Published Date: 31-May-2022
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According to a new report, published by KBV research, The Global Non-fungible Token Market size is expected to reach $97.6 billion by 2028, rising at a market growth of 31.6% CAGR during the forecast period.
The Physical Asset segment has shown growth rate of 34.1% during (2022 - 2028). NFTs are digital tokens that can be used to buy anything like a house, a painting, or a car. NFTs are shown on physical things as a barcode or tag, which can be traded or encoded in place of physical items. NFTs are in high demand because they allow consumers to claim ownership of their assets and confirm their identity in the event of fraudulent activities.
The Personal segment acquired maximum revenue share in the Global Non-fungible Token Market by End-Use in 2021, thereby, achieving a market value of $62.8 billion by 2028. One of the primary elements driving the segment's growth is the rising trend of spending on digital assets. People are spending significant amounts on digital assets nowadays. Another primary driver driving investments in digital assets is the rising value of NFTs.
The Gaming segment is showcasing a CAGR of 32% during (2022 - 2028). The constantly rising growth of the segment is owing to a massive increase in the number of gaming population all over the world. In addition, due to the COVID-19 pandemic, the market observed a spike in the number of people playing games and using non-fungible tokens.
The North America market dominated the Global Non-fungible Token Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $35.0 billion by 2028. The Europe market is estimated to witness a CAGR of 31.3% during (2022 - 2028). Additionally, The Asia Pacific market would experience a CAGR of 32.6% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Cloudflare, Inc., Gemini Trust Company, LLC, Ozone Networks, Inc., Dapper Labs, Inc., Semidot Infotech, and The Sandbox (BACASABLE Global Limited)
By End Use
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