Non-Fungible Token (NFT) Market Size, Share, Industry Analysis, Trends, Growth, 2032

Non-Fungible Token (NFT) Industry Prospective:

The global non-fungible token (NFT) market size was evaluated at $36.12 billion in 2023 and is slated to hit $217.07 billion by the end of 2032 with a CAGR of nearly 22.05% between 2024 and 2032.

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Non-Fungible Token (NFT) Market: Overview

Non-fungible tokens are assets that are tokenized through the blockchain. These are unique identification codes that are created from metadata with the help of an encryption function. Moreover, non-fungible tokens also referred to as NFTs are traded and exchanged for cryptocurrency and other NFTs as well as money.  

Key Insights

• As per the analysis shared by our research analyst, the global non-fungible token (NFT) market is projected to expand annually at the annual growth rate of around 22.05% over the forecast timespan (2024-2032)
• In terms of revenue, the global non-fungible token (NFT) market size was evaluated at nearly $36 billion in 2023 and is expected to reach $217 billion by 2032.
• The global non-fungible token (NFT) market is anticipated to grow rapidly over the forecast timeline owing to escalating demand for cryptocurrencies along with growing decentralized finance activities.
• In terms of type, the digital assets segment is slated to register the highest CAGR over the forecast period.
• Based on application, the collectibles segment is predicted to lead the segmental space in the upcoming years.
• Based on end-use, the personal segment is projected to dominate the segmental growth in the ensuing years.
• Region-wise, the Asia-Pacific non-fungible token (NFT) industry is projected to register the fastest CAGR during the projected timespan.

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Non-Fungible Token (NFT) Market: Growth Factors

Massive preference for digital currency to boost the expansion of market globally over the forecast timeline

Escalating demand for cryptocurrencies along with growing decentralized finance activities will steer the growth of the non-fungible token (NFT) market globally. The surging need for low-cost digital currency and thriving Web 3.0 & metaverse sectors will embellish the global market trends. A surge in crypto investments will propel the expansion of the market globally in the years ahead. The promotion of NFTs by celebrities & famous personalities across the globe will further prompt the growth of the market globally.

Large-scale use of NFTs in supply chain activities and fashion, and retail sectors will steer the global market trends. New product launches will prop up the growth of the market globally. In the first half of 2022, Dapper Labs and UFC joined hands to launch UFC Strike, BFT collectible items.

Non-Fungible Token (NFT) Market: Restraints

Forgery issues related to patents can put brakes on the global industry progress over 2024-2032

Issues such as copyright protection along with the threat of product counterfeiting can impede the expansion of the non-fungible token (NFT) industry across the globe.

Non-Fungible Token (NFT) Market: Opportunities

Flourishing gaming business to open new growth opportunities for the global market

The thriving gaming sector will contribute notably towards the growth of the global non-fungible token (NFT) market. Apart from this, a rise in the demand for digital art across the globe will help the global market open new avenues for growth in the upcoming years. The onset of new technologies such as augmented reality, ER, and VR will embellish the expansion of the market globally.

Non-Fungible Token (NFT) Market: Challenges

Hidden costs of NFTs to prove a huge challenge for the global industry over the assessment period

Hidden charges associated with NFTs can prove to be a huge challenge for the growth of the global non-fungible token (NFT) industry.

Non-Fungible Token (NFT) Market: Segmentation

The global non-fungible token (NFT) market is sectored into application, type, end-use, and region.                                         

In type terms, the non-fungible token (NFT) market across the globe is bifurcated into physical assets and digital assets segments. Furthermore, the digital assets segment, which acquired nearly 50% of the global market earnings in 2023, is set to record the highest growth rate in the next couple of years. The expansion of the segment from 2024 to 2032 can be credited to the rise in the use of non-fungible tokens by artists for gaining ownership of digital assets across the globe. Apart from this, an increase in the utilization of NFTs for selling real estate online is expected to elevate the segmental growth.

Based on the application, the global non-fungible token (NFT) industry is sectored into art, collectibles, gaming, utilities, metaverse, and sports segments. Additionally, the collectibles segment, which gathered a huge share of the global industry in 2023, is forecast to lead the segmental space in the ensuing years. The segmental growth over the period from 2024 to 2032 can be credited to humungous demand for collectibles as tokens owing to huge benefits offered by them such as ease in asset handling and independence. 

Based on the end-use, the global non-fungible token (NFT) market is divided into commercial and personal segments. Additionally, the personal segment, which led the global market expansion in 2023, is predicted to register the highest CAGR in the next couple of years. The expansion of the segment over the anticipated timeline can be credited to a surge in the expenditure on digital assets globally along with the rise in the adoption of NFTs by investors for making crypto funding for personal use. Massive trend of possessing digital content will spur the segmental surge.  

Non-Fungible Token (NFT) Market: Report Scope

Non-Fungible Token (NFT) Market: Regional Insights

North American market to expand leaps & bounds over the period from 2024 to 2032

North America, which accounted for nearly 22.05% of the global non-fungible token (NFT) market revenue in 2023, is projected to be a leading region in the years ahead. In addition to this, the regional market expansion growth over the forecast time interval can be credited to a surge in product preference from the millennial population of the region. Apart from this, the presence of giant players in the blockchain sector will steer the expansion of the market in North America.

The Asia-Pacific non-fungible token (NFT) industry is forecast to register the highest CAGR in the forecast timespan. The expansion of the industry in the sub-continent over 2024-2032 can be subject to a rise in the acceptance of cryptocurrency in the APAC countries. A surge in the creation of metaverse tools in APAC will augment the growth of the industry in the region. Rise in the online gaming activities in the region has contributed immensely towards the profitability of the industry in the Asia-Pacific region.

Non-Fungible Token (NFT) Market: Competitive Space

The global non-fungible token (NFT) market profiles key players such as:

• Ozone Networks Inc.
• Gemini Trust Company LLC.
• Cloudflare Inc.
• PLBY Group Inc.
• Takung Art Co. Ltd.
• Dolphin Entertainment Inc.
• Funko
• YellowHeart LLC.
• Dapper Labs Inc.
• Onchain Labs Inc.

The global non-fungible token (NFT) market is segmented as follows:

By Application

• Art
• Collectibles
• Gaming
• Utilities
• Metaverse
• Sports

By Type

• Physical Assets
• Digital Assets

By End-Use

• Commercial
• Personal

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa