Non-Fungible Tokens (NFT) Market: Current Analysis and Forecast (2022-2028)
$4999 – $8699
Emphasis on Type (Physical Asset and Digital Asset); Application (Collectibles, Art, Gaming, and Others); Region (North America, Europe, Asia-Pacific, Rest of the World); and Region/Country
Detailed Analysis of COVID-19 Impact on the Non-Fungible Tokens (NFT) Market
The global non-fungible tokens market is expected to grow at a significant rate of around 35% during the forecast period, reaching USD 15 billion by 2028. A non-fungible token (NFT) is a unique digital asset that represents ownership of real-world items like art, video clips, music, and more. The growing demand for digital art along with the rising number of online platforms are important factors for the growth of the non-fungible token market. Moreover, with the growing use of cryptocurrency and the increasing interest of people in online investments is also an important factor in the market growth of non-fungible tokens.
YellowHeart LLC., Cloudflare Inc., PLBY Group Inc., Dolphin Entertainment Inc., Funko, Ozone Networks Inc., Takung Art Co. Ltd., Dapper Labs Inc., Gemini Trust Company LLC., Onchain Labs Inc. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst type, digital asset category to witness higher CAGR during the forecast period”
Based on the type, the market has been categorized into a physical asset and a digital asset. Among them, digital asset is expected to have significant growth in the market. The capsules category is expected to witness a higher CAGR during the forecast period. This is mainly due to the advantages offered by the blockchain such as it provides authenticity to the work, and also enables the artist to resale their art. Furthermore, NFTs make it possible even for aspiring creatives to profit from their art and get recognition, catalyzing the segmental growth of digital assets in the market.
“Amongst application, collectibles to hold a significant share in the market in 2020”
Based on the application, the market has been categorized into collectibles, art, gaming, and others. Among these, collectibles to hold a significant share in the market in 2020. The rarity, utility among others are the important factors for the collectible to have a significant contribution to the NFT market. Furthermore, people feel more connected with the collectibles due to their rarity, historical importance, or any other factors and NFTs made the procedure easier and validate the rarity of the item is also a contributing factor to the segmental growth.
“APAC to hold a significant share in the market”
For a better understanding of the market adoption of the non-fungible tokens industry, the market is analyzed based on its worldwide presence in the countries such as North America (United States and Canada), Europe (Germany, France, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of APAC), and Rest of World. In 2020, APAC held a significant share of the global non-fungible tokens market. This is mainly attributed to the increasing popularity of the metaverse games along with the presence of a large young population in the region is an important factor for the regional growth of the NFT market. Additionally, frequent service launches in the region are also prime factors catalyzing the market growth of NFTs. For instance, in April 2022, four prominent global media and capital companies, AC Capital, CoinVoice, Asia Token Fund, and Block Tides, brought the first-ever largest NFT, GameFi, and Metaverse event in Southeast Asia.
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- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
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|1.1. Market Definitions|
|1.2. Main Objective|
|2.1. Research Process of the Non-Fungible Tokens Market|
|2.2. Research Methodology of the Non-Fungible Tokens Market|
|2.3. Respondent Profile|
|3. MARKET SYNOPSIS|
|4. EXECUTIVE SUMMARY|
|5. IMPACT OF COVID-19 ON THE NON-FUNGIBLE TOKENS MARKET|
|6. NON-FUNGIBLE TOKENS MARKET REVENUE, 2020-2028F|
|7.1. Physical Asset|
|7.2. Digital Asset|
|9.1. North America|
|9.2.4. Rest of Europe|
|9.3.4. Rest of Asia-Pacific|
|9.4. Rest of World|
|10.1. Market Drivers|
|10.2. Market Challenges|
|10.3. Impact Analysis|
|11. NON-FUNGIBLE TOKENS MARKET OPPORTUNITIES|
|12. NON-FUNGIBLE TOKENS MARKET TRENDS|
|13.1. Demand Side Analysis|
|13.2. Supply Side Analysis|
|14. VALUE CHAIN ANALYSIS|
|15.1. Competitive Landscape|
|15.1.1. Porters Fiver Forces Analysis|
|16.1. YellowHeart LLC.|
|16.2. Cloudflare Inc.|
|16.3. PLBY Group Inc.|
|16.4. Dolphin Entertainment Inc.|
|16.6. Ozone Networks Inc.|
|16.7. Takung Art Co. Ltd.|
|16.8. Dapper Labs Inc.|
|16.9. Gemini Trust Company LLC.|
|16.10. Onchain Labs Inc.|
Research Methodology for the Non-Fungible Tokens Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global non-fungible tokens market were the three major steps undertaken to create and analyze the adoption of non-fungible tokens in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global non-fungible tokens market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the non-fungible token’s market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the non-fungible token’s market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the non-fungible token’s market. Further, we conducted factor analysis using dependent and independent variables such as the type and application of non-fungible tokens. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the non-fungible tokens market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global non-fungible tokens market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the non-fungible token market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global non-fungible tokens market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global non-fungible tokens market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type and application in the global non-fungible tokens market.
The main objective of the Global Non-fungible Tokens Market Study
The current & future market trends of the global non-fungible tokens market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the non-fungible token’s market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of type and application.
- Define and analysis of the regulatory framework for the non-fungible tokens industry.
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the non-fungible token market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the non-fungible token’s market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry