Non-fungible Token (NFT) Market to grow by USD 113,933.5 million from 2022 to 2027; Increasing demand for digital art to drive Growth - Technavio

NEW YORK, July 13, 2023 /PRNewswire/ -- The non-fungible token (NFT) market size is estimated to increase by USD 113,933.5 million from 2022 to 2027. The market's growth momentum will progress at a CAGR of 35.02% during the forecast period. Discover some insights on market size historic period (2017 to 2021) and Forecast (2023 to 2027) before buying the full report -Request a sample report

Non-fungible token (NFT) market – Vendor Analysis
Vendor Landscape - The global non-fungible token (NFT) market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer non-fungible tokens (NFT) in the market are Binance Services Holdings Ltd., Cloudflare Inc, Dapper Labs Inc., Decentraland, Enjin Pte. Ltd., Foundation Labs Inc., FTX Trading Ltd., Funko Inc., Gala Games, Gemini Trust Co. LLC, Mintable.app, Mobox Digital Co. Ltd., Onchain Labs Inc., OpenSea, Rarible Inc., Sorare, SuperRare Labs Inc., Theta Labs Inc., Yellowheart LLC, Yuga Labs LLC, and others.

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• Global competitiveness and key competitor positions
• Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial - Buy the report!

Vendor Offerings -

• Binance Services Holdings Ltd: The company offers non-fungible token services such as Binance NFT.
• Dapper Labs Inc: The company offers non-fungible token services such as All-Star VIP Pass NFT.
• Decentraland, Enjin Pte. Ltd: The company offers non-fungible token services such as CryptoPunk and Bored Ape NFTs and NFT-based wearables.
• For details on the vendor and its offerings – Request a sample report

Non-fungible Token (NFT) Market - Segmentation Assessment
Segment Overview
This report extensively covers market segmentation by application (collectibles, sports, arts, and others), end-user (personal and commercial), and geography (APAC, North America, South America, Europe, and the Middle East and Africa).

• The market share growth of the collectibles segment is significant during the forecast period. NFT collectibles can be referred to as limited edition or rare NFT tokens which are minted on the blockchain. The main feature of collectibles is that they are unique and cannot be exchanged or traded for other collectibles. NFT collectibles include Funko Inc., Foundation, and Makerspace are some of the prominent vendors offering collectibles. These vendors offer an online platform for trading NFT collectibles. Hence, the rising demand for digital assets is expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.

Geography Overview
By geography, the global non-fungible token (NFT) market is segmented into APAC, North America, South America, Europe, the Middle East, and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global non-fungible token (NFT) market.

• APAC is estimated to account for 39% of the global market share by 2023. Factors such as the rising demand for digital assets in countries like Singapore, China, South Korea, the Philippines, and Japan are significantly fuelling the growth of the NFT market in the APAC region. Furthermore, several retail channels in Korea are expanding their footprint into the booming NFT business by selling art and fashion items. For instance, in January 2022, CJ OliveNetworks Co. Ltd, a subsidiary of South Korea-based CJ Corp., announced that it is collaborating with a domestic blockchain company Galaxia Metaverse to sell NFT artworks. Hence, such factors are expected to drive market growth in the region during the forecast period.

For insights on global, regional, and country-level parameters with growth opportunities from 2017 to 2027 - Download a Sample Report

Non-fungible Token (NFT) Market – Market Dynamics

Leading Drivers -

The rising demand for digital art drives the market growth during the forecast period. Digital art can be referred to as anything of a visual nature that is generated with the help of computers. There is a growing popularity of NFT in digital art applications across the internet, social media, and other digital mediums. The main feature of NFT is that it links a digital artwork through a token, and thereby the owner or the artist can set a preferred price for the NFT artwork. Some of the key characteristics of NFT include selling limited edition NFTs by issuing tokens, which can be sold through virtual platforms, minimizing the turnaround time of purchase. Hence, such factors are expected to drive market growth during the forecast period.

Key Trends - 

The introduction of fractionalized NFTs is a primary trend in the market. Fractionalization of NFT can be referred to as the act of dividing the ownership of an NFT among different people. The increasing popularity of NFTs over the web is expected to increase the price in the coming years. One of the main advantages of fractionalization of NFT is that there would be a democratized ownership. Due to this, the market activity among NFTs remains consistent even the bidding price of an NFT increases. Hence, this fractionalization allows more people to participate in the bidding process. hence, such factors are expected to drive market growth during the forecast period.

Major challenges - 

Uncertainty in NFT demand and pricing can pose a major threat to market growth. One of the main challenges with people purchasing NFTs is assessing the future value of NFTs. Factors such as scarcity, uniqueness, and the perception of owners and buyers, alongside the availability of distribution channels, are influencing the valuation of NFTs. Hence, for a new buyer in the NFT market, it is a significant challenge to assess the identity of the next buyers of an NFT or the possible factors which can influence their purchase. Hence, such factors are expected to hinder market growth during the forecast period.

