The non-fungible tokens market size was USD 4,068.5 million in 2023, and it will touch USD 34,395.6 million by 2030, powering at a rate of 36.2% by the end of this decade.

This has a lot to do with the traction for blockchain based gaming, growing count of digital assets & collectibles, growing trend of the metaverse, rising acceptance of digital currency, and mounting count of facilities for authentication and tracking of authentic owners.

Furthermore, as a result of features for example, transparency, individuality, and distinctiveness, the requirement for digital tokens has increased. Furthermore, these tokens are no distributable and can’t be shared with many owners, which provides ownership benefits protecting customers from counterfeiting.

The gaming category will grow the fastest in the future, powering at a rate of 40%. This is because of the growing count of game events, gamers and game development firms, rising preference for blockchain-permitted games, and mounting trend for play-to-earn. Also, before the starting of blockchain-powered NFT games, the only center of attraction was online games.

The introduction of NFT-based gaming platforms amazed gamers with cutting-edge functionalities, chiefly play-to-earn and tokenization. Also, metaverse game creators made use of advanced blockchain tech powered by AI to advance the gaming experience. Moreover, NFT game development services are at present concentrating on developing metaverse ecosystem for joining the club of next-gen gaming.

The media and entertainment category was the leader of the non-fungible tokens market, and it will also continue like this in the future. This is for the reason that NFTs are nowadays becoming the novel way of audience engagement, letting people to make money from the early steps of expansion and beyond. It also aids advance a huge fanbase before any movie, song, or TV series is released.

North America had the largest share, of 50%, in 2023, and it will continue to dominate in the years to come as well. This can be credited to the rising count of artists making digital artwork, existence of key players, high rate of acceptance of cutting-edge technologies, for example blockchain, and application of numerous favorable policies for digital currency.

APAC will grow the fastest in the future. This will be because of the mounting number of industry players, increasing investments in the IT infra, introduction of NFT trading platforms by numerous internet service providers, rising usage of cryptocurrency, snowballing interest of people in digital artwork, expansion of metaverse platforms by startups, and growing funding from global players.

SOURCE: P&S Intelligence