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 (NFT) market is highly fragmented and numerous vendors are competing with each other by using growth strategies such as partnerships, mergers, and acquisitions to strengthen their market position. For instance, in March 2022, LimeWire announced a partnership with Algorand, a blockchain cryptocurrency platform based on proof-of-stake. The former company will employ Algorand as the foundation of its NFT marketplace as a result of this collaboration. Non-Fungible Token Market participants are also working to improve their product offerings in order to better adapt to changing user wants and remain competitive. As a result, they have started spending heavily on R&D activities to integrate new technology into NFTs. Furthermore, firms are cooperating with institutions all over the world to assist technical development, academic research, and innovation in blockchain technology, adding fuel to the non-fungible token (NFT) market. 'OpenSea (US)', 'Axie Infinity', 'NBA Top Shot', 'Binance NFT', 'CryptoPunks', 'SuperRare', 'Rarible', 'The Sandbox', 'Art Blocks', 'Decentraland', 'Nifty Gateway', 'Sorare', 'Terra Virtua', 'Foundation', 'Async Art', 'WAX', 'Gala Games', 'Mythical Games', 'Animoca Brands', 'Enjin'

Rising demand for digital artworks to drive non-fungible token (NFT) market: NFT has gained immense popularity in digital art applications around the world through social media and other digital platforms. Furthermore, NFT makes the art world easily accessible to consumers through digital platform and eliminates the need of physical visit to a gallery. The tokens can be used to sell artworks directly through virtual marketplaces. Thus, shortening the purchasing cycle.

In 2021, holding or trading NFTs had almost 2.5 million crypto wallets, up from just 89,000 the previous year. The number of purchasers climbed from 75,000 to 2.3 million in the same period in the non-fungible token (NFT) market. According to a poll, people improved their ability to profit from NFTs, with investors earning $5.4 billion in profits from NFT sales last year. SkyQuest reports that over 470 wallets profited more than $1 million. With $8.4 billion in sales, collectibles were the most popular type of NFT. Gaming NFTs, such as Axie Infinity, accounted for $5.2 billion in sales. Later in the year, the emphasis shifted to the so-called metaverse, with $514 million in sales of digital land and other projects in the field.

North America is projected to remain the largest contributor to the 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.