Drivers, Trends, and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

What are the key data covered in this Non-fungible Token (NFT) Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the non-fungible Token (NFT) market between 2023 and 2027
• Precise estimation of the non-fungible Token (NFT) market size and its contribution to the market with a focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the non-fungible Token (NFT) market across APAC, North America, South America, Europe, and the Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of non-fungible Token (NFT) market vendors

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Table of Contents

1 Executive Summary

• 1.1 Market overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Application
• Exhibit 06: Executive Summary – Chart on Market Segmentation by End-user
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global non-fungible token (NFT) market 2017 - 2021 
• Exhibit 18: Historic Market Size – Data Table on Global non-fungible token (NFT) market 2017 - 2021 ($ million)

• 4.2 Geography Segment Analysis 2017 - 2021 
• Exhibit 19: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

• 4.3 End-user Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – End-user Segment 2017 - 2021 ($ million)

• 4.4 Application Segment Analysis 2017 - 2021 
• Exhibit 21: Historic Market Size – Application Segment 2017 - 2021 ($ million)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Application

• 6.1 Market segments
• Exhibit 30: Chart on Application - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Application - Market share 2022-2027 (%)

• 6.2 Comparison by Application 
• Exhibit 32: Chart on Comparison by Application
• Exhibit 33: Data Table on Comparison by Application

• 6.3 Collectibles - Market size and forecast 2022-2027 
• Exhibit 34: Chart on Collectibles - Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on Collectibles - Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on Collectibles - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Collectibles - Year-over-year growth 2022-2027 (%)

• 6.4 Sports - Market size and forecast 2022-2027 
• Exhibit 38: Chart on Sports - Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on Sports - Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on Sports - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Sports - Year-over-year growth 2022-2027 (%)

• 6.5 Arts - Market size and forecast 2022-2027 
• Exhibit 42: Chart on Arts - Market size and forecast 2022-2027 ($ million)
• Exhibit 43: Data Table on Arts - Market size and forecast 2022-2027 ($ million)
• Exhibit 44: Chart on Arts - Year-over-year growth 2022-2027 (%)
• Exhibit 45: Data Table on Arts - Year-over-year growth 2022-2027 (%)

• 6.6 Others - Market size and forecast 2022-2027 
• Exhibit 46: Chart on Others - Market size and forecast 2022-2027 ($ million)
• Exhibit 47: Data Table on Others - Market size and forecast 2022-2027 ($ million)
• Exhibit 48: Chart on Others - Year-over-year growth 2022-2027 (%)
• Exhibit 49: Data Table on Others - Year-over-year growth 2022-2027 (%)

• 6.7 Market opportunity by Application 
• Exhibit 50: Market opportunity by Application ($ million)

7 Market Segmentation by End-user

• 7.1 Market segments
• Exhibit 51: Chart on End-user - Market share 2022-2027 (%)
• Exhibit 52: Data Table on End-user - Market share 2022-2027 (%)

• 7.2 Comparison by End-user 
• Exhibit 53: Chart on Comparison by End-user
• Exhibit 54: Data Table on Comparison by End-user

• 7.3 Personal - Market size and forecast 2022-2027 
• Exhibit 55: Chart on Personal - Market size and forecast 2022-2027 ($ million)
• Exhibit 56: Data Table on Personal - Market size and forecast 2022-2027 ($ million)
• Exhibit 57: Chart on Personal - Year-over-year growth 2022-2027 (%)
• Exhibit 58: Data Table on Personal - Year-over-year growth 2022-2027 (%)

• 7.4 Commercial - Market size and forecast 2022-2027 
• Exhibit 59: Chart on Commercial - Market size and forecast 2022-2027 ($ million)
• Exhibit 60: Data Table on Commercial - Market size and forecast 2022-2027 ($ million)
• Exhibit 61: Chart on Commercial - Year-over-year growth 2022-2027 (%)
• Exhibit 62: Data Table on Commercial - Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by End-user 
• Exhibit 63: Market opportunity by End-user ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 64: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 65: Chart on Market share by geography 2022-2027 (%)
• Exhibit 66: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 67: Chart on Geographic comparison
• Exhibit 68: Data Table on Geographic comparison

• 9.3 APAC - Market size and forecast 2022-2027 
• Exhibit 69: Chart on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 70: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 71: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 72: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.4 North America - Market size and forecast 2022-2027 
• Exhibit 73: Chart on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 74: Data Table on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 75: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 76: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.5 South America - Market size and forecast 2022-2027 
• Exhibit 77: Chart on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 78: Data Table on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 79: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 80: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.6 Europe - Market size and forecast 2022-2027 
• Exhibit 81: Chart on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 82: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 83: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 84: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 85: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 86: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 87: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 88: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.8 US - Market size and forecast 2022-2027 
• Exhibit 89: Chart on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 90: Data Table on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 91: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 92: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.9 Thailand - Market size and forecast 2022-2027 
• Exhibit 93: Chart on Thailand - Market size and forecast 2022-2027 ($ million)
• Exhibit 94: Data Table on Thailand - Market size and forecast 2022-2027 ($ million)
• Exhibit 95: Chart on Thailand - Year-over-year growth 2022-2027 (%)
• Exhibit 96: Data Table on Thailand - Year-over-year growth 2022-2027 (%)

