GVR Report cover Non-fungible Token Market Size, Share & Trends Report

Non-fungible Token Market Size, Share & Trends Analysis Report By Type (Physical Asset, Digital Asset), By Application (Collectibles, Art, Gaming), By End Use, By Region, And Segment Forecasts, 2023 - 2030

  • Report ID: GVR-4-68039-923-9
  • Number of Pages: 150
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2021
  • Industry: Technology

Report Overview

The global non-fungible token market size was valued at USD 20.44 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 34.2% from 2023 to 2030. The growth can be attributed to the increasing demand for NFTs worldwide due to their uniqueness, individuality, and transparency, among other features. NFTs are indivisible and cannot be distributed among multiple owners. This ownership advantage offered by NFTs ensures that the buyers are safe from fake NFTs (non-fungible tokens).

U.S. Non-fungible Token market size, by type, 2020 - 2030 (USD Million)

Ethereum is the most common token standard used for NFTs. Typically, ERC-1155 and ERC-721 token standards are widely used to create NFTs. Other than Ethereum, blockchains such as Flow, EOS, and Tezos also offer token standards for developing NFTs. Moreover, the impending shift of Ethereum from proof-of-work to the proof-of-stake system is expected to reduce the energy consumption of its blockchain by 99%. Thus the use of Ethereum token is expected to grow for NFTs worldwide.

NFTs processed through Security Token Offerings (STO) legally help the entity to remain compliant with the U.S. securities regulations and laws. The companies developing NFTs are expected to be registered under U.S. securities laws. For instance, Dapper Labs, the developer of NBA Top Shot NFTs, was sued for allegedly selling NFTs as unregistered securities. NBA Top Shot is a blockchain-based digital collectible platform that enables users to sell, buy, and trade NFTs of NBA video highlights. The document filed in the Supreme Court claims that NBA Top Shot moments are securities because their value grows with the project's success. This thereby requires Dapper Labs to be registered with the U.S. Securities and Exchange Commission.

As NFTs can have only one owner at a time, Fractionalized NFTs (F-NFT) have come into existence. F-NFTs allow NFT owners to share their asset ownership with others. Using F-NFTs, people can gain shared or fractional ownership in high-value assets such as a luxury yacht or real estate by investing a small amount of money in the asset. On Ethereum, to fractionalize the purchase, NFT owners divide ERC-721 tokens into multiple ERC-20 tokens. Each of these ERC-20 tokens becomes a fractional NFT of the asset.

The demand for NFTs is growing among millennials worldwide, which is also one of the major factors driving the market growth. According to a survey conducted by Morning Consult, a business intelligence company, in March 2021, 23% of millennial respondents in the U.S. stated that they collect NFTs as an investment option or hobby. Additionally, Sorare, a digital game provider, stated that millennials are the primary users of its digital game NFTs, with 34% of users in the age group of 25 and 34 and 27% in the age group of 34 and 54.

COVID-19 Impact Analysis

The Non-fungible Token (NFT) market witnessed promising growth opportunities amid the COVID-19 pandemic in 2021. The rise in the adoption of enhanced technologies in the art industry during the pandemic accentuated the market growth. According to Fuelarts, a company fostering the adoption of technology across the art industry, Art+Tech startups raised around USD 380 million since the start of 2020 alone; Art-Tech companies received funding worth nearly USD 640 million in the last 20 years before the COVID-19 pandemic.

Type Insights

The digital asset segment dominated the market in 2022 and accounted for more than 72.0% share of the global revenue. The increasing use of NFTs for securing ownership of digital assets by artists worldwide is expected to drive the segment growth. Artists can earn profits from their content by keeping the ownership via NFTs and are not required to give it to other platforms for promotions. At the same time, the rise in the use of NFTs to sell digital real estate in both the physical and virtual world is also expected to drive the segment growth.

The physical asset segment is anticipated to witness significant growth over the forecast period. NFTs are tokens that can also be used for physical assets such as a house, painting, and a vehicle. NFTs are presented on the physical items in the form of a barcode or tag, which can be encoded and traded in the place of physical items. The demand for NFTs is also growing as they enable people to claim their ownership and authenticate the identity or fraudulent transactions that occur concerning their assets.

Application Insights

The collectibles segment dominated the market in 2022 and accounted for more than 53.0% share of the global revenue. Crypto collectibles are NFT tokens that can be minted in NFT marketplaces. The high demand for crypto collectibles can be attributed to their benefits such as independence and ease in handling assets. For instance, sports collectibles allow fans to connect with their idols directly, game collectibles enable gamers to trade and play, and collectibles for artists enable them to connect with potential customers and sell their work.

The sport segment is expected to witness steady growth over the forecast period. NFTs are gaining popularity in the sports sector worldwide as they allow athletes to promote their names and create opportunities to interact with fans by enhancing fan engagement. According to Deloitte Touche Tohmatsu Limited, up to five million sports fans are expected to be gifted or purchase an NFT in 2022, creating more than USD 2 billion in transactions, nearly double of 2021.

