PUBLISHER: Blueweave Consulting | PRODUCT CODE: 1134196
PUBLISHER: Blueweave Consulting | PRODUCT CODE: 1134196
Global Non-Fungible Token Market, 2028 - By Category ; By Application ; By End-Use ; By Region (North America, Europe, Asia-Pacific, Latin America, Middle-East and Africa ), Trend Analysis, Competitive Market Share & Forecast, 2018-2028
Global Non-Fungible Token (NFT) Market Size to Reach USD 20 billion by 2028
Global Non-Fungible Token (NFT) is booming at a high growth rate mainly due to a rapidly increasing demand for digital arts and adoption of cryptocurrencies by various digital platforms across the world.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global the global non-fungible token (NFT) market size was USD 4.36 billion in 2021. Also, BlueWeave forecasts the global NFT market to grow at an impressive CAGR of 23.9% during 2022-2028, reaching a whopping market size of USD 19.57 billion by the end of the forecast period.
Global NFT Market - Recent Technology Advancements
Tapinator Inc., a developer and publisher of category-defining mobile games, has announced the development of NFT500, a subscription casting service and collection platform centered on blue chip NFTs. The term "casting" refers to presenting digital art on a physical display in the form of NFTs. In collaboration with Dolphin Entertainment, Inc., Hall of Fame Resort & Entertainment Company announced its first NFT offering.
Rising Demand for Digital Art to Drive Global NFT Market
One of the major factors driving the NFT market is the growing demand for digital art across the globe. This is because consumers utilize cryptocurrencies to buy digital assets. The money raised by NFT firms also boosts market growth. Paradigm is the leader in receiving major investments, which also included grants from Solana Ventures and Sequoia Capital. The company aims to use the funds to expand its products and services.
Global NFT Market - By Type
Gaming & Digital Art NFTs are expected to account for the highest number of NFT transactions. In gaming, in-app purchases or virtual currency purchased in free-to-play games could not be withdrawn, re-used, resold, or utilized in other ways across games or platforms until recently. They were, in other words, perishable consumable products. With NFTs, anything purchased in the games becomes the owner's property. The user's name will be used to register the asset. Each object is uniquely identified, has a provably limited number of copies, and can be shared among users without the developer's permission. Better yet, it can be moved outside of the game, sold on the market, or even used in another game, and providing extra utility and gameplay across various games. New inventions are being made as digital art allows more people to become interested in and active in the art world. The artists in this space will continue to experiment and produce work that pushes the current art form's boundaries. However, there is a disadvantage to typical digital art creation in that products can be reproduced and replicated indefinitely at no expense. To address this flaw, digital art is now stored on the blockchain and converted into a NFT, making it impossible to duplicate. This has provided digital artists with a possibility to profit from their creative work. As a result, it is expected that digital art will hold a significant share in the global NFT market.
Impact of COVID-19 on Global NFT Market
Due to global lockdowns imposed by governments due to the COVID-19 pandemic, people have been compelled to adopt a more sedentary lifestyle. These populations, of all ages and origins, have had to learn new ways to interact socially after being confined for so long. As a result, these users joined a variety of online Metaverse platforms to boost social engagement and gain exposure to NFTs. For example, during a lockdown period, Axis Infinity, a blockchain-based digital pet world, attracted thousands of newbies to the blockchain technology from underdeveloped and developing countries looking for new income streams. According to NonFungible.com, the global NFT market expanded by 299% in 2020 over the previous year.
Americas to dominate the Global NFT Market
In terms of market size, the Americas region is expected to be the highest contributor in the global NFT industry. Despite the lack of strict legislation, accounting norms, and disclosure requirements in the United States, firms are investing in NFTs. After making its first cryptocurrency investment, KPMG Canada's corporate treasury purchased a piece of digital art from the "World of Women" NFT. The business model is practical and a viable alternative for novice NFT producers to get started, with the OpenSea platform having enormous success in 2021.
Competitive Landscape
North America is the home to major companies such as OpenSea, Larva Labs, Cloudflare, and Dapper Labs. Artists are being motivated to be a part of this burgeoning NFT world by investments and creative digital works, which could be a big contributor to the NFT market growth during the forecast period.
