Grand View Research report predicts the NFT market will grow by 34% to reach $211,720 billion by 2030, driven by digital art demand.
According to Grand View Research, Inc., the world’s largest market research database, the global non-fungible token (NFT) market is projected to reach $211.72 billion by 2030.
One of the key factors driving the growth of the NFT market is the increasing demand for digital art worldwide. This type of art is defined as artwork that is displayed or created using innovative technologies such as Artificial Intelligence.
The demand for NFTs in the art space is already growing, allowing artists to track all transactions of their work and also benefit from perpetual royalty returns on each transaction of their digital art. In terms of application, Grand View Research highlights that collectibles have great appeal and nostalgic value for many users. The concept of owning unique digital items such as virtual trading cards, artwork, and virtual pets is becoming increasingly normal among collectors and enthusiasts who value the rarity and exclusivity of these items, which are mostly created by traditional companies like Nike, Adidas, Starbucks, Puma, and many more.
Furthermore, the commercial segment is expected to experience the fastest growth during the forecast period (2023-2030). As mentioned earlier, the demand for NFTs is growing among businesses, and this will be reflected in the end-use by individuals.
Another pivotal point mentioned by the San Francisco-based database is the expected growth and adoption of cryptocurrencies in North American countries like the US and Canada. This will provide further opportunities for market growth throughout the region.
Trends and Growth of the Non-Fungible Token Market
The exponential use of cryptocurrencies worldwide is also anticipated to drive the growth of the NFT market. This is because people are using cryptocurrencies to purchase digital assets, and according to CoinMarketCap, as of February 2022, the global total market capitalization of cryptocurrencies is $1.76 trillion USD, making it the equivalent of the world’s eighth-largest economy.
Furthermore, the NFT market is increasingly being supported by companies dedicated to Web3 technologies. For example, in August 2022, Collective Proof announced that it had raised $50 million in a Series A funding round. This round was led by a16z and included participation from major investors such as Seven Seven Six, Collab+Currency, True Ventures, Flamingo DAO, SV Angel, and VaynerFund.
Segmentation of the Non-Fungible Token Market
In its report, Grand View Research has segmented the global non-fungible token market based on type, application, end-use, and region. The segments are as follows:
NFT Market – Type
Physical Asset Digital Asset
NFT Market – Applications
Collectibles: Video Clip Audio Clip Gamification Others
Art: Pixel Art Fractal/Algorithmic Art Computer Generated Painting 2D/3D Painting 2D/3D Computer Graphics GIFs Others
Gaming: Trading Card Game (TCG) Video Game Strategy Role Playing Game (RPG) Others
Utilities: Tickets Domain Names Asset Ownership
Metaverse Sports Others
NFT Market – End-Use
Personal Commercial
NFT Market – Region
North America: United States Canada
Europe: UK Germany France
Asia: China Japan India South Korea Australia
South America: Brazil Mexico Argentina
Africa & Middle East: Kingdom of Saudi Arabia (KSA) UAE South Africa
Additionally, they have provided a list of key companies, projects, and brands in the NFT market. These include:
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.
It is worth noting that the complete report can be found by clicking here, as Grand View Research provides syndicated and customized research reports and consulting services.
Lastly, the company has over 425 analysts and consultants, and adds over 1200 market research reports to its extensive database every year. These reports offer in-depth analysis across 46 industries in over 25 countries worldwide.
Written by Rodrigo Catalan (TW: @RodrigoCatalanB) for NFT Express
