Global Non-Fungible Token (NFT) Market: Global Size, Trends, Competitive, Historical & Forecast Analysis to 2021-2027, Increasing use of digital art, its growing adoption in various industries especially in the gaming sector and others, rising awareness about the benefits of NFT are anticipated to drive the growth of Global Non-Fungible Token Market.
Global Non-Fungible Token (NFT) Market from the First Half of 2021 to the Third Quarter has Shown a Surge in the Total Value of Transaction by 328%.
The NFTs can be defined as the blockchain-certified copies of pictures, music, real-world art, videos, pixelated punks that are unique and cannot be duplicated. These are digital assets or units of data stored in a digital ledger which is called a blockchain. The NFTs are the digital version of real-world physical assets which includes music albums, painting, games, and others. These assets are encoded with similar software, simplifying the transaction process, as these are bought and sold using cryptocurrency. Users can use these tokens to represent ownership of unique items. It was introduced in 2017 & has risen quickly to importance when compared to cryptocurrency, though both of them are based on the same technology. However, cryptocurrencies are fungible or can be split but NFTs cannot be interchanged and NFTs enable the creator to be paid some amount each time the collectible changes hands, unlike any other traditional collectibles.
The Covid-19 pandemic has also impacted the growth of the global non-fungible token market owing to the forced widespread lockdowns throughout the world. Thus, the demand for a substitute for social communication has shown an increase and the users turn into part of many online metaverses platforms to enrich social interaction and to have more growth to NFTs. In addition, the pandemic has also accelerated the gaming industry which has supplemented the non-fungible token market up to some extent during pandemics.
Global non-fungible token (NFT) market is segmented into types, applications, and region & country level. Based on type, the market is segmented into art, collections, game, insurance, real estate, automobile, and others. Based on applications, the market is segmented into personal use and commercial use.
The regions covered in this global non-fungible token (NFT) market report are North America, Europe, Asia-Pacific, and the Rest of the World. On the basis of country level, the market of the non-fungible token (NFT) is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, Southeast Asia, Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, Africa, etc.
Some key players for global non-fungible token (NFT) market are such as
On October 14th, 2021; Kryptomon announced that its new Play to Earn NFT game currently in the works. The team of this Kryptomon game has been working alongside a triple a game studio to design this world-class game & announced that it will launch its version 0.5 on the 15th of October 2021. This Kryptomon game is a highly anticipated Play To Earn crypto NFT game. It runs on the Binance Smart Chain (BSC). At the time of this launch of the game, for the first time players or users will meet their Kryptomon partners as all about 5000 odd Kryptomon eggs are currently in movement and that will be ready for entrance. In addition, Company’s latest system and UI upgrades will allow trainers to effortlessly access all released features from their Kryptomon website, so players can look forward for their new beginning of their journey as a Kryptomon trainer by training and breeding their Kryptomons in the future version 1 launch sometime in Q4 2021.
The major factors driving the growth of global non-fungible token (NFT) market is the increasing use of digital art. For example; non-fungible tokens (NFTs) are digital resources that represent real-world objects such as music, art, in-game items and videos. So, digital art is the main driver for the growth of the non-fungible token (NFT) market. Moreover, the increasing adoption of NFT in various industries especially in gaming, ticketing, real estate and others is another key factor that will reinforce the market growth. For example; the gaming world is one of the industry's positions to benefit the most from NFTs. It can be used to create non-duplicable in-game items that allowing gamers to have a form of ownership like never before. Today, gaming industries are impending with innovative advance games such as Strategy Role Playing Game, where the gamers can create a game character and using NFT can get the ownership of created character which later can be put up on sale on various marketplaces (OpenSea, Rarible, etc.). As well, physical land or property in the real estate industry can be represented on a blockchain as an NFT. This means that the digital token indicating a piece of land can have all sorts of attributes such as price, location and measurements.
Furthermore, growing awareness about the benefits of NFT around the world is also one of the important elements fastening the market growth. For example, NFTs are rising in popularity by using social media channels like Facebook or Instagram as a more popular means to buy and sell digital art. However, many participants use pseudonyms, fraud due to anybody can create NFTs, which may hamper market growth. In spite of that, advance technology can offer more opportunities for the further growth of the non-fungible token (NFT) market.
North America is expected to dominate the NFT industry with the highest share owing to increasing digital art in the region, robust development, and many more. The adoption of cryptocurrency is relatively increasing in the region, and this is set to propel market growth in the region. For instance; as of 2021, just around 106 million people across the world utilize cryptocurrencies. Nearly 46 million Americans mean roughly 22% of the adult population own a share of Bitcoin. This growing adoption of cryptocurrencies is eventually responsible to enhance the demand for non-fungible tokens. Cryptocurrencies are widely used for non-fungible token transactions because it is a fraud-proof transactions. All the transactions are uploaded on a public ledger and further confirms that all the transactions between the digital wallet can determine a precise balance. Each of these transactions is examined by the cryptocurrency provider to make sure that the coins used are retained by the spender. Therefore, this factor is set to supplement the growth of the non-fungible token market in North America.
The Asia Pacific is expected to witness the fastest growth in the global NFT industry over the forecast period due to various recent advancements such as the launching of non-fungible tokens in the region. The non-fungible token is becoming a trend in many countries in the Asia Pacific such as India, China, Japan. For instance; according to the online marketplace OpenSea, in India, once-a-month sales of non-fungible tokens jumped from USD 8 million in January to USD 95.2 million in February 2021. Additionally, on October 12th, 2021, Chinese McDonald launched its first Non-Fungible Token called Big Mac Rubik's Cube, in spite of the government's strong stance on cryptocurrency trading in China. Likewise, in India, the Bitcoin and cryptocurrency exchange & trading platform, WazirX announced that it will release a non-fungible tokens marketplace for the auction of their digital assets and earn royalties for Indian creators and artists. These continuous advancements in the region are intensifying the demand for the non-fungible token and further impelling the growth of the market in Asian countries.
|Historical data||2015 - 2020|
|Forecast Period||2021 - 2027|
|Market Size in 2020:||USD XXX Million|
|Base year considered||2020|
|Forecast Period CAGR %:||
|Market Size Expected in 2027:||USD XXX Million|
|Tables, Charts & Figures:||175|
|NFT Companies:||Larva Labs, NBA Top Shot, Decentraland, Dapper Labs, SuperRare, Cloudflare, Inc., Dolphin Entertainment, Inc., Takung Art Co., Ltd., Funko, PLBY Group, Inc., YellowHeart, Rarible, OpenSea, Nifty Gateway, MakersPlace, and others.|
|Segments Covered||By Type, By Application|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|
Middle East and Africa
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