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Global Non-fungible Token Market Size, Share & Industry Trends Analysis Report By Type, By End Use, By Application, By Regional Outlook and Forecast, 2022 - 2028

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    Report

  • 181 Pages
  • May 2022
  • Region: Global
  • Marqual IT Solutions Pvt. Ltd (KBV Research)
  • ID: 5615706
Description Jump to:

The Global Non-fungible Token Market size is expected to reach $97.6 billion by 2028, rising at a market growth of 31.6% CAGR during the forecast period.

Non-fungible tokens (NFTs) are blockchain-based cryptographic assets having unique metadata and identification codes that separate them from one another. They cannot be purchased or exchanged at face value, unlike cryptocurrencies. This is in contrast to fungible tokens, such as bitcoins, which are all similar and hence can be used as a medium of exchange. Each NFT's unique construction allows for a variety of applications. They are a great approach to digitally representing actual things, like real estate and artwork, for example. NFTs can also be utilized to eliminate intermediaries as well as link artists with audiences or for identity management asthey are based on blockchains. NFTs can eliminate intermediaries, streamline transactions, and open up new markets.

NFTs, like Bitcoin, include ownership information to facilitate identification as well as transfer between token holders. In NFTs, owners can additionally add metadata or aspects related to the asset. For example, Fairtrade tokens can be leveraged to represent coffee beans. Artists can also sign their digital artwork in the metadata with their own signature. The ERC-721 standard gave rise to NFTs. ERC-721 defines the basic interface, such as ownership details, security, and metadata, that are required for the distribution and exchange of gaming tokens. The ERC-1155 standard expands on this notion by lowering transaction and storage costs for non-fungible tokens and combining multiple varieties of non-fungible tokens into an individual contract.

For example, Decentraland, an Ethereum-based virtual reality platform, has already implemented this notion. It may become possible to deploy the same concept of tokenized chunks of land (varying according to the value and location) in the physical world as NFTs get more complex and incorporated into the financial infrastructure. The most widely utilized token standard for NFTs is Ethereum. To construct NFTs, the ERC-1155 and ERC-721 token specifications are commonly employed. Blockchains, such as Flow, EOS, and Tezos, in addition to Ethereum, provide token specifications for constructing NFTs. Additionally, Ethereum's imminent switch from proof-of-work to proof-of-stake is predicted to cut the blockchain's energy consumption significantly. As a result, the utilization of Ethereum tokens for NFTs is projected to increase globally.

COVID-19 Impact Analysis

The COVID-19 pandemic caused a severe impact on the worldwide economy. Various businesses all over the world were demolished while others were significantly damaged due to the outbreak of the COVId-19 pandemic. In addition, governments all over the world were compelled to impose lockdown in their countries in order to regulate the diffusion of COVID-19 infections. Due to the lockdown scenario, various companies all over the world were temporarily closed, which caused significant business and monetary losses to businesses. In addition, the travel restrictions that were imposed by the government caused a major disruption in the worldwide supply chain. These factors considerably slowed down the growth of the global economy.

Market Growth Factors:

Generation of economic prospects

For a very long period, the primary focus of NFT experts has been on their essential characteristics. In the modern era, NFTs have a wide range of applications in the field of digital content. The primary reason for the viability of NFTs in the field of digital content in the industry's diversity. Content creators are frequently concerned about rival platforms sapping their income and earning potential. For example, a digital artist who publishes content on social media can monetize the site by selling ads to the artist's audience. While the artist receives proper visibility, it does not assist the artist in earning any money in exchange for platform benefits.

Allows building intellectual property with authenticity

The fundamental advantage of NFTs is that they allow people to own intellectual property. When intellectual property is included in a blockchain, it is easier to monitor ownership. It is also easy to ensure that the IP owner is not violating the IP of others. For example, a fashion designer can design a garment and then embed it in a blockchain smart contract. The blockchain can then store the one-of-a-kind design as well as the designer's ownership of it. The designer then has the option of selling the design to a customer. The consumer will be able to use the blockchain to authenticate the design and confirm that it has not been replicated.

Marketing Restraining Factor:

The threat of digital replica generation

While a blockchain's integrity is unassailable, NFTs can also be utilized to propagate fraud. There are various instances, in which, several artists have reported finding their work for sale as NFTs on online marketplaces without their permission. This clearly goes against the purpose of using NFTs to simplify the commercialization of paintings. An NFT's value proposition is that it uses a unique token to verify a physical work of art, ensuring that the token owner also possesses the original work of art. If someone develops an electronic replica of the original work, links a token to it, and sells it on a virtual marketplace, there is a severe concern.

Type Outlook

Based on Type, the market is segmented into Digital Asset and Physical Asset. In 2021, the digital asset segment acquired the largest revenue share of the non-fungible token market. The rising growth of the segment is attributed to the increased usage of NFTs by artists around the world to secure ownership of their digital assets. Artists can benefit from their work by preserving ownership of it through NFTs and not having to provide it to other platforms for the promotion. Simultaneously, the increased usage of NFTs to sell digital real estate in both the actual and virtual worlds is likely to propel the market forward.

End Use Outlook

Based on End Use, the market is segmented into Personal and Commercial. In 2021, the commercial segment registered a significant revenue share of the non-fungible token market. The increasing usage of NFTs for business objectives, such as supply chain management and logistics innovation, is likely to propel the industry forward. Companies in the logistics industry are progressively incorporating blockchain technology into their operations, opening up new chances for the industry to expand.

Application Outlook

Based on Application, the market is segmented into Collectibles, Art, Gaming, Sport, Utilities, Metaverse, and Others. In 2021, the collectibles segment procured the largest revenue share of the non-fungible token market. NFT coins that can be minted in NFT exchanges are known as crypto-collectibles. The increased demand for crypto assets can be linked to advantages, such as asset independence and ease of use. Sports collectibles, for example, allow fans to interact directly with their heroes, gaming collectibles allow players to exchange and play, and artist collectibles allow them to connect with potential clients and sell their work.

Regional Outlook

Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. In 2021, North America accounted for the largest revenue share of the non-fungible token market. Millennials in the region are increasingly adopting NFTs, which is fueling the regional market growth. At the same time, the increase in the number of artists generating digital artwork in nations like the United States and Canada is likely to fuel regional market growth. The presence of key players in the blockchain business in the region is also encouraging for the regional market.

The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include Cloudflare, Inc., Gemini Trust Company, LLC, Ozone Networks, Inc., Dapper Labs, Inc., Semidot Infotech, and The Sandbox (BACASABLE Global Limited)

Scope of the Study

Market Segments Covered in the Report:

By Type

  • Digital Asset
  • Physical Asset

By End Use

  • Personal
  • Commercial

By Application

  • Collectibles
  • Art
  • Gaming
  • Sport
  • Utilities
  • Metaverse
  • Others

By Geography

  • North America
  • US
  • Canada
  • Mexico
  • Rest of North America
  • Europe
  • Germany
  • UK
  • France
  • Russia
  • Spain
  • Italy
  • Rest of Europe
  • Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Singapore
  • Malaysia
  • Rest of Asia Pacific
  • LAMEA
  • Brazil
  • Argentina
  • UAE
  • Saudi Arabia
  • South Africa
  • Nigeria
  • Rest of LAMEA

Key Market Players

List of Companies Profiled in the Report:

  • Cloudflare, Inc.
  • Gemini Trust Company, LLC
  • Ozone Networks, Inc.
  • Dapper Labs, Inc.
  • Semidot Infotech
  • The Sandbox (BACASABLE Global Limited)

Unique Offerings from KBV Research

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  • The highest number of market tables and figures
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Table of Contents

Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 Global Non-fungible Token Market, by Type
1.4.2 Global Non-fungible Token Market, by End Use
1.4.3 Global Non-fungible Token Market, by Application
1.4.4 Global Non-fungible Token Market, by Geography
1.5 Methodology for the research
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Global Non-fungible Token Market by Type
3.1 Global Digital Asset Market by Region
3.2 Global Physical Asset Market by Region
Chapter 4. Global Non-fungible Token Market by End-Use
4.1 Global Personal Market by Region
4.2 Global Commercial Market by Region
Chapter 5. Global Non-fungible Token Market by Application
5.1 Global Collectibles Market by Region
5.2 Global Art Market by Region
5.3 Global Gaming Market by Region
5.4 Global Sport Market by Region
5.5 Global Utilities Market by Region
5.6 Global Metaverse Market by Region
5.7 Global Others Market by Region
Chapter 6. Global Non-fungible Token Market by Region
6.1 North America Non-fungible Token Market
6.1.1 North America Non-fungible Token Market by Type
6.1.1.1 North America Digital Asset Market by Country
6.1.1.2 North America Physical Asset Market by Country
6.1.2 North America Non-fungible Token Market by End-Use
6.1.2.1 North America Personal Market by Country
6.1.2.2 North America Commercial Market by Country
6.1.3 North America Non-fungible Token Market by Application
6.1.3.1 North America Collectibles Market by Country
6.1.3.2 North America Art Market by Country
6.1.3.3 North America Gaming Market by Country
6.1.3.4 North America Sport Market by Country
6.1.3.5 North America Utilities Market by Country
6.1.3.6 North America Metaverse Market by Country
6.1.3.7 North America Others Market by Country
6.1.4 North America Non-fungible Token Market by Country
6.1.4.1 US Non-fungible Token Market
6.1.4.1.1 US Non-fungible Token Market by Type
6.1.4.1.2 US Non-fungible Token Market by End-Use
6.1.4.1.3 US Non-fungible Token Market by Application
6.1.4.2 Canada Non-fungible Token Market
6.1.4.2.1 Canada Non-fungible Token Market by Type
6.1.4.2.2 Canada Non-fungible Token Market by End-Use
6.1.4.2.3 Canada Non-fungible Token Market by Application
6.1.4.3 Mexico Non-fungible Token Market
6.1.4.3.1 Mexico Non-fungible Token Market by Type
6.1.4.3.2 Mexico Non-fungible Token Market by End-Use
6.1.4.3.3 Mexico Non-fungible Token Market by Application
6.1.4.4 Rest of North America Non-fungible Token Market
6.1.4.4.1 Rest of North America Non-fungible Token Market by Type
6.1.4.4.2 Rest of North America Non-fungible Token Market by End-Use
6.1.4.4.3 Rest of North America Non-fungible Token Market by Application
6.2 Europe Non-fungible Token Market
6.2.1 Europe Non-fungible Token Market by Type
6.2.1.1 Europe Digital Asset Market by Country
6.2.1.2 Europe Physical Asset Market by Country
6.2.2 Europe Non-fungible Token Market by End-Use
6.2.2.1 Europe Personal Market by Country
6.2.2.2 Europe Commercial Market by Country
6.2.3 Europe Non-fungible Token Market by Application
6.2.3.1 Europe Collectibles Market by Country
6.2.3.2 Europe Art Market by Country
6.2.3.3 Europe Gaming Market by Country
6.2.3.4 Europe Sport Market by Country
6.2.3.5 Europe Utilities Market by Country
6.2.3.6 Europe Metaverse Market by Country
6.2.3.7 Europe Others Market by Country
6.2.4 Europe Non-fungible Token Market by Country
6.2.4.1 Germany Non-fungible Token Market
6.2.4.1.1 Germany Non-fungible Token Market by Type
6.2.4.1.2 Germany Non-fungible Token Market by End-Use
