The global non-fungible token market size is expected to grow from $14.02 billion in 2021 to $21.33 billion in 2022 at a compound annual growth rate (CAGR) of 52.1%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic. The NFT market size is expected to reach $82.43 billion in 2026 at a CAGR of 40.2%.
What is the Global Non-Fungible Token Market?
The NFT market consists of sales of non-fungible tokens by entities (organizations, sole traders, and partnerships) that are engaged in providing digital assets. NFTs are cryptographic assets on the blockchain with unique authentication codes and metadata that differentiate them from one another. NFTs represent real-world items such as art, music, in-game item, videos, and these are unique cryptographic tokens that exist on the blockchain and cannot be replicated.
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What drives the Global Non-Fungible Token Market?
The increasing demand for digital artwork is expected to propel the growth of the NFT market in the coming years. The word digital art refers to art that is created or displayed using digital technology. Artists value non-fungible tokens because they ensure the validity and uniqueness of the blockchain representation of their work. For instance, in 2021, Grimes is the most recent artist to profit in on the NFT gold rush, with digital artworks valued at about $6 million sold. Additionally, in 2021, digital artist Pak's collection was sold for about $17 million and in 2020, the digital artist Beeple sold $3.5 million in artwork through Nifty Gateway. Therefore, the increasing demand for digital artwork drives the growth of the non-fungible tokens market.
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Global Non-Fungible Token Market Segments
The global non-fungible token market is segmented:
By Type: Art, Collectibles, Gaming, Metaverses, Sports, Utilities, Others
By Market Type: Primary, Secondary
By Cryptocurrency Usage: ETH, DAI, MANA, SAND, REVV, MATIC, CUBE, FOAM, Others
By Geography: The regions covered in the non-fungible token market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Non-Fungible Token Global Market Report 2022provides market size and growth forecasts for the global non-fungible token market, global non-fungible token market share, non-fungible token market segments and geographies, non-fungible token market competitive landscape including leading competitors’ revenues, profiles and market shares. The non-fungible token market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Non-Fungible Token Industry Playersinclude SemiDot Infotech, Blockchain App Factory, Cinedigm, Funko, Takung Art, WISeKey, Oriental Culture Holding, and Liquid Media. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
