NFT Market is predicted to reach USD 342.54 billion at a CAGR of 27.60% during the forecast period

Market Research Future (MRFR) has half published on the "Global NFT Market"

MRFR recognizes the following companies as the key players in the global NFT market— 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., and Onchain Labs, Inc.

NFT Market Highlights

The global NFT market is accounted to register a CAGR of 27.60% during the forecast period and is estimated to reach USD 342.54 billion by 2032.

NFT is an abbreviation for non-fungible tokens (NFTs), typically produced using the same programming language as cryptocurrencies. These cryptographic assets are founded on blockchain technology, to put it simply. They cannot be traded or exchanged in the same manner as other cryptographic assets, such as Bitcoin and Ethereum.

The increased demand for NFTs can be attributed to their uniqueness, individuality, and transparency, among other qualities. Numerous owners cannot share non-transferable tokens. This ownership advantage offered by NFTs safeguards consumers against counterfeit non-fungible tokens.

Segment Analysis

The global NFT market has been segmented based on Offering and end users.

Based on offering, the market is segmented into business strategy formulation, NFT creation and management, and NFT platforms-marketplace. The multi-frequency segment was attributed to holding the largest market share in 2022.

Based on end users, the global NFT market has been segmented into media and entertainment, gaming, and others (fiance, healthcare, retail, research, and academia). The segmental body measurement segment was expected to hold the largest market share in 2022.

Regional Analysis

The global NFT market, based on region, has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America consists of US and Canada. The Europe NFT market comprises Germany, France, the UK, Italy, Spain, and the Rest of Europe. The NFT market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the Rest of Asia-Pacific. The Rest of the World's NFT market comprises of Middle East, Africa, and Latin America.

North America dominated the global market for non-fungible tokens in 2022 and is expected to continue to do so throughout the forecast period. Demand for non-fungible tokens is anticipated to increase over the forecast period due to the presence of prominent blockchain technology operators in countries such as the United States and Canada.

The European NFT industry also receives government support. Notably, the government's support for developing the NFT industry is evidence of the NFT market's high growth potential in the United Kingdom. Major institutions, both public and private, have taken an interest in the NFT sector.

Due to the rising adoption of advanced technologies and cryptocurrencies, Asia-Pacific is expected to expand more rapidly during the forecast period. Additionally, it is anticipated that an increase in the number of entrepreneurs in the region who create metaverse platforms will accelerate the development of the non-fungible token industry. In addition, throughout the forecast period, the region's expanding gaming industry will create numerous business opportunities, which will drive the growth of the non-fungible tokens market in the region.

Multiple innovative NFT marketplaces have emerged in the country, making it easier for the general public to purchase, sell, and trade NFTs. Several participants, including NFT-based startups and cryptocurrency exchanges, are entering the NFT market in the Middle East and Africa.

Key Findings of the Study

• The global NFT market is expected to reach USD 342.54 billion by 2032, at a CAGR of 27.60% during the forecast period.


• The Asia-Pacific region accounted for the fastest-growing global market in 2022. The emergence of NFTs has provided digital artists in the Asia-Pacific region with a more diplomatic means of reaching the previously inaccessible audience. The NFT market has enabled previously brand- and agency-affiliated artists to find more independent opportunities, expanding their horizons.


• Based on offering, the business strategy formulation segment was attributed to holding the largest market in 2022, with an approximate market share of 35–40%.


• YellowHeart, LLC., Cloudflare, Inc., PLBY Group, Inc., Dolphin Entertainment, Funko, Ozone Networks, Inc., Takung Art Co., Ltd., Dapper Labs, Inc., Gemini Trust Company, LLC., and Onchain Labs, Inc. are the key market players.