The global non-fungible token market size is expected to reach USD 211.72 billion by 2030, growing at a CAGR of 34.2% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growing demand for digital art worldwide is one of the major factors driving the market growth. Digital art is defined as the art that is displayed or created using digital technologies.
The growing use of cryptocurrency globally is also anticipated to drive market growth. This is because cryptocurrency is used by people to purchase digital assets. According to CoinMarketCap, as of February 2022, the total global capitalization of cryptocurrency is USD 1.76 trillion, making it equivalent to the world’s 8th largest economy.
The market growth of non-fungible token (NFT) companies is further supported by the substantial funding they have raised. In August 2022, during a community event broadcast live, Collective Proof, a non-fungible token, announced that it had successfully raised USD 50 million in a Series A funding round. The funding round, led by a16z, saw the participation of several prominent investors, including Seven Seven Six, Collab+Currency, True Ventures, Flamingo DAO, SV Angel, and VaynerFund. This substantial investment comes as Proof prepares to launch its upcoming NFT collection, further solidifying its position in the NFT market.
The COVID-19 pandemic is expected to impact the market positively over the forecast period. The restrictions imposed during the pandemic confined people at homes and limited their sources of income. As a result, NFT-based gaming platforms such as Axie Game have gained increased popularity as they help people earn income amid the COVID-19 pandemic.
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In terms of type, the digital asset segment dominated the market in 2022. The demand for art NFTs is growing as they enable artists to track all work transactions. This tracking of transactions helps artists avail perpetual royalty payback benefits on every transaction of their digital art
In terms of application, the collectibles segment dominated the market in 2022. Collectibles have a broad appeal and nostalgic value for many individuals. The concept of owning unique digital items, such as virtual trading cards, digital artwork, or virtual pets, resonates with collectors and enthusiasts who value the rarity and exclusivity of these items
In terms of end use, the commercial segment is expected to experience the fastest growth over the forecast period. The demand for NFTs is growing among businesses to enable improved transactions across a range of application areas
The growing use of cryptocurrency across North American countries such as the U.S. and Canada is expected to create new opportunities for market growth across the region
Grand View Research has segmented the global non-fungible token market on the basis of type, application, end-use, and region:
NFT Type Outlook (Revenue, USD Billion, 2018 - 2030)
NFT Application Outlook (Revenue, USD Billion, 2018 - 2030)
Computer Generated Painting
2D/3D Computer Graphics
Trading Card Game (TCG)
Strategy Role Playing Game (RPG)
NFT End-use Outlook (Revenue, USD Billion, 2018 - 2030)
NFT Regional Outlook (Revenue, USD Billion, 2018 - 2030)
Middle East & Africa
Kingdom of Saudi Arabia (KSA)
List of Key Players in Non-fungible Token (NFT) Market
PLBY Group, Inc.
Dolphin Entertainment, Inc.
Ozone Networks, Inc.
Takung Art Co., Ltd.
Dapper Labs, Inc.
Gemini Trust Company, LLC.
Onchain Labs, Inc.
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