NEW YORK, Dec. 8, 2022 /PRNewswire/ — According to Technavio, the global non-fungible token (NFT) market size is projected to grow by USD 113,933.5 million from 2022 to 2027. The market is estimated to grow at a CAGR of 35.02% during the forecast period. Moreover, the growth momentum will accelerate. APAC will account for a share of 39% of the global market’s growth during the forecast period.
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Global Non-fungible Token (NFT) Market – Five Forces
The global non-fungible token (NFT) market is fragmented, and the five forces analysis covers–
Bargaining Power of Buyers
Threat of New Entrants
Threat of Rivalry
Bargaining Power of Suppliers
Threat of Substitutes
Interpretation of Porter’s Five Forces model helps to strategize the business, for entire details – buy report!
Global Non-fungible Token (NFT) Market – Parent Market Analysis
Technavio categorizes the global non-fungible token (NFT) market as a part of the technology hardware, storage, and peripherals market, which covers manufacturers of cellular phones, personal computers, servers, electronic computer components, and peripherals. It also includes data storage components, motherboards, audio and video cards, monitors, keyboards, printers, and other peripherals. Technavio calculates the size of the global technology hardware, storage, and peripherals market by considering the revenue generated from sales of the hardware devices, equipment, and components.
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Global Non-fungible Token (NFT) Market – Customer Landscape
The report includes the market’s adoption lifecycle, from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on the penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Non-fungible Token (NFT) Market – Segmentation Assessment
Segment Overview
Technavio has segmented the market based on application, end-user, and region.
The collectibles segment will grow at the highest rate during the forecast period. NFT collectibles are rare NFT tokens that are minted on the blockchain. The growth of this segment will be primarily driven by factors such as the growing demand for digital assets globally. The emergence of tokenization in the digital asset industry is another factor that will drive the segment’s growth during the forecast period.
Geography Overview
Based on geography, the global non-fungible token (NFT) market is segmented into North America, Europe, APAC, South America, and the Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global non-fungible token (NFT) market.
APAC will account for 39% of the global non-fungible token (NFT) market growth during the forecast period. The growth of the market in the region is attributed to factors such as the growing demand for digital assets in countries such as Singapore, China, South Korea, the Philippines, and Japan.
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Global Non-fungible Token (NFT) Market – Market Dynamics
Key factors driving market growth
The increasing demand for digital art is driving the market’s growth. NFT has gained traction in digital art applications.
Digital artists can sell one or more limited edition NFT offerings by issuing tokens. This will help them increase sales and, in turn, drive the growth of the market during the forecast period.
Buyers can visit online portals to buy NFT artworks in a secure, transparent manner. NFTs can be used for selling artworks directly through virtual platforms, which reduces the turnaround time of purchase.
Such factors will fuel the growth of the global NFT market during the forecast period.
Recent trends influencing the market
The emergence of fractionalized NFTs is a key trend in the market. Fractional NFTs enable democratized ownership. As a result, the bidding price of an NFT increases, market activity around it remains relatively high.
Furthermore, with fractional NFTs, the liquidity of NFTs can be sustained. For instance, smaller investors can participate in NFT bidding, where fractionalized NFTs can be used to divide up the ownership of the product.
Therefore, fractionalized NFTs are expected to provide new growth opportunities for market vendors during the forecast period.
Major challenges hindering market growth
Uncertainty in NFT demand and pricing will challenge the growth of the market. The valuation of NFTs depends significantly on scarcity, uniqueness, and the perception of owners and buyers.
Moreover, as the market is in the nascent stage, it is challenging for new investors to predict future trends in NFT pricing. A sudden fluctuation can lead to a huge loss for an owner.
Such factors may impede the growth of the market during the forecast period.
Drivers, Trends, and Challenges are the factors of market dynamics, which state about consequences and sustainability of the businesses. Find some insights from a sample report!
What are the key data covered in this non-fungible token (NFT) market report?
CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the non-fungible token (NFT) market between 2023 and 2027
Precise estimation of the size of the non-fungible token (NFT) market and its contribution to the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the non-fungible token (NFT) market across APAC, North America, Europe, Middle East and Africa, and South America
Thorough analysis of the market’s competitive landscape and detailed information about vendors
Comprehensive analysis of factors that will challenge the growth of non-fungible token (NFT) market vendors
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Non-fungible Token (NFT) Market Scope
Report Coverage
Details
Page number
160
Base year
2022
Historic Period
2017 -2021
Forecast period
2023 -2027
Growth momentum & CAGR
Accelerate at a CAGR of 35.02%
Market growth 2023-2027
USD 113,933.5 million
Market structure
Fragmented
YoY growth 2022-2023 (%)
26.0
Regional analysis
North America, Europe, APAC, Middle East and Africa, and South America
Performing market contribution
APAC at 39%
Key countries
US, Canada, Thailand, China, and Brazil
Competitive landscape
Leading companies, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Leading Vendors, Market Positioning of Vendors
Binance Services Holdings Ltd., Cloudflare Inc, Dapper Labs Inc., Decentraland, Enjin Pte. Ltd., Foundation Labs Inc., FTX Trading Ltd., Funko Inc., Gala Games, Gemini Trust Co. LLC, Mintable.app, Mobox Digital Co. Ltd., Onchain Labs Inc., OpenSea, Rarible Inc., Sorare, SuperRare Labs Inc., Theta Labs Inc., Yellowheart LLC, and Yuga Labs LLC
Market Dynamics
Parent Market Analysis; Market growth inducers and obstacles; Fast-growing and slow-growing segment analysis for the forecast period
Customization purview
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Browse for Technavio’s Information Technology Market Reports
Table of Contents:
1 Executive Summary
1.1 Market overview
2 Market Landscape
2.1 Market ecosystem
3 Market Sizing
3.1 Market definition
3.2 Market segment analysis
3.3 Market size 2022
3.4 Market outlook: Forecast for 2022-2027
4 Historic Market Size
4.1 Global non-fungible token (NFT) market 2017 – 2021
4.2 Geography Segment Analysis 2017 – 2021
4.3 End-user Segment Analysis 2017 – 2021
4.4 Application Segment Analysis 2017 – 2021
4.5 Country Segment Analysis 2017 – 2021
5 Five Forces Analysis
5.1 Five forces summary
5.2 Bargaining power of buyers
5.3 Bargaining power of suppliers
5.4 Threat of new entrants
5.5 Threat of substitutes
5.6 Threat of rivalry
5.7 Market condition
6 Market Segmentation by Application
6.1 Market segments
6.2 Comparison by Application
6.3 Collectibles – Market size and forecast 2022-2027
6.4 Sports – Market size and forecast 2022-2027
6.5 Arts – Market size and forecast 2022-2027
6.6 Others – Market size and forecast 2022-2027
6.7 Market opportunity by Application
7 Market Segmentation by End-user
7.1 Market segments
7.2 Comparison by End-user
7.3 Personal – Market size and forecast 2022-2027
7.4 Commercial – Market size and forecast 2022-2027
7.5 Market opportunity by End-user
8 Customer Landscape
8.1 Customer landscape overview
9 Geographic Landscape
9.1 Geographic segmentation
9.2 Geographic comparison
9.3 APAC – Market size and forecast 2022-2027
9.4 North America – Market size and forecast 2022-2027
9.5 South America – Market size and forecast 2022-2027
9.6 Europe – Market size and forecast 2022-2027
9.7 Middle East and Africa – Market size and forecast 2022-2027
9.8 US – Market size and forecast 2022-2027
9.9 Thailand – Market size and forecast 2022-2027
9.10 Brazil – Market size and forecast 2022-2027
9.11 China – Market size and forecast 2022-2027
9.12 Canada – Market size and forecast 2022-2027
9.13 Market opportunity by geography
10 Drivers, Challenges, and Trends
10.1 Market drivers
10.2 Market challenges
10.3 Impact of drivers and challenges
10.4 Market trends
11 Vendor Landscape
11.1 Overview
11.2 Vendor landscape
11.3 Landscape disruption
11.4 Industry risks
12 Vendor Analysis
12.1 Vendors covered
12.2 Market positioning of vendors
12.3 Binance Services Holdings Ltd.
12.4 Dapper Labs Inc.
12.5 Decentraland
12.6 Enjin Pte. Ltd.
12.7 Foundation Labs Inc.
12.8 FTX Trading Ltd.
12.9 Funko Inc.
12.10 Gala Games
12.11 Gemini Trust Co. LLC
12.12 Mintable.app
12.13 Mobox Digital Co. Ltd.
12.14 Onchain Labs Inc.
12.15 OpenSea
12.16 Rarible Inc.
12.17 Sorare
13 Appendix
13.1 Scope of the report
13.2 Inclusions and exclusions checklist
13.3 Currency conversion rates for US$
13.4 Research methodology
13.5 List of abbreviations
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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