6.2.4.1.3 Germany Non-fungible Token Market by Application
6.2.4.2 UK Non-fungible Token Market
6.2.4.2.1 UK Non-fungible Token Market by Type
6.2.4.2.2 UK Non-fungible Token Market by End-Use
6.2.4.2.3 UK Non-fungible Token Market by Application
6.2.4.3 France Non-fungible Token Market
6.2.4.3.1 France Non-fungible Token Market by Type
6.2.4.3.2 France Non-fungible Token Market by End-Use
6.2.4.3.3 France Non-fungible Token Market by Application
6.2.4.4 Russia Non-fungible Token Market
6.2.4.4.1 Russia Non-fungible Token Market by Type
6.2.4.4.2 Russia Non-fungible Token Market by End-Use
6.2.4.4.3 Russia Non-fungible Token Market by Application
6.2.4.5 Spain Non-fungible Token Market
6.2.4.5.1 Spain Non-fungible Token Market by Type
6.2.4.5.2 Spain Non-fungible Token Market by End-Use
6.2.4.5.3 Spain Non-fungible Token Market by Application
6.2.4.6 Italy Non-fungible Token Market
6.2.4.6.1 Italy Non-fungible Token Market by Type
6.2.4.6.2 Italy Non-fungible Token Market by End-Use
6.2.4.6.3 Italy Non-fungible Token Market by Application
6.2.4.7 Rest of Europe Non-fungible Token Market
6.2.4.7.1 Rest of Europe Non-fungible Token Market by Type
6.2.4.7.2 Rest of Europe Non-fungible Token Market by End-Use
6.2.4.7.3 Rest of Europe Non-fungible Token Market by Application
6.3 Asia Pacific Non-fungible Token Market
6.3.1 Asia Pacific Non-fungible Token Market by Type
6.3.1.1 Asia Pacific Digital Asset Market by Country
6.3.1.2 Asia Pacific Physical Asset Market by Country
6.3.2 Asia Pacific Non-fungible Token Market by End-Use
6.3.2.1 Asia Pacific Personal Market by Country
6.3.2.2 Asia Pacific Commercial Market by Country
6.3.3 Asia Pacific Non-fungible Token Market by Application
6.3.3.1 Asia Pacific Collectibles Market by Country
6.3.3.2 Asia Pacific Art Market by Country
6.3.3.3 Asia Pacific Gaming Market by Country
6.3.3.4 Asia Pacific Sport Market by Country
6.3.3.5 Asia Pacific Utilities Market by Country
6.3.3.6 Asia Pacific Metaverse Market by Country
6.3.3.7 Asia Pacific Others Market by Country
6.3.4 Asia Pacific Non-fungible Token Market by Country
6.3.4.1 China Non-fungible Token Market
6.3.4.1.1 China Non-fungible Token Market by Type
6.3.4.1.2 China Non-fungible Token Market by End-Use
6.3.4.1.3 China Non-fungible Token Market by Application
6.3.4.2 Japan Non-fungible Token Market
6.3.4.2.1 Japan Non-fungible Token Market by Type
6.3.4.2.2 Japan Non-fungible Token Market by End-Use
6.3.4.2.3 Japan Non-fungible Token Market by Application
6.3.4.3 India Non-fungible Token Market
6.3.4.3.1 India Non-fungible Token Market by Type
6.3.4.3.2 India Non-fungible Token Market by End-Use
6.3.4.3.3 India Non-fungible Token Market by Application
6.3.4.4 South Korea Non-fungible Token Market
6.3.4.4.1 South Korea Non-fungible Token Market by Type
6.3.4.4.2 South Korea Non-fungible Token Market by End-Use
6.3.4.4.3 South Korea Non-fungible Token Market by Application
6.3.4.5 Singapore Non-fungible Token Market
6.3.4.5.1 Singapore Non-fungible Token Market by Type
6.3.4.5.2 Singapore Non-fungible Token Market by End-Use
6.3.4.5.3 Singapore Non-fungible Token Market by Application
6.3.4.6 Malaysia Non-fungible Token Market
6.3.4.6.1 Malaysia Non-fungible Token Market by Type
6.3.4.6.2 Malaysia Non-fungible Token Market by End-Use
6.3.4.6.3 Malaysia Non-fungible Token Market by Application
6.3.4.7 Rest of Asia Pacific Non-fungible Token Market
6.3.4.7.1 Rest of Asia Pacific Non-fungible Token Market by Type
6.3.4.7.2 Rest of Asia Pacific Non-fungible Token Market by End-Use
