Non-fungible Token Market Outlook 2024-2033: Key Drivers, Trends, Growth

Overview and Scope

The non-fungible tokens (NFTs) are cryptographic assets on the blockchain with unique authentication codes and metadata that differentiate them from one another. The non-fungible tokens (NFT) are engaged in providing digital assets.

Sizing and Forecast

The non-fungible token market size has grown exponentially in recent years. It will grow from $30.54 billion in 2023 to $43.22 billion in 2024 at a compound annual growth rate (CAGR) of 41.5%. The growth in the historic period can be attributed to digital art boom, celebrity and brand endorsements, crypto enthusiast participation.

The non-fungible token market size is expected to see exponential growth in the next few years. It will grow to $173.7 billion in 2028 at a compound annual growth rate (CAGR) of 41.6%. The growth in the forecast period can be attributed to broader tokenization of assets, integration with gaming, nft marketplaces and infrastructure, regulatory clarity, enhanced interoperability. Major trends in the forecast period include blockchain technology advancements, metaverse development, brand partnerships and collaborations, royalty and resale mechanisms.

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Segmentation & Regional Insights

The non-fungible token market covered in this report 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

North America was the largest region in the non fungible token market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the non-fungible token market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth

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. For instance, in 2021, Grimes is the most recent artist to profit in on the NFT gold rush, with digital artworks valued at about $6 million sold. Additionally, in 2021, digital artist Pak’s collection was sold for about $17 million and in 2020, the digital artist Beeple sold $3.5 million in artwork through Nifty Gateway. Therefore, the increasing demand for digital artwork drives the growth of the non fungible token market.

Key Industry Players

Major companies operating in the non-fungible token market report are SemiDot Infotech, Blockchain App Factory, Cineverse Corp., Funko Inc., Liquid Media Group Ltd., Oriental Culture Holding Ltd., SemiDot Infotech Pvt. Ltd., Takung Art Co. Ltd., WISeKey International Holding Ltd., OpenSea, Rarible Inc., Sky Mavis, Cloudflare Inc., Dapper Labs Inc., Dolphin Entertainment Inc., Gemini Trust Company LLC., Onchain Labs Inc., Ozone Networks Inc., PLBY Group Inc., YellowHeart LLC, TSB Gaming Ltd., Larva Labs, SuperRare Labs, Mintbase Inc., Sorare SAS, Solanart, Gala Inc., Animoca Brands Corporation Ltd., Jiayin Group Inc., AppDupe, KnownOrigin Labs Limited

The non-fungible token market report table of contents includes: