Non-Fungible Tokens (NFTs) Market Size, Share, Growth Analysis, By Type(Physical Asset, Digital Asset), By Application(Collectibles, Art, Gaming, Utilities), By End-Use(Personal, Commercial), By Region - Industry Forecast 2024-2031

North America is projected to remain the largest contributor to the global non-fungible token (NFT) market during the forecast period thanks to the existence of key NFT suppliers such as OpenSea, Larva Labs, Cloudflare, Dapper Labs, and others. These suppliers are likely to open up profitable ways NFT consumers across the US and Canada. Apart from this, several other organizations engaged in the regional Non-Fungible Token market are leading the way with active initiatives and partnerships to investigate and educate people about the patterns and applications of NFTs to help them monetize their work. For instance, Lagunitas Brewing Company emerged as the first beer brand in Latin America to enter the NFT segment. Lagunitas collaborated with Byte to create NFTs that mimic the main features of a traditional backyard.

Few companies such as OpenSea, an American firm, do not charge a fee to mint NFTs. The site levies a fee based on the final sale price, which is now set at 2.5% of the traction value. These strategies are supporting the growth of North America non-fungible token (NFT) market.

On the other hand, Asia Pacific is projected to grow at the fastest CAGR during the forecast period on account of increasing acceptance of cryptocurrencies by numerous consumers across several countries and a surge in the creation of metaverse platforms by start-ups in the region. Apart from this, rapidly expanding gaming industry is opening up new avenues for the global non-fungible token (NFT) market.