Non-fungible Token Market Size, Share & Trends Report

Non-fungible Token Market Size, Share & Trends Analysis Report By Application (Art, Sports), By Type (Physical Assets, Digital Assets), By End-use (Commercial, Personal), By Region, And Segment Forecasts, 2024 - 2030

  • Report ID: GVR-4-68039-923-9
  • Number of Pages: 150
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2022
  • Industry: Technology

Research Methodology

A three-pronged approach was followed for deducing the non-fungible token market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for non-fungible token market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of non-fungible token market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Non-fungible Token Market Categorization:

The non-fungible token market was categorized into four segments, namely type (Physical Asset, Digital Asset), application (Collectibles, Art, Gaming, Utilities, Metaverse, Sports), end-use(Personal, Commercial), and regions (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).

Segment Market Methodology:

The non-fungible token market was segmented into type, end-use, application,  and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The non-fungible token market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into fifteen countries, namely, the U.S.; Canada; U.K.; Germany; France; China; Japan; India; South Korea; Australia; Brazil; Mexico; Kingdom of Saudi Arabia (KSA); UAE; South Africa

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Non-fungible token market companies & financials:

The non-fungible token market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • YellowHeart, LLC YellowHeart, LLC is a blockchain-based NFT ticketing and collectibles platform that aims to eliminate scalpers and bad players in the ticketing sector. The company provides a platform for event organizers to integrate blockchain technology into their ticketing services, offering unique digital ownership of event tickets, reducing counterfeiting and fraud. YellowHeart leverages the power of Web3 to help venues and fans graduate to the next phase of ticketing, empowering fans, artists, and sports teams.

  • Cloudflare, Inc. Cloudflare, Inc. is a web infrastructure and website security company that offers DDoS mitigation and content delivery network services. The company provides a range of solutions to protect websites and applications, improve website and application performance, secure work from anywhere, protect and accelerate networks, solutions to build and deploy code at the edge, and manage cloud deployment. 

  • PLBY Group, Inc. PLBY Group, Inc. is a global media and lifestyle company that oversees Playboy magazine and related assets. The company operates through three reportable segments: Licensing, Direct-to-Consumer, and Digital Subscriptions and Content. PLBY Group primarily focuses on four business lines: wellness, style & apparel, gaming and lifestyle, and beauty & grooming. The company and its subsidiaries engage in the development and distribution of content, products, and high-profile events.

  • Dolphin Entertainment Dolphin Entertainment, Inc. is a global media and entertainment company that was founded in 1996 by Bill O'Dowd. The company operates through three reportable segments: Licensing, Direct-to-Consumer, and Digital Subscriptions and Content. Dolphin Entertainment primarily focuses on four business lines: wellness, style & apparel, gaming and lifestyle, and beauty & grooming. The company and its subsidiaries engage in the development and distribution of content, products, and high-profile events. 

  • Funko Funko is a pop culture lifestyle brand that offers a wide range of products, including vinyl figures, action toys, plush, apparel, board games, housewares, NFTs, and accessories. The company has signed licensing deals with major brands and companies such as Warner Bros, Disney, Nickelodeon, NBC Universal, Marvel Entertainment, and Major League Baseball. Funko sells its pop culture consumer products through its subsidiaries Funko Games, Loungefly, and Funko Digital Pop. 

  • OpenSea (Ozone Networks, Inc.) OpenSea, the largest NFT marketplace, is the world's first and largest digital marketplace for crypto collectibles and non-fungible tokens (NFTs). The platform offers a wide range of NFTs, including art, collectibles, music, photography, sports, trading cards, utility, and virtual worlds. 

  • Dapper Labs, Inc. Dapper Labs, Inc., founded in 2018, is a Vancouver-based NFT company that provides a blockchain-based collectibles and non-fungible token (NFT) platform. The company's platform uses blockchain-enabled applications to bring its customers closer to the brands, enabling users to access new forms of digital engagement and track their ownership securely. Dapper Labs aims to bring customers closer to the brands they admire, building communities to contribute to, and producing pathways for them to be creators themselves. The company focuses on building new apps and platforms that would be accessible to millions of fans of organizations like the NBA and NFL while ensuring an excellent user experience.

  • Nifty Gateway (Gemini Trust Company, LLC.) Nifty Gateway, a subsidiary of Gemini Trust Company, LLC, is a leading NFT marketplace that offers a diverse range of digital art and collectibles. The platform provides a seamless experience for users to buy, sell, and store NFTs, also known as "nifties," from top artists, athletes, and brands.

  • MakersPlace (Onchain Labs, Inc.) MakersPlace, a subsidiary of Onchain Labs, Inc., is a leading digital art creation platform that leverages blockchain technology to offer a marketplace for unique digital creations. The platform provides a secure and transparent environment for artists to create and sell their digital works as non-fungible tokens (NFTs). MakersPlace ensures the authenticity and scarcity of digital assets by etching and verifying them through the blockchain, allowing only a limited number of authentic editions to be owned. 

  • CryptoPunks – Larva Labs Studio Larva Labs, an American IT studio based in New York, is the creator of the famous CryptoPunks and Meebits. The company was founded in 2005 by Matt Hall and John Watkinson. Larva Labs is known for its unique products, which have gained significant attention and value in the NFT market. The company's most notable project, CryptoPunks, is a collection of 10,000 unique collectible characters with proof of ownership stored on the Ethereum blockchain. 

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Non-fungible Token Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 - 2022, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Non-fungible Token Market Report Assumptions:

  • The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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