Non-fungible Token Market size is expected to reach USD 211.72 billion by 2030

 Non-fungible Token Industry Overview

The global non-fungible token market size was valued at USD 15.54 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 33.9% from 2022 to 2030.

The growth can be attributed to the increasing demand for NFTs worldwide due to their uniqueness, individuality, and transparency, among other features. NFTs are indivisible and cannot be distributed among multiple owners. This ownership advantage offered by NFTs ensures that the buyers are safe from fake NFTs (non-fungible tokens).

Ethereum is the most common token standard used for NFTs. Typically, ERC-1155 and ERC-721 token standards are widely used to create NFTs. Other than Ethereum, blockchains such as Flow, EOS, and Tezos also offer token standards for developing NFTs. Moreover, the impending shift of Ethereum from proof-of-work to the proof-of-stake system is expected to reduce the energy consumption of its blockchain by 99%. Thus the use of Ethereum token is expected to grow for NFTs worldwide.

Gather more insights about the market drivers, restrains and growth of the Global Non-fungible Token Market

 

NFTs processed through Security Token Offerings (STO) legally help the entity to remain compliant with the U.S. securities regulations and laws. The companies developing NFTs are expected to be registered under U.S. securities laws. For instance, Dapper Labs, the developer of NBA Top Shot NFTs, was sued for allegedly selling NFTs as unregistered securities. NBA Top Shot is a blockchain-based digital collectible platform that enables users to sell, buy, and trade NFTs of NBA video highlights. The document filed in the Supreme Court claims that NBA Top Shot moments are securities because their value grows with the project's success. This thereby requires Dapper Labs to be registered with the U.S. Securities and Exchange Commission.

As NFTs can have only one owner at a time, Fractionalized NFTs (F-NFT) have come into existence. F-NFTs allow NFT owners to share their asset ownership with others. Using F-NFTs, people can gain shared or fractional ownership in high-value assets such as a luxury yacht or real estate by investing a small amount of money in the asset. On Ethereum, to fractionalize the purchase, NFT owners divide ERC-721 tokens into multiple ERC-20 tokens. Each of these ERC-20 tokens becomes a fractional NFT of the asset.

The demand for NFTs is growing among millennials worldwide, which is also one of the major factors driving the market growth. According to a survey conducted by Morning Consult, a business intelligence company, in March 2021, 23% of millennial respondents in the U.S. stated that they collect NFTs as an investment option or hobby. Additionally, Sorare, a digital game provider, stated that millennials are the primary users of its digital game NFTs, with 34% of users in the age group of 25 and 34 and 27% in the age group of 34 and 54.

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Key Companies Profile

Some prominent players in the global Non-fungible Token (NFT) market are:

  • YellowHeart, LLC.
  • Cloudflare, Inc.
  • PLBY Group, Inc.
  • Dolphin Entertainment, Inc.
  • Funko
  • Ozone Networks, Inc.
  • Takung Art Co., Ltd.
  • Dapper Labs, Inc.
  • Gemini Trust Company, LLC.
  • Onchain Labs, Inc.

 

Order a free sample PDF of Non-fungible Token Market Intelligence Study, published by Grand View Research. 

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