End-use Insights

The personal segment dominated the non-fungible token (NFT) market in 2022 and accounted for more than 61.0% share of the global revenue. The growing spending on digital assets worldwide is one of the major factors driving the segment growth. According to CryptoSlam, an internet publishing company, in February 2021, people spent over USD 1 billion on digital assets. The growing valuation of NFTs is one of the major factors driving investments in digital assets.

Global Non-fungible Token (NFT) market share, by end-use, 2022 (%)

The commercial segment is anticipated to grow at the highest CAGR over the forecast period. The growing use of NFTs for business purposes, such as innovating supply chain management and logistics, is expected to drive the segment growth. Logistic companies are increasingly integrating blockchain technology in their operations, creating new opportunities for the growth of the segment. For instance, in October 2021, VeChain, an enterprise-friendly blockchain project, announced a partnership with DHL, a logistics company, to issue NFTs on the VeChainThor blockchain.

Regional Insights

North America dominated the market in 2022 and accounted for over 31.0% share of the global revenue. The increasing adoption of NFTs by millennials in the region is driving regional market growth. At the same time, the rise in the number of artists creating digital artwork in countries such as the U.S. and Canada is also expected to drive market growth in the region. Furthermore, the presence of major players operating in the blockchain industry in the region also bodes well for the regional market.

Non-fungible Token Market Trends by Region

The Asia Pacific market is expected to grow at the highest CAGR over the forecast period. The rising adoption of cryptocurrency across Asia Pacific countries is expected to drive market growth in the region. An increase in the development of metaverse platforms by startups in the region is also expected to favor market growth. Additionally, the growing gaming industry in the region is also creating new opportunities for market growth.

Key Companies & Market Share Insights

The competitive landscape of the market is highly fragmented. Market players are focused on strategies such as partnerships to strengthen their market positions. For instance, in March 2022, LimeWire announced its partnership with Algorand, a proof-of-stake blockchain cryptocurrency protocol. Through this partnership, the former company will use Algorand as the basis of its NFT marketplace.

Market players are also focused on enhancing their product offerings to better cater to the changing needs of users and stay competitive. As a result, market players are investing in research and development to integrate advanced technologies in NFTs. Furthermore, companies are collaborating with universities worldwide to support technical development, academic research, and innovation in blockchain technology, creating a growth opportunity for the market. Some prominent players in the global Non-fungible Token (NFT) market are:

  • 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.

Non-fungible Token Market Report Scope

Report Attribute


Market size value in 2023

USD 26.98 billion

Revenue forecast in 2030

USD 211.72 billion

Growth rate

CAGR of 34.2% from 2023 to 2030

Base year of estimation


Historical data

2018 - 2021

Forecast period

2023 - 2030

Quantitative units

Revenue in USD million and CAGR from 2023 to 2030

Report coverage

Revenue forecast, company market share, competitive landscape, growth factors, and trends

Segments covered

Type, application, end-use, region

Regional scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Country scope

U.S.; Canada; U.K.; Germany; France; China; Japan; India; Brazil; Mexico

Key companies profiled

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

Customization scope

Free report customization (equivalent to up to 8 analysts working days) with purchase. Addition or alteration to country, regional, and segment scope

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options


Segments Covered in the Report

The report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global non-fungible token market report based on type, application, end-use, and region:

Global Non-fungible Token Market Segmentation

  • Type Outlook (Revenue, USD Million, 2018 - 2030)

    • Physical Asset

    • Digital Asset

  • Application Outlook (Revenue, USD Million, 2018 - 2030)

    • Collectibles

      • Video Clip

      • Audio Clip

      • Gamification

      • Others

    • Art

      • Pixel Art

      • Fractal/Algorithmic Art

      • Computer Generated Painting

      • 2D/3D Painting

      • 2D/3D Computer Graphics

      • GIFs

      • Others

    • Gaming

      • Trading Card Game (TCG)

      • Video Game

      • Strategy Role Playing Game (RPG)

      • Others

    • Utilities

      • Tickets

      • Domain Names

      • Assets Ownership

    • Metaverse

    • Sport

    • Others

  • End-Use Outlook (Revenue, USD Million, 2018 - 2030)

    • Personal

    • Commercial

  • Regional Outlook (Revenue, USD Million, 2018 - 2030)

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

      • France

    • Asia Pacific

      • China

      • Japan

      • India

    • Latin America

      • Brazil

      • Mexico

    • Middle East & Africa

Frequently Asked Questions About This Report

gvr icn


gvr icn

This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself.

gvr icn


We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities.

Contact us now to get our best pricing.

esomar icon

ESOMAR certified & member

D&B icon

Leading SME award by D&B

We are GDPR and CCPA compliant! Your transaction & personal information is safe and secure. For more details, please read our privacy policy.

great place to work icon