• 9.10 Brazil - Market size and forecast 2022-2027 
• Exhibit 97: Chart on Brazil - Market size and forecast 2022-2027 ($ million)
• Exhibit 98: Data Table on Brazil - Market size and forecast 2022-2027 ($ million)
• Exhibit 99: Chart on Brazil - Year-over-year growth 2022-2027 (%)
• Exhibit 100: Data Table on Brazil - Year-over-year growth 2022-2027 (%)

• 9.11 China - Market size and forecast 2022-2027 
• Exhibit 101: Chart on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 102: Data Table on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 103: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 104: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.12 Canada - Market size and forecast 2022-2027 
• Exhibit 105: Chart on Canada - Market size and forecast 2022-2027 ($ million)
• Exhibit 106: Data Table on Canada - Market size and forecast 2022-2027 ($ million)
• Exhibit 107: Chart on Canada - Year-over-year growth 2022-2027 (%)
• Exhibit 108: Data Table on Canada - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 109: Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 110: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape
• Exhibit 111: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption
• Exhibit 112: Overview on factors of disruption

• 11.4 Industry risks
• Exhibit 113: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered
• Exhibit 114: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 115: Matrix on vendor position and classification

• 12.3 Binance Services Holdings Ltd. 
• Exhibit 116: Binance Services Holdings Ltd. - Overview
• Exhibit 117: Binance Services Holdings Ltd. - Product / Service
• Exhibit 118: Binance Services Holdings Ltd. - Key offerings

• 12.4 Dapper Labs Inc.
• Exhibit 119: Dapper Labs Inc. - Overview
• Exhibit 120: Dapper Labs Inc. - Product / Service
• Exhibit 121: Dapper Labs Inc. - Key offerings

• 12.5 Decentraland
• Exhibit 122: Decentraland - Overview
• Exhibit 123: Decentraland - Product / Service
• Exhibit 124: Decentraland - Key offerings

• 12.6 Enjin Pte. Ltd.
• Exhibit 125: Enjin Pte. Ltd. - Overview
• Exhibit 126: Enjin Pte. Ltd. - Product / Service
• Exhibit 127: Enjin Pte. Ltd. - Key offerings

• 12.7 Foundation Labs Inc.
• Exhibit 128: Foundation Labs Inc. - Overview
• Exhibit 129: Foundation Labs Inc. - Product / Service
• Exhibit 130: Foundation Labs Inc. - Key offerings

• 12.8 FTX Trading Ltd.
• Exhibit 131: FTX Trading Ltd. - Overview
• Exhibit 132: FTX Trading Ltd. - Product / Service
• Exhibit 133: FTX Trading Ltd. - Key offerings

• 12.9 Funko Inc.
• Exhibit 134: Funko Inc. - Overview
• Exhibit 135: Funko Inc. - Product / Service
• Exhibit 136: Funko Inc. - Key news
• Exhibit 137: Funko Inc. - Key offerings

• 12.10 Gala Games
• Exhibit 138: Gala Games - Overview
• Exhibit 139: Gala Games - Product / Service
• Exhibit 140: Gala Games - Key offerings

• 12.11 Gemini Trust Co. LLC
• Exhibit 141: Gemini Trust Co. LLC - Overview
• Exhibit 142: Gemini Trust Co. LLC - Product / Service
• Exhibit 143: Gemini Trust Co. LLC - Key news
• Exhibit 144: Gemini Trust Co. LLC - Key offerings

• 12.12 Mintable.app
• Exhibit 145: Mintable.app - Overview
• Exhibit 146: Mintable.app - Product / Service
• Exhibit 147: Mintable.app - Key offerings

• 12.13 Mobox Digital Co. Ltd. 
• Exhibit 148: Mobox Digital Co. Ltd. - Overview
• Exhibit 149: Mobox Digital Co. Ltd. - Product / Service
• Exhibit 150: Mobox Digital Co. Ltd. - Key offerings

• 12.14 Onchain Labs Inc.
• Exhibit 151: Onchain Labs Inc. - Overview
• Exhibit 152: Onchain Labs Inc. - Product / Service
• Exhibit 153: Onchain Labs Inc. - Key offerings

• 12.15 OpenSea
• Exhibit 154: OpenSea - Overview
• Exhibit 155: OpenSea - Product / Service
• Exhibit 156: OpenSea - Key offerings

• 12.16 Rarible Inc.
• Exhibit 157: Rarible Inc. - Overview
• Exhibit 158: Rarible Inc. - Product / Service
• Exhibit 159: Rarible Inc. - Key offerings

• 12.17 Sorare
• Exhibit 160: Sorare - Overview
• Exhibit 161: Sorare - Product / Service
• Exhibit 162: Sorare - Key offerings

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 163: Inclusions checklist
• Exhibit 164: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 165: Currency conversion rates for US$

• 13.4 Research methodology
• Exhibit 166: Research methodology
• Exhibit 167: Validation techniques employed for market sizing
• Exhibit 168: Information sources

• 13.5 List of abbreviations 
• Exhibit 169: List of abbreviations

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