Non-fungible Token Global Market Report 2024

Non-fungible tokens (NFTs) are cryptographic assets on the blockchain distinguished by unique authentication codes and metadata that set them apart from one another. These tokens play a pivotal role in representing digital assets.

The primary types of non-fungible tokens include art, collectibles, gaming, metaverses, sports, utilities, and others. Art encompasses paintings, sculptures, and various visual creations designed for aesthetic appreciation or contemplation. Artists particularly value non-fungible tokens for ensuring the authenticity and uniqueness of the blockchain representation of their work. Market types include both the primary market and the secondary market, and NFTs are associated with various cryptocurrencies such as ETH, DAI, MANA, SAND, REVV, MATIC, CUBE, FOAM, among others.

The non fungible token market research report is one of a series of new reports that provides non fungible token market statistics, including non fungible tokens industry global market size, regional shares, competitors with a non fungible token market share, detailed non fungible token market segments, market trends and opportunities, and any further data you may need to thrive in the non-fungible tokens (NFT) industry. This non fungible token market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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 expansion observed in the historical period can be attributed to the boom in digital art, endorsements from celebrities and brands, and active participation from crypto enthusiasts.

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 anticipated growth in the forecast period can be attributed to the broader tokenization of assets, integration with gaming, advancements in NFT marketplaces and infrastructure, regulatory clarity, and enhanced interoperability. Key trends in the projected period encompass advancements in blockchain technology, the development of the metaverse, partnerships and collaborations with brands, and the implementation of royalty and resale mechanisms.

The growth of the non-fungible token (NFT) market is anticipated to be driven by the increasing demand for digital artwork in the coming years. Digital art involves creating or displaying art through digital technology, and artists find value in NFTs for ensuring the validity and uniqueness of their blockchain representation. Notably, artists like Grimes, Pak, and Beeple have profited significantly from the NFT trend, with their digital artworks fetching millions of dollars. As the demand for digital artwork continues to rise, it contributes to the expansion of the non-fungible token market.

The rising prominence of the online gaming industry is expected to be a significant driver for the non-fungible token market. The online gaming industry encompasses various activities related to digital gaming, and NFTs play a crucial role by representing ownership of specific items, characters, or elements in video games. NFTs' interoperability across multiple games enhances their utility and value, allowing players to use these assets in different virtual environments. The surge in the number of gamers, as reported in the UK, and the notable increase in online gaming revenue in India further underline the growth potential for the non-fungible token market.

The evolution of new platforms for non-fungible tokens is shaping the non-fungible token market. Major companies in this sector are focusing on creating innovative platforms, such as Tapinator's NFT500, which offers a premium casting service and collection platform based on blue-chip NFTs. This development reflects the industry's commitment to providing customizable exposure through unique programs. Similarly, companies are also concentrating on introducing innovative marketplaces for NFTs, with examples like Binance NFT, a groundbreaking marketplace and trading platform launched by Binance Holdings Ltd. These marketplaces serve as digital platforms where users can create, buy, sell, and trade non-fungible tokens, contributing to the overall revenue growth of the non-fungible token market.

In April 2021, Hall of Fame Resort & Entertainment Company announced its first NFTs offering in collaboration with Dolphin Entertainment, Inc., and Elite Holdings LLC. This partnership focuses on developing, marketing, promoting, and selling NFTs associated with the H2H Legends, marking a strategic move in the non-fungible token market.

Major companies operating in the 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

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

The countries covered in the non-fungible token market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The non fungible token market includes revenues earned by entities by event tickets, music and media, virtual items, real-world assets, identity, memes and domain names. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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