Table of Contents
1. Research Framework
- 1.1. Research Objective
- 1.2. Product Overview
- 1.3. Market Segmentation
2. Research Methodology
- 2.1. Qualitative Research
- 2.1.1. Primary & Secondary Research
- 2.2. Quantitative Research
- 2.3. Market Breakdown & Data Triangulation
- 2.3.1. Secondary Research
- 2.3.2. Primary Research
- 2.4. Breakdown of Primary Research Respondents, By Country
- 2.5. Assumption & Limitation
3. Executive Summary
4. Global Non-Fungible Token (NFT) Market Insights
- 4.1. Industry Value Chain Analysis
- 4.2. DROC Analysis
- 4.2.1. Growth Drivers
- 4.2.2. Restraints
- 4.2.3. Opportunities
- 4.2.4. Challenges
- 4.3. Recent Developments/Technological Advancements
- 4.4. Regulatory Framework
- 4.5. Porter's Five Forces Analysis
- 4.5.1. Bargaining Power of Suppliers
- 4.5.2. Bargaining Power of Buyers
- 4.5.3. Threat of New Entrants
- 4.5.4. Threat of Substitutes
- 4.5.5. Intensity of Rivalry
5. Global Non-Fungible Token (NFT) Market Overview
- 5.1. Market Size & Forecast, 2018-2028
- 5.1.1. By Value (USD Million)
- 5.2. Market Share & Forecast
- 5.2.1. By Category
- 5.2.1.1. Business Strategy Formulation
- 5.2.1.2. NFT Creation and Management
- 5.2.1.3. NFT Platform - Marketplace
- 5.2.2. By Application
- 5.2.2.1. Entertainment & Media
- 5.2.2.2. Banking
- 5.2.2.3. Utilities
- 5.2.2.4. Healthcare
- 5.2.2.5. Gaming
- 5.2.2.6. Sports
- 5.2.2.7. Others
- 5.2.3. By End Use
- 5.2.3.1. Commercial
- 5.2.3.2. Personal
- 5.2.4. By Region
- 5.2.4.1. North America
- 5.2.4.2. Europe
- 5.2.4.3. Asia-Pacific (APAC)
- 5.2.4.4. Latin America (LATAM)
- 5.2.4.5. Middle East and Africa (MEA)
- 5.2.1. By Category
6. North America Non-Fungible Token (NFT) Market
- 6.1. Market Size & Forecast, 2018-2028
- 6.1.1. By Value (USD Million)
- 6.2. Market Share & Forecast
- 6.2.1. By Category
- 6.2.2. By Application
- 6.2.3. By End Use
- 6.2.4. By Country
- 6.2.4.1. U.S.
- 6.2.4.2. Canada
7. Europe Non-Fungible Token (NFT) Market
- 7.1. Market Size & Forecast, 2018-2028
- 7.1.1. By Value (USD Million)
- 7.2. Market Share & Forecast
- 7.2.1. By Category
- 7.2.2. By Application
- 7.2.3. By End Use
- 7.2.4. By Country
- 7.2.4.1. U.K.
- 7.2.4.2. Germany
- 7.2.4.3. France
- 7.2.4.4. Spain
- 7.2.4.5. Italy
- 7.2.4.6. The Netherlands
- 7.2.4.7. Rest of Europe
8. APAC Non-Fungible Token (NFT) Market
- 8.1. Market Size & Forecast, 2018-2028
- 8.1.1. By Value (USD Million)
- 8.2. Market Share & Forecast
- 8.2.1. By Category
- 8.2.2. By Application
- 8.2.3. By End Use
- 8.2.4. By Country
- 8.2.4.1. China
- 8.2.4.2. Japan
- 8.2.4.3. India
- 8.2.4.4. South Korea
- 8.2.4.5. Australia
- 8.2.4.6. Rest of APAC
9. LATAM Non-Fungible Token (NFT) Market
- 9.1. Market Size & Forecast, 2018-2028
- 9.1.1. By Value (USD Million)
- 9.2. Market Share & Forecast
- 9.2.1. By Category
- 9.2.2. By Application
- 9.2.3. By End Use
- 9.2.4. By Country
- 9.2.4.1. Mexico
- 9.2.4.2. Brazil
- 9.2.4.3. Rest of LATAM
10. MEA Non-Fungible Token (NFT) Market
- 10.1. Market Size & Forecast, 2018-2028
- 10.1.1. By Value (USD Million)
- 10.2. Market Share & Forecast
- 10.2.1. By Category
- 10.2.2. By Application
- 10.2.3. By End Use
- 10.2.4. By Country
- 10.2.4.1. Saudi Arabia
- 10.2.4.2. UAE
- 10.2.4.3. South Africa
- 10.2.4.4. Rest of MEA
11. Competitive Landscape
- 11.1. List of Non-Fungible Token Producers and Their Offerings
- 11.2. Market Share Analysis, by Companies, 2021
- 11.3. Competitive Benchmarking, By Operating Parameters
- 11.4. Key Strategic Developments
12. Impact of COVID on Global Non-Fungible Token (NFT) Market
- 12.1. Future Impact
- 12.2. Key Developments during COVID-19
- 12.3. Impact on Market
- 12.3.1. Different Scenario
- 12.3.2. Impact on Companies
- 12.3.3. Impact on the Africa Market
13. Opportunity and Assessment, by Country (Key Focus Area)
14. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, SWOT Analysis, and Strategic Outlook) *
- 14.1. YellowHeart, LLC
- 14.2. Cloudflare, Inc.