6.3.4.7.3 Rest of Asia Pacific Non-fungible Token Market by Application
6.4 LAMEA Non-fungible Token Market
6.4.1 LAMEA Non-fungible Token Market by Type
6.4.1.1 LAMEA Digital Asset Market by Country
6.4.1.2 LAMEA Physical Asset Market by Country
6.4.2 LAMEA Non-fungible Token Market by End-Use
6.4.2.1 LAMEA Personal Market by Country
6.4.2.2 LAMEA Commercial Market by Country
6.4.3 LAMEA Non-fungible Token Market by Application
6.4.3.1 LAMEA Collectibles Market by Country
6.4.3.2 LAMEA Art Market by Country
6.4.3.3 LAMEA Gaming Market by Country
6.4.3.4 LAMEA Sport Market by Country
6.4.3.5 LAMEA Utilities Market by Country
6.4.3.6 LAMEA Metaverse Market by Country
6.4.3.7 LAMEA Others Market by Country
6.4.4 LAMEA Non-fungible Token Market by Country
6.4.4.1 Brazil Non-fungible Token Market
6.4.4.1.1 Brazil Non-fungible Token Market by Type
6.4.4.1.2 Brazil Non-fungible Token Market by End-Use
6.4.4.1.3 Brazil Non-fungible Token Market by Application
6.4.4.2 Argentina Non-fungible Token Market
6.4.4.2.1 Argentina Non-fungible Token Market by Type
6.4.4.2.2 Argentina Non-fungible Token Market by End-Use
6.4.4.2.3 Argentina Non-fungible Token Market by Application
6.4.4.3 UAE Non-fungible Token Market
6.4.4.3.1 UAE Non-fungible Token Market by Type
6.4.4.3.2 UAE Non-fungible Token Market by End-Use
6.4.4.3.3 UAE Non-fungible Token Market by Application
6.4.4.4 Saudi Arabia Non-fungible Token Market
6.4.4.4.1 Saudi Arabia Non-fungible Token Market by Type
6.4.4.4.2 Saudi Arabia Non-fungible Token Market by End-Use
6.4.4.4.3 Saudi Arabia Non-fungible Token Market by Application
6.4.4.5 South Africa Non-fungible Token Market
6.4.4.5.1 South Africa Non-fungible Token Market by Type
6.4.4.5.2 South Africa Non-fungible Token Market by End-Use
6.4.4.5.3 South Africa Non-fungible Token Market by Application
6.4.4.6 Nigeria Non-fungible Token Market
6.4.4.6.1 Nigeria Non-fungible Token Market by Type
6.4.4.6.2 Nigeria Non-fungible Token Market by End-Use
6.4.4.6.3 Nigeria Non-fungible Token Market by Application
6.4.4.7 Rest of LAMEA Non-fungible Token Market
6.4.4.7.1 Rest of LAMEA Non-fungible Token Market by Type
6.4.4.7.2 Rest of LAMEA Non-fungible Token Market by End-Use
6.4.4.7.3 Rest of LAMEA Non-fungible Token Market by Application
Chapter 7. Company Profiles
7.1 Cloudflare, Inc.
7.1.1 Company Overview
7.1.2 Financial Analysis
7.1.3 Regional Analysis
7.1.4 Research & Development Expense
7.2 Gemini Trust Company, LLC
7.2.1 Company Overview
7.2.2 Recent strategies and developments:
7.2.2.1 Acquisition and Mergers:
7.3 Ozone Networks, Inc.
7.3.1 Company Overview
7.3.2 Recent strategies and developments:
7.3.2.1 Acquisition and Mergers:
7.3.2.2 Business Expansions:
7.4 Dapper Labs, Inc.
7.4.1 Company Overview
7.5 Semidot Infotech
7.5.1 Company Overview
7.6 The Sandbox (BACASABLE Global Limited)
7.6.1 Company Overview

Companies Mentioned

  • Cloudflare, Inc.
  • Gemini Trust Company, LLC
  • Ozone Networks, Inc.
  • Dapper Labs, Inc.
  • Semidot Infotech
  • The Sandbox (BACASABLE Global Limited)

Methodology

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Table Information

Report AttributeDetails
No. of Pages181
PublishedMay 2022
Forecast Period2021 - 2028
Estimated Market Value ( USD ) in 2021 $ 14873 Million
Forecasted Market Value ( USD ) by 2028 $ 97563 Million
Compound Annual Growth Rate31.6%
Regions CoveredGlobal
No. of Companies Mentioned6

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