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

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

  • Report ID: GVR-4-68039-923-9
  • Number of Pages: 130
  • 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. Market growth can be attributed to the rising demand for digital artworks. Furthermore, the expansion of the market is driven by a global surge in demand for NFTs, driven by their distinctiveness, transparency, and other notable characteristics. Unlike traditional assets, NFTs are indivisible and cannot be divided among multiple owners, ensuring authenticity and security of ownership for buyers and protecting them from counterfeit NFTs. Increasing interest in digital ownership and the desire to establish unique digital identities have played a significant role.

U.S. Non-fungible Token (NFT) market size and growth rate, 2023 - 2030

NFTs provide a means to prove ownership and authenticity of digital assets, allowing individuals to truly possess and showcase their digital collectibles, artworks, and other unique creations. Moreover, the growing adoption of blockchain technology has driven the NFT market. Blockchain provides a decentralized and transparent platform for verifying and recording ownership of NFTs, ensuring their scarcity and provenance.

The rise of social media and digital platforms has created a global audience and marketplace for NFTs. Social media influencers, celebrities, and artists have leveraged their online presence to promote and sell NFTs directly to their followers, creating a direct connection between creators and buyers. This direct-to-consumer approach has expanded the reach and accessibility of NFTs, driving their adoption across various demographics. Moreover, a convergence of traditional industries with the NFT market has opened up new opportunities and drivers. Sectors such as sports, gaming, music, and fashion have embraced NFTs to offer unique experiences, limited edition digital assets, and exclusive content to their fans and customers.

The concept of digital scarcity has been a driving force behind the market. NFTs enable creators to establish scarcity in the digital realm, creating a sense of exclusivity and value. The limited supply and unique attributes of NFTs make them desirable and sought-after, driving up demand and prices. This scarcity factor and ability to prove ownership and authenticity have attracted individuals and investors looking for new opportunities in the digital economy.

One significant restraint in the NFT market is the lack of mainstream adoption and understanding of NFTs among the general population. Many potential buyers and investors may not fully comprehend the concept of owning a digital asset or may have concerns about the value and authenticity of NFTs. To overcome this restraint, education and awareness campaigns are crucial. NFT platforms and creators can focus on educating the public about the benefits and unique features of NFTs, highlighting scarcity, ownership rights, and potential for investment. Collaborations with established brands and celebrities can also help bring NFTs into the mainstream and increase trust and recognition among a wider audience. In addition, implementing robust verification systems and transparent marketplaces can instill confidence in buyers, ensuring the authenticity and provenance of NFTs.

COVID-19 Impact Analysis

The non-fungible token market witnessed promising growth opportunities amid the COVID-19 pandemic. The rise in the adoption of enhanced technologies in the art industry during the pandemic accentuated 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.

Market Dynamics

As the adoption of cryptocurrencies is increasing, investors worldwide are looking for more secure and efficient ways for crypto investments. Non-Fungible Tokens (NFTs) provide a secure gateway to make investments using blockchain technologies. NFTs can be used to invest in digital assets where the ownership of the asset itself is stored on the Ethereum blockchain. Although these NFT collectibles can be copied, their ownership remains intact unless they are sold to other owners. Therefore, it decreases the chances of fraud and provides investors with a secure way of investing. Moreover, the increasing adoption of digital infrastructure by all industries is driving the growth of the Non-Fungible Token (NFT) market.

Artists value NFTs as they ensure the validity and uniqueness of the blockchain representation of their work. Moreover, NFTs generate an ongoing stream of revenue for artists, which is shaping the dynamics of the art industry. At present, the NFT market is concentrated on collectibles. There are different types of collectibles, including art, trading cards, and sports trading cards. The value of these collectibles depends on their rarity. Especially for trading cards, rarer the NFT higher the price. This price basing ensures market liquidity in the NFT market. One of the most famous collectible places is the NBA (National Basketball Association) top shot, a place to collect NFT tokenized NBA moments. Their value is based on speculation and rarity. Some of the cards have been sold for millions of dollars till now.

Type Insights

The digital asset segment dominated the market in 2022 and accounted for more than 72.0% share of global revenue. Increasing use of NFTs for securing ownership of digital assets by artists worldwide is expected to drive segment growth. Artists can earn profits from their content by keeping 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 physical and virtual worlds is also expected to drive 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 vehicle. NFTs are presented on physical items in the form of a barcode or tag, which can be encoded and traded in place of physical items. Demand for NFTs is also growing as they enable people to claim their ownership and authenticate 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 global revenue. Crypto collectibles are NFT tokens that can be minted in NFT marketplaces. 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 market in 2022 and accounted for more than 61.0% share of global revenue. Increasing spending on digital assets across the globe is one of the major factors driving 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 and size, 2022

The commercial segment is anticipated to expand 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 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 VeChainThor blockchain.

Regional Insights

North American region dominated the market in 2022 and accounted for over 31.0% share of global revenue. Increasing adoption of NFTs by millennials in the region is driving regional market growth. At the same time, a 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, 2023 - 2030

Asia Pacific market is anticipated to expand 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 April 2023, Sandbox, an NFT marketplace, announced a strategic partnership with Ledger Enterprise, a platform to build, scale, and secure Web3 strategy to strengthen security measures and enhance partner experiences. Through this collaboration, Sandbox's partners can transfer their non-fungible token collections to the Ledger wallet, ensuring optimal security for their valuable assets. This integration will provide an added layer of protection and peace of mind for users within the Sandbox ecosystem.

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 of the prominent players in the global non-fungible token 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

Report updated

May 2023

Quantitative units

Revenue in USD million/billion 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; South Korea; Australia; Brazil; Mexico; Kingdom of Saudi Arabia (KSA); UAE; South Africa

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

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Global Non-fungible Token Market Report Segmentation

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:

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

    • Physical Asset

    • Digital Asset

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

    • Personal

    • Commercial

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

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

      • France

    • Asia Pacific

      • China

      • Japan

      • India

      • South Korea

      • Australia

    • Latin America

      • Brazil

      • Mexico

    • Middle East & Africa

      • Kingdom of Saudi Arabia (KSA)

      • UAE

      • South Africa

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