Non-fungible token (NFT) market size to grow at a CAGR of 35.02% between 2022 and 2027: Driving factors, industry challenges, segmentation, key vendor analysis and leading countries - Technavio

NEW YORK, Feb. 9, 2023 /PRNewswire/ -- In-depth analysis provided in the report includes:

• Current and future market trends to highlight market conditions
• Comparative analysis of the market and its segments for the historic period of 2017 - 2021
• Market drivers and market impediments and their impact on market growth
• Positioning of market players and their business strategy analysis
• Download a sample now!

 Non-fungible token (NFT) market size & segmentation analysis

The non-fungible token (NFT) market is estimated to grow at a CAGR of 35.02% between 2022 and 2027. The size of the market is forecasted to increase by USD 113,933.5 million. The report includes historic market data from 2017 to 2021. In 2017, the market was valued at USD 178 million. The non-fungible token (NFT) market is segmented based on application, end-user, and geography.

• Based on application, the non-fungible token (NFT) market is segmented into collectibles, sports, arts, and others.
• Based on end-user, the market is segmented into personal and commercial.
• Based on geography, the non-fungible token (NFT) market is segmented into APAC, Europe, North America, Middle East and Africa, and South America.
• For insights on the market contribution of each segment, buy the report!

Non-fungible token (NFT) market: Country-level analysis

The countries covered in the non-fungible token (NFT) market report are the US and Canada (North America); the UK, Germany, France, Rest of Europe (Europe); China and India (APAC); Saudi Arabia, South Africa, and Rest of the Middle East & Africa (Middle East & Africa); and Chile, Brazil, and Argentina (South America).

• APAC is estimated to account for 39% of the growth of the global market during the forecast period. The growth in APAC can be attributed to several factors, including the growing demand for digital assets in countries like Singapore, China, South Korea, the Philippines, and Japan.
• Moreover, economic recovery and an increase in the disposable income of consumers will fuel the growth of the market in APAC during the forecast period.

The geographic landscape of the report also provides market-impacting factors and changes
that impact current and future trends. For detailed information, request a sample!

Non-fungible token (NFT) market: Dynamics & insights

Technavio's research report on non-fungible token (NFT) market provides analysis and insights about various drivers, along with key challenges, that impact the market throughout the forecast period.

The increasing demand for digital art is notably driving the market growth. The popularity of NFTs is increasing in digital art applications through the internet, social media, and other digital mediums. NFTs are helping artists to increase their sales. They help the public to purchase art at a lower cost and in a secure, transparent manner. Also, NFTs can be used to sell artworks directly through virtual platforms, thereby reducing the turnaround time of purchase. Many such benefits are fostering the growth of the global non-fungible token market.

However, uncertainty in NFT demand and pricing is challenging the market growth. The value of NFTs depends on various factors including scarcity, uniqueness, and the perception of owners and buyers. Hence, it is extremely difficult to anticipate the identity of the next buyers of an NFT or the possible factors that can drive their purchase. Besides, the market is in its nascent stage, which makes it difficult for new investors to predict future trends. All these factors might reduce the growth potential in the market.

Non-fungible token (NFT) market: Competitive landscape and vendor analysis

Technavio's report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Some of the major players operating in the non-fungible token (NFT) market are 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, among others. For insights on the vendor offerings, download a PDF sample!

Related Reports:

• The metaverse in entertainment market is estimated to grow at a CAGR of 9.07% between 2022 and 2027. The size of the market is forecast to increase by USD 33,323.31 million. The growing adoption of AR/VR gaming by individuals is notably driving the market growth, although factors such as privacy and security concerns over the metaverse may impede the market growth.
• The metaverse in FMCG market size is expected to increase to USD 2.11 billion from 2021 to 2026 at an accelerating CAGR of 21.8%. The growing number of FMCG brands entering the metaverse platform is notably driving the metaverse in FMCG market growth, although factors such as privacy and security concerns over metaverse may impede the market growth.

Table of contents:

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Application
• Exhibit 06: Executive Summary – Chart on Market Segmentation by End-user
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global non-fungible token (NFT) market 2017 - 2021
• Exhibit 18: Historic Market Size – Data Table on Global non-fungible token (NFT) market 2017 - 2021 ($ million)

• 4.2 Geography Segment Analysis 2017 - 2021 
• Exhibit 19: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

• 4.3 End-user Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – End-user Segment 2017 - 2021 ($ million)

• 4.4 Application Segment Analysis 2017 - 2021
• Exhibit 21: Historic Market Size – Application Segment 2017 - 2021 ($ million)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Application

• 6.1 Market segments 
• Exhibit 30: Chart on Application - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Application - Market share 2022-2027 (%)