- 14.3. Cryptokitties
- 14.4. PLBY Group, Inc.
- 14.5. Dolphin Entertainment, Inc.
- 14.6. Funko
- 14.7. Ozone Networks, Inc.
- 14.8. Solanart
- 14.9. Takung Art Co., Ltd.
- 14.10. Dapper Labs, Inc.
- 14.11. Semidot Infotech
- 14.12. Gemini Trust Company, LLC.
- 14.13. Onchain Labs, Inc
- 14.14. Other Players
15. Key Strategic Recommendations
List of Figures
- Figure 1 Global Non-Fungible Token Segmentation
- Figure 2 Global Non-Fungible Token (NFT) Market Value Chain Analysis
- Figure 3 Company Market Share Analysis, 2021
- Figure 4 Global Non-Fungible Token (NFT) Market Size, By Value (USD Million), 2018-2028
- Figure 5 Global Non-Fungible Token (NFT) Market Share, By Category, By Value, 2018-2028
- Figure 6 Global Non-Fungible Token (NFT) Market Share, By Application, By Value, 2018-2028
- Figure 7 Global Non-Fungible Token (NFT) Market Share, By End Use, By Value, 2018-2028
- Figure 8 Global Non-Fungible Token (NFT) Market Share, By Region, By Value, 2018-2028
- Figure 9 North America Non-Fungible Token (NFT) Market Size, By Value (USD Million), 2018-2028
- Figure 10 North America Non-Fungible Token (NFT) Market Share, By Category, By Value, 2018-2028
- Figure 11 North America Non-Fungible Token (NFT) Market Share, By Application, By Value, 2018-2028
- Figure 12 North America Non-Fungible Token (NFT) Market Share, By End Use, By Value, 2018-2028
- Figure 13 North America Non-Fungible Token (NFT) Market Share, By Country, By Value, 2018-2028
- Figure 14 Europe Non-Fungible Token (NFT) Market Size, By Value (USD Million), 2018-2028
- Figure 15 Europe Non-Fungible Token (NFT) Market Share, By Category, By Value, 2018-2028
- Figure 16 Europe Non-Fungible Token (NFT) Market Share, By Application, By Value, 2018-2028
- Figure 17 Europe Non-Fungible Token (NFT) Market Share, By End Use, By Value, 2018-2028
- Figure 18 Europe Non-Fungible Token (NFT) Market Share, By Country, By Value, 2018-2028
- Figure 19 Asia-Pacific Non-Fungible Token (NFT) Market Size, By Value (USD Million), 2018-2028
- Figure 20 Asia-Pacific Non-Fungible Token (NFT) Market Share, By Category, By Value, 2018-2028
- Figure 21 Asia-Pacific Non-Fungible Token (NFT) Market Share, By Application, By Value, 2018-2028
- Figure 22 Asia-Pacific Non-Fungible Token (NFT) Market Share, By End Use, By Value, 2018-2028
- Figure 23 Asia-Pacific Non-Fungible Token (NFT) Market Share, By Country, By Value, 2018-2028
- Figure 24 Latin America Non-Fungible Token (NFT) Market Size, By Value (USD Million), 2018-2028
- Figure 25 Latin America Non-Fungible Token (NFT) Market Share, By Category, By Value, 2018-2028
- Figure 26 Latin America Non-Fungible Token (NFT) Market Share, By Application, By Value, 2018-2028
- Figure 27 Latin America Non-Fungible Token (NFT) Market Share, By End Use, By Value, 2018-2028
- Figure 28 Latin America Non-Fungible Token (NFT) Market Share, By Country, By Value, 2018-2028
- Figure 29 Middle East and Africa Non-Fungible Token (NFT) Market Size, By Value (USD Million), 2018-2028
- Figure 30 Middle East and Africa Non-Fungible Token (NFT) Market Share, By Category, By Value, 2018-2028
- Figure 31 Middle East and Africa Non-Fungible Token (NFT) Market Share, By Application, By Value, 2018-2028
- Figure 32 Middle East and Africa Non-Fungible Token (NFT) Market Share, By End Use, By Value, 2018-2028
- Figure 33 Middle East and Africa Non-Fungible Token (NFT) Market Share, By Country, By Value, 2018-2028
List of Tables
