NFT Market Size, Share, Growth & Industry Analysis

The Non Fungible Token Global Market Report 2023 by The Business Research Company, provides non fungible token market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Non Fungible Token Global Market Report 2023, the market size will grow from $21.48 billion in 2022 to $32.89 billion in 2023 at a compound annual growth rate (CAGR) of 53.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global non fungible token is expected to grow from $0.7 billion in 2027 at a CAGR of -61.9%.

The increasing demand for digital artwork is expected to propel the growth of the non fungible token 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.

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The non fungible token market is segmented:

1) By Type: Art, Collectibles, Gaming, Metaverses, Sports, Utilities, Other Types

2) By Market Type: Primary, Secondary

3) By Cryptocurrency Usage: ETH, DAI, MANA, SAND, REVV, MATIC, CUBE, FOAM, Other Cryptocurrencies

The development of new platforms for a non-fungible token is shaping the non fungible token market. Major companies operating in the non-fungible token sector are concentrating on creating new platforms for non-fungible tokens to provide customizable exposure through a unique premium casting program. For instance, in March 2021, Tapinator, Inc., a US-based mobile game and app developer announced that the company is developing NFT500, a premium casting service and collection platform based on blue-chip NFTs. The word casting refers to the process of viewing digital art on a physical display in the form of NFTs. The service is set to debut this summer, with a demo companion mobile version to follow later this year.

The non fungible token market report table of contents includes: