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

Non-Fungible Tokens (NFTs) Market size was valued at USD 16 billion in 2019 and is poised to grow from USD 21.39 billion in 2023 to USD 212 billion by 2031, growing at a CAGR of 33.7% in the forecast period (2024-2031).

Non-fungible token is blockchain-based cryptographic assets having unique identification codes and metadata that distinguish them from one another. They cannot be traded or swapped at parity with cryptocurrencies. This is in contrast to fungible tokens, such as cryptocurrencies, which are identical to one another and can thus be used as a medium for commercial transactions.

NFT, or non-fungible tokens, became a big digital topic in 2019, encompassing trading cards, digital artwork, animal pictures, music, and online gaming. In March 2021, Beeple's crypto art "First 5000 Days" sold for USD 69 million and became the world's most expensive NFT. This transaction sparked an "NFT fever and started trending on Google across Asia and the US. However, digital tokens are not new. CryptoKitties, a project that integrates randomly generated photos of kittens, is one of the most established NFTs, with sales dating back to 2017. The number of sales using non-fungible tokens (NFTs) in the art industry fluctuated dramatically between April 15, 2021, and April 15, 2022. Approximately 28,400 NFTs were sold under the art segment in the past 30 days as of April 15, 2021. On the other hand, 22,600 NFTs were sold on the Ethereum blockchain over 30 days as of April 15, 2022. But in mid-August 2021, the number zoomed to 109,1000.

US Non-Fungible Tokens (NFTs) Market is poised to grow at a sustainable CAGR for the next forcast year.