NFTs Market to Reach $200 Billion in 2030
The growing demand for digital art and growing use of cryptocurrency globally drives market demand.
The global non-fungible token market size is expected to grow at a compound annual growth rate (CAGR) of 33.9% from 2022 to 2030 to reach a value of $211.72 billion, a recent report issued by market insights company Grand View Research predicts.
According to the report, the global non-fungible token market size was estimated at $15.54 billion in 2021 and is expected to reach $20.44 billion in 2022.
North America dominated the non-fungible token market with a share of 31.40% of the global revenue in 2021. The increasing adoption of NFTs by millennials in the region is driving regional market growth. But in the future, asiathe Asia Pacific market is expected to grow at the highest CAGR over the forecast period.
Key factors that are driving the non-fungible token market growth include increasing demand for digital artworks, the rise in the use of NFTs to sell digital real estate, the growing use of NFTs for business purposes (such as innovating supply chain management and logistics) and the growing use and spending on digital assets worldwide. The collectibles segment, in particular, dominated the market in 2021 and accounted for more than 53.0% share of the global revenue, with the sport segment expected to witness steady growth over the forecast period.
In terms of end use, the commercial segment is expected to experience the fastest growth over the forecast period. The demand for NFTs is growing among businesses to enable improved transactions across a range of application areas.