• 6.2 Comparison by Application 
• Exhibit 32: Chart on Comparison by Application
• Exhibit 33: Data Table on Comparison by Application

• 6.3 Collectibles - Market size and forecast 2022-2027
• Exhibit 34: Chart on Collectibles - Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on Collectibles - Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on Collectibles - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Collectibles - Year-over-year growth 2022-2027 (%)

• 6.4 Sports - Market size and forecast 2022-2027
• Exhibit 38: Chart on Sports - Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on Sports - Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on Sports - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Sports - Year-over-year growth 2022-2027 (%)

• 6.5 Arts - Market size and forecast 2022-2027 
• Exhibit 42: Chart on Arts - Market size and forecast 2022-2027 ($ million)
• Exhibit 43: Data Table on Arts - Market size and forecast 2022-2027 ($ million)
• Exhibit 44: Chart on Arts - Year-over-year growth 2022-2027 (%)
• Exhibit 45: Data Table on Arts - Year-over-year growth 2022-2027 (%)

• 6.6 Others - Market size and forecast 2022-2027
• Exhibit 46: Chart on Others - Market size and forecast 2022-2027 ($ million)
• Exhibit 47: Data Table on Others - Market size and forecast 2022-2027 ($ million)
• Exhibit 48: Chart on Others - Year-over-year growth 2022-2027 (%)
• Exhibit 49: Data Table on Others - Year-over-year growth 2022-2027 (%)

• 6.7 Market opportunity by Application 
• Exhibit 50: Market opportunity by Application ($ million)

7 Market Segmentation by End-user

• 7.1 Market segments 
• Exhibit 51: Chart on End-user - Market share 2022-2027 (%)
• Exhibit 52: Data Table on End-user - Market share 2022-2027 (%)

• 7.2 Comparison by End-user 
• Exhibit 53: Chart on Comparison by End-user
• Exhibit 54: Data Table on Comparison by End-user

• 7.3 Personal - Market size and forecast 2022-2027
• Exhibit 55: Chart on Personal - Market size and forecast 2022-2027 ($ million)
• Exhibit 56: Data Table on Personal - Market size and forecast 2022-2027 ($ million)
• Exhibit 57: Chart on Personal - Year-over-year growth 2022-2027 (%)
• Exhibit 58: Data Table on Personal - Year-over-year growth 2022-2027 (%)

• 7.4 Commercial - Market size and forecast 2022-2027
• Exhibit 59: Chart on Commercial - Market size and forecast 2022-2027 ($ million)
• Exhibit 60: Data Table on Commercial - Market size and forecast 2022-2027 ($ million)
• Exhibit 61: Chart on Commercial - Year-over-year growth 2022-2027 (%)
• Exhibit 62: Data Table on Commercial - Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by End-user 
• Exhibit 63: Market opportunity by End-user ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 64: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 65: Chart on Market share by geography 2022-2027 (%)
• Exhibit 66: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 67: Chart on Geographic comparison
• Exhibit 68: Data Table on Geographic comparison

• 9.3 APAC - Market size and forecast 2022-2027
• Exhibit 69: Chart on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 70: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 71: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 72: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.4 North America - Market size and forecast 2022-2027
• Exhibit 73: Chart on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 74: Data Table on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 75: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 76: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.5 South America - Market size and forecast 2022-2027
• Exhibit 77: Chart on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 78: Data Table on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 79: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 80: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.6 Europe - Market size and forecast 2022-2027
• Exhibit 81: Chart on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 82: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 83: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 84: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 85: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 86: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 87: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 88: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.8 US - Market size and forecast 2022-2027 
• Exhibit 89: Chart on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 90: Data Table on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 91: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 92: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.9 Thailand - Market size and forecast 2022-2027
• Exhibit 93: Chart on Thailand - Market size and forecast 2022-2027 ($ million)
• Exhibit 94: Data Table on Thailand - Market size and forecast 2022-2027 ($ million)
• Exhibit 95: Chart on Thailand - Year-over-year growth 2022-2027 (%)
• Exhibit 96: Data Table on Thailand - Year-over-year growth 2022-2027 (%)

• 9.10 Brazil - Market size and forecast 2022-2027
• Exhibit 97: Chart on Brazil - Market size and forecast 2022-2027 ($ million)
• Exhibit 98: Data Table on Brazil - Market size and forecast 2022-2027 ($ million)
• Exhibit 99: Chart on Brazil - Year-over-year growth 2022-2027 (%)
• Exhibit 100: Data Table on Brazil - Year-over-year growth 2022-2027 (%)

