Non-Fungible Token (NFTs) Market Size to Reach USD 3,57,316.3 Million in 2030 | Increasing Use of NFTs in Supply Chain and Logistics and Rising Demand for Decentralized Marketplaces are Some Key Factors Driving Industry Growth, According to Emergen Research
VANCOUVER, B.C., Jan. 20, 2022 /PRNewswire/ -- The global Non-Fungible Token (NFT) market size reached USD 340.0 Million in 2020 and is expected to register a rapid revenue CAGR during the forecast period, according to latest analysis by Emergen Research. Increasing use of NFTs in gaming is one of the major factors expected to continue to drive global market revenue growth.
Drivers:
Global non-fungible token market revenue growth is expected to be driven by rising use of NFT in supply chain and logistics. NFTs prevent counterfeiting, assist in tracing the movement of products across the supply chain, and ensure originality. This can apply to supply chains for high-end fashion businesses. NFTs could also provide information about each material and component in a specific product for industries such as automotive. This could also aid in cost-cutting. NFTs could also be beneficial to enterprises concerned about tracking the usage of reusable and sustainable materials.
Restraints:
Concerns regarding fraud and scams and lack of standardization are major factors hampering revenue growth of the market. Using NFTs and blockchain in the real world might be an effective approach to check titles and validate ownership histories. However, this type of application poses security risks. Though blockchain improves the security of NFTs, hacking is still a possibility. A major problem in the NFT market is unpredictability in determining NFT pricing. The price of any NFT can be determined by the buyer's and seller's originality, uniqueness, rarity, and a variety of other factors. As there are no formed standards for any particular type of NFT, the prices of NFTs fluctuate significantly.
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Growth Projections:
Global non-fungible token market is expected to register a CAGR of 39.6% over the forecast period and revenue is projected to increase from USD 340.0 Million in 2020 to USD 3,57,316.3 Million in 2030. Increasing demand for decentralized marketplace is boosting market revenue growth.
COVID-19 Impact Analysis:
Because of global lockdowns caused by the Covid-19 pandemic, a number of individuals have adopted a more sedentary lifestyle and also to seek alternatives to maintain social connections due to prolonged periods of confinement and being deprived of interaction. As a result, many individuals engaged in various online metaverses platforms in order to increase social engagement and gain exposure for NFTs.
Current Trends and Innovations:
Gaming is one of the most popular applications for NFTs currently. Following the lead of blockchain-first game developers, traditional game developers such as Ubisoft are already experimenting with this technology. Decentraland, Sorare, Gods Unchained, and My Crypto Heroes are among the most popular NFT-based games.
Geographical Outlook:
Europe non-fungible token market is expected to register a significantly steady revenue CAGR over the forecast period. Market revenue growth is expected to be driven by rapid growth of the gaming industry in countries in the region.
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Strategic Initiatives:
Some major companies included in the market report include YellowHeart, Cloudflare, Inc., PLBY Group, Inc., Dolphin Entertainment, Inc., Funko Inc., OpenSea (Ozone Networks, Inc.), Takung Art Co., Ltd., Dapper Labs, Inc., Nifty Gateway (Gemini Trust Company, LLC), and MakersPlace (Onchain Labs, Inc.)
- In January 2021, Dolphin Entertainment announced the acquisition of B/HI, formerly known as Bender/Helper Impact, which is a gaming public relations firm. This acquisition of B/HI offers the Super Group a great entry point into the final remaining significant vertical of entertainment including Esports and video gaming.
Emergen Research has segmented global non-fungible token on the basis of type, application, end-use, and region:
- Type Outlook (Revenue, USD Million; 2018–2030)
- Physical Asset
- Digital Asset
- Application Outlook (Revenue, USD Million; 2018–2030)
- Collectibles
a. Video Clip
b. Audio Clip
c. Gamificatio
d. Others - Art
- Pixel Art
- Fractal/Algorithmic Art
- Computer Generated Painting
- 2D/3D Painting
- 2D/3D Computer Graphics
- GIFs
- Others
- Gaming
- Trading Card Game (TCG)
- Video Game
- Strategy Role Playing Game (RPG)
- Others
- Utilities
- Tickets
- Domain Names
- Assets Ownership
- Metaverse
- Sport
- Others
- End-Use Outlook (Revenue, USD Million; 2018–2030)
- Personal
- Commercial
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- Regional Outlook (Revenue, USD Million; 2018–2030)
- North America
a. U.S.
b. Canada
c. Mexico - Europe
a. Germany
b. France
c. U.K.
d. Italy
e. Spain
f. BENELUX
g. Rest of Europe - Asia Pacific
a. China
b. India
c. Japan
d. South Korea
e. Rest of APAC - Latin America
a. Brazil
b. Rest of LATAM - Middle East & Africa
a. Saudi Arabia
b. UAE
c. South Africa
d. Turkey
e. Rest of MEA
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About Emergen Research
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