expansion in the upcoming years, estimated to reach $247.41 billion by 2029, growing at a compound annual growth rate (CAGR) of 41.9%.
The growth anticipated during this period can be credited to the more extensive tokenization of assets, amalgamation with video gaming, infrastructure and marketplaces of NFTs, clearer regulatory standards, and improved interoperability. Noticeable trends during this projection period will encompass advancements in blockchain technology, the evolution of the metaverse, partnerships and collaborations with brands, and mechanisms for royalty and resale.
Which Key Drivers Are Propelling The Non-fungible Token Market's Growth?
The anticipated surge in the need for digital art is predicted to fuel the expansion of the non-fungible token market in the years ahead. Digital art is defined as art produced or demonstrated via digital technology. Non-fungible tokens are highly valued by artists because they authenticate and make unique the blockchain depiction of their art. For instance, data from the United States in 2024 indicated that the average global ownership of cryptocurrency stood at 6.8%, encompassing over 560 million crypto owners around the world. Hence, the escalating demand for digital art serves as a driving force for the growth of the non-fungible token market.
What Are The Key Segments Within The Global Non-fungible Token Market?
The non-fungible token market covered in this report is segmented –
1) By Type: Art, Collectibles, Gaming, Metaverses, Sports, Utilities, Other Types
2) By market Type: Primary, Secondary
3) By Cryptocurrency Usage: ETH, DAI, MANA, SAND, REVV, MATIC, CUBE, FOAM, Other Cryptocurrencies
Subsegments:
1) By Art: Digital Art, Photography, Music And Audio Art, Generative Art
2) By Collectibles: Virtual Trading Cards, Digital Memorabilia, Virtual Pets, Domain Names
3) By Gaming: In-Game Assets (Skins, Weapons, Characters), Game Items And Equipment, Play-To-Earn Tokens, Virtual Real Estate In Games
4) By Metaverses: Virtual Land, Avatars And Customization Items, Experiences And Events, Decentralized Applications
5) By Sports: Digital Collectibles, Memorabilia, Highlight Reels And Moments, Fan Engagement Tokens
6) By Utilities: Access Tokens, Membership And Subscription NFTs, Governance Tokens, Utility NFTs In Decentralized Finance (DeFi)
7) By Other Types: Fashion And Wearables, Tickets And Event Access, Intellectual Property Rights, Certificates And Credentials
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How Are New Trends Impacting The Size Of The Non-fungible Token Market?
Leading corporations in the non-fungible token market are concentrating on innovation and technological upgrades, such as NFT Marketplaces. These establishments assist in the purchase, sale, and trade of digital assets, thus improving user experience and security measures. Non-fungible tokens, or NFTs, signify ownership of one-of-a-kind digital assets like art, music, and collector's items. For instance, in July 2022, GameStop, a company famous for its retail gaming and electronics stores in the US and its involvement in the video game industry, has demonstrated this. NFT marketplaces are tailored to enrich both creators' and collectors' experiences, often empowering creators to establish royalties. This allows them to acquire a fraction of their work's future sales, thereby advocating sustained value for artists.
Who Are the Key Players in the Non-fungible Token Market?
Major companies operating in the non-fungible token market include:
• SemiDot Infotech
• Blockchain App Factory
• Cineverse Corp.
• Funko Inc.
• Liquid Media Group Ltd.
• Oriental Culture Holding Ltd.
• Takung Art Co. Ltd.
• WISeKey International Holding Ltd.
• OpenSea
• Rarible Inc.
• Sky Mavis
• Cloudflare Inc.
• Dapper Labs Inc.
• Dolphin Entertainment Inc.
• Gemini Trust Company LLC.
• Onchain Labs Inc.
• Ozone Networks Inc.
• PLBY Group Inc.
• YellowHeart LLC
• TSB Gaming Ltd.
• Larva Labs
• SuperRare Labs
• Mintbase Inc.
• Sorare SAS
• Solanart
• Gala Inc.
• Animoca Brands Corporation Ltd.
• AppDupe
• KnownOrigin Labs Limited
What are the Regional Insights into the Non-fungible Token Market?
North America was the largest region in the non-fungible token market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the non-fungible token market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