• 9.11 China - Market size and forecast 2022-2027
• Exhibit 101: Chart on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 102: Data Table on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 103: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 104: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.12 Canada - Market size and forecast 2022-2027
• Exhibit 105: Chart on Canada - Market size and forecast 2022-2027 ($ million)
• Exhibit 106: Data Table on Canada - Market size and forecast 2022-2027 ($ million)
• Exhibit 107: Chart on Canada - Year-over-year growth 2022-2027 (%)
• Exhibit 108: Data Table on Canada - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 109: Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 110: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape 
• Exhibit 111: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption 
• Exhibit 112: Overview on factors of disruption

• 11.4 Industry risks 
• Exhibit 113: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered 
• Exhibit 114: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 115: Matrix on vendor position and classification

• 12.3 Binance Services Holdings Ltd. 
• Exhibit 116: Binance Services Holdings Ltd. - Overview
• Exhibit 117: Binance Services Holdings Ltd. - Product / Service
• Exhibit 118: Binance Services Holdings Ltd. - Key offerings

• 12.4 Dapper Labs Inc. 
• Exhibit 119: Dapper Labs Inc. - Overview
• Exhibit 120: Dapper Labs Inc. - Product / Service
• Exhibit 121: Dapper Labs Inc. - Key offerings

• 12.5 Decentraland 
• Exhibit 122: Decentraland - Overview
• Exhibit 123: Decentraland - Product / Service
• Exhibit 124: Decentraland - Key offerings

• 12.6 Enjin Pte. Ltd. 
• Exhibit 125: Enjin Pte. Ltd. - Overview
• Exhibit 126: Enjin Pte. Ltd. - Product / Service
• Exhibit 127: Enjin Pte. Ltd. - Key offerings

• 12.7 Foundation Labs Inc. 
• Exhibit 128: Foundation Labs Inc. - Overview
• Exhibit 129: Foundation Labs Inc. - Product / Service
• Exhibit 130: Foundation Labs Inc. - Key offerings

• 12.8 FTX Trading Ltd. 
• Exhibit 131: FTX Trading Ltd. - Overview
• Exhibit 132: FTX Trading Ltd. - Product / Service
• Exhibit 133: FTX Trading Ltd. - Key offerings

• 12.9 Funko Inc. 
• Exhibit 134: Funko Inc. - Overview
• Exhibit 135: Funko Inc. - Product / Service
• Exhibit 136: Funko Inc. - Key news
• Exhibit 137: Funko Inc. - Key offerings

• 12.10 Gala Games 
• Exhibit 138: Gala Games - Overview
• Exhibit 139: Gala Games - Product / Service
• Exhibit 140: Gala Games - Key offerings

• 12.11 Gemini Trust Co. LLC 
• Exhibit 141: Gemini Trust Co. LLC - Overview
• Exhibit 142: Gemini Trust Co. LLC - Product / Service
• Exhibit 143: Gemini Trust Co. LLC - Key news
• Exhibit 144: Gemini Trust Co. LLC - Key offerings

• 12.12 Mintable.app 
• Exhibit 145: Mintable.app - Overview
• Exhibit 146: Mintable.app - Product / Service
• Exhibit 147: Mintable.app - Key offerings

• 12.13 Mobox Digital Co. Ltd. 
• Exhibit 148: Mobox Digital Co. Ltd. - Overview
• Exhibit 149: Mobox Digital Co. Ltd. - Product / Service
• Exhibit 150: Mobox Digital Co. Ltd. - Key offerings

• 12.14 Onchain Labs Inc. 
• Exhibit 151: Onchain Labs Inc. - Overview
• Exhibit 152: Onchain Labs Inc. - Product / Service
• Exhibit 153: Onchain Labs Inc. - Key offerings

• 12.15 OpenSea 
• Exhibit 154: OpenSea - Overview
• Exhibit 155: OpenSea - Product / Service
• Exhibit 156: OpenSea - Key offerings

• 12.16 Rarible Inc. 
• Exhibit 157: Rarible Inc. - Overview
• Exhibit 158: Rarible Inc. - Product / Service
• Exhibit 159: Rarible Inc. - Key offerings

• 12.17 Sorare 
• Exhibit 160: Sorare - Overview
• Exhibit 161: Sorare - Product / Service
• Exhibit 162: Sorare - Key offerings

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 163: Inclusions checklist
• Exhibit 164: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 165: Currency conversion rates for US$

• 13.4 Research methodology 
• Exhibit 166: Research methodology
• Exhibit 167: Validation techniques employed for market sizing
• Exhibit 168: Information sources

• 13.5 List of abbreviations 
• Exhibit 169: List of abbreviations

About Technavio

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