Non-Fungible Token (NFT) Market to Grow by USD 84.13 Billion (2025-2029), Rising Demand for Digital Art Boosts the Market, Report on AI Driving Market Transformation - Technavio

NEW YORK, Feb. 6, 2025 /PRNewswire/ -- Report with the AI impact on market trends - The global non-fungible token (NFT) market

The global non-fungible token (NFT) market size is estimated to grow by USD 84.13 billion from 2025-2029, according to Technavio. The market is estimated to grow at a CAGR of 30.3% during the forecast period. Increasing demand for digital art is driving market growth, with a trend towards growing interest in nfts among major brands However, uncertainty in nfts poses a challenge. Key market players include AirNFTs Platform, Asynchronous Art Inc., Axie Infinity, Binance Holdings Ltd., Blockchain App Factory, Celer Network, Chaincella, Decentraland Foundation, Enjin Pte. Ltd., Foundation Labs Inc., Funko Inc., Gemini Trust Co. LLC, Mintable.app, Ozone Networks Inc., Out The Mud Ventures Inc., Rarible Inc., Sky Mavis, SuperRare Labs Inc., Tiki Labs Inc., and Yellowheart LLC.

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Non-Fungible Token (NFT) Market Scope

Report Coverage Details

Base year 2024

Historic period 2019 – 2023

Forecast period 2025-2029

Growth momentum & CAGR Accelerate at a CAGR of 30.3%

Market growth 2025-2029 USD 84127.2 million

Market structure Fragmented

YoY growth 2022-2023 (%) 28.9

Regional analysis APAC, North America, South America, Europe,and Middle East and Africa

Performing market contribution APAC at 37%

Key countries US, China, Canada, Japan, India, South Korea,Brazil, UK, Australia, and Germany

Key companies profiled AirNFTs Platform, Asynchronous Art Inc., AxieInfinity, Binance Holdings Ltd., Blockchain AppFactory, Celer Network, Chaincella, DecentralandFoundation, Enjin Pte. Ltd., Foundation Labs Inc.,Funko Inc., Gemini Trust Co. LLC, Mintable.app,Ozone Networks Inc., Out The Mud Ventures Inc.,Rarible Inc., Sky Mavis, SuperRare Labs Inc., TikiLabs Inc., and Yellowheart LLC

Market Driver

Non-Fungible Tokens (NFTs) have taken the art, athletes, and celebrities world by storm. These digital assets, represented by unique codes on a blockchain, bring scarcity and ownership to digital artworks, collectibles, and even virtual real estate. The gaming industry and media & entertainment sector have embraced NFTs, with Ethereum network leading the charge. NFTs allow for the tokenization of games, trading cards, and virtual items, creating new revenue streams for creators and investors. Augmented Reality (AR) and Extended Reality (XR) are set to revolutionize the NFT space, allowing consumers to experience digital property in new ways. The NFT community is growing, with online platforms providing distribution networks and smart contracts ensuring secure, decentralized transactions. However, regulatory considerations are crucial. Intellectual property rights, securities laws, and consumer protection are key areas of focus. Proof of work and proof of stake are the two main consensus mechanisms, with proof of stake becoming increasingly popular due to its energy efficiency. The NFT market is not without challenges. Fraud and regulatory uncertainty remain concerns. The White House has acknowledged the potential of NFTs, but a clear legal framework is needed. Taxation and logistics are also important considerations. Despite these challenges, the future of NFTs is bright. They represent a new frontier in decentralized finance, enabling the tokenization of physical assets like art, houses, and vehicles. As the NFT market matures, it will undoubtedly disrupt industries, from the art world to the sports collectibles market and beyond.

Big brands such as Visa Inc. And Budweiser are increasingly exploring the potential of Non-Fungible Tokens (NFTs) as a new revenue stream. The appeal lies in the ability to offer unique digital assets as rewards to consumers. Brands like eBay Inc. And Amazon.com Inc., being digitally native, are also showing interest in this trend. The shift toward Web 3.0 and the growing number of e-commerce transactions are expected to fuel the adoption of NFTs, leading to an increase in market transactions and the expansion of the global NFT market.

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Market Challenges

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Segment Overview

This non-fungible token (nft) market report extensively covers market segmentation by

1.1 Collectibles- Non-Fungible Tokens (NFTs) are unique digital collectibles, minted on the Blockchain with limited editions or rarity. Owners have exclusive rights to sell their NFT collectibles, and vendors offer online platforms for buying and selling. NFTs cannot be exchanged or copied without permission. The market's growth is driven by the increasing