- Table 1 Global Non-Fungible Token (NFT) Market Size, By Category, By Value, 2018-2028
- Table 2 Global Non-Fungible Token (NFT) Market Size, By Application, By Value, 2018-2028
- Table 3 Global Non-Fungible Token (NFT) Market Size, By End User, By Value, 2018-2028
- Table 4 Global Non-Fungible Token (NFT) Market Size, By Region, By Value, 2018-2028
- Table 5 North America Non-Fungible Token (NFT) Market Size, By Category, By Value, 2018-2028
- Table 6 North America Non-Fungible Token (NFT) Market Size, By Application, By Value, 2018-2028
- Table 7 North America Non-Fungible Token (NFT) Market Size, By End User, By Value, 2018-2028
- Table 8 North America Non-Fungible Token (NFT) Market Size, By Country, By Value, 2018-2028
- Table 9 Europe Non-Fungible Token (NFT) Market Size, By Category, By Value, 2018-2028
- Table 10 Europe Non-Fungible Token (NFT) Market Size, By Application, By Value, 2018-2028
- Table 11 Europe Non-Fungible Token (NFT) Market Size, By End User, By Value, 2018-2028
- Table 12 Europe Non-Fungible Token (NFT) Market Size, By Country, By Value, 2018-2028
- Table 13 Asia-Pacific Non-Fungible Token (NFT) Market Size, By Category, By Value, 2018-2028
- Table 14 Asia-Pacific Non-Fungible Token (NFT) Market Size, By Application, By Value, 2018-2028
- Table 15 Asia-Pacific Non-Fungible Token (NFT) Market Size, By End User, By Value, 2018-2028
- Table 16 Asia-Pacific Non-Fungible Token (NFT) Market Size, By Country, By Value, 2018-2028
- Table 17 Latin America Non-Fungible Token (NFT) Market Size, By Category, By Value, 2018-2028
- Table 18 Latin America Non-Fungible Token (NFT) Market Size, By Application, By Value, 2018-2028
- Table 19 Latin America Non-Fungible Token (NFT) Market Size, By End User, By Value, 2018-2028
- Table 20 Latin America Non-Fungible Token (NFT) Market Size, By Country, By Value, 2018-2028
- Table 21 Middle East and Africa Non-Fungible Token (NFT) Market Size, By Category, By Value, 2018-2028
- Table 22 Middle East and Africa Non-Fungible Token (NFT) Market Size, By Application, By Value, 2018-2028
- Table 23 Middle East and Africa Non-Fungible Token (NFT) Market Size, By End User, By Value, 2018-2028
- Table 24 Middle East and Africa Non-Fungible Token (NFT) Market Size, By Country, By Value, 2018-2028
- Table 25 YellowHeart, LLC Company Overview
- Table 26 YellowHeart, LLC Financial Overview
- Table 27 Cloudflare, Inc. Company Overview
- Table 28 Cloudflare, Inc. Financial Overview
- Table 29 Cryptokitties Company Overview
- Table 30 Cryptokitties Financial Overview
- Table 31 PLBY Group, Inc. Company Overview
- Table 32 PLBY Group, Inc. Financial Overview
- Table 33 Dolphin Entertainment, Inc. Company Overview
- Table 34 Dolphin Entertainment, Inc. Financial Overview
- Table 35 Funko Company Overview
- Table 36 Funko Financial Overview
- Table 37 Ozone Networks, Inc. Company Overview
- Table 38 Ozone Networks, Inc. Financial Overview
- Table 39 Solanart Company Overview
- Table 40 Solanart Financial Overview
- Table 41 Takung Art Co., Ltd. Company Overview
- Table 42 Takung Art Co., Ltd. Financial Overview
- Table 43 Dapper Labs, Inc. Company Overview
- Table 44 Dapper Labs, Inc. Financial Overview
- Table 45 Semidot Infotech Company Overview
- Table 46 Semidot Infotech Financial Overview
- Table 47 Gemini Trust Company, LLC. Company Overview
- Table 48 Gemini Trust Company, LLC. Financial Overview
- Table 49 Onchain Labs, Inc Company Overview
- Table 50 Onchain Labs, Inc Financial Overview
