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Non-Fungible Token (NFTs) Market Size to Reach USD 3,57,316.3 Million in 2030-Emergen Research



Non-Fungible Token (NFTs) Market Size to Reach USD 3,57,316.3 Million in 2030-Emergen Research

The global Non-Fungible Token (NFT) market size reached USD 340.0 Million in 2020 and is expected to register a rapid revenue CAGR during the forecast period, according to latest analysis by Emergen Research. Increasing use of NFTs in gaming is one of the major factors expected to continue to drive global market revenue growth.


Global non-fungible token market revenue growth is expected to be driven by rising use of NFT in supply chain and logistics. NFTs prevent counterfeiting, assist in tracing the movement of products across the supply chain, and ensure originality. This can apply to supply chains for high-end fashion businesses. NFTs could also provide information about each material and component in a specific product for industries such as automotive. This could also aid in cost-cutting. NFTs could also be beneficial to enterprises concerned about tracking the usage of reusable and sustainable materials.


Concerns regarding fraud and scams and lack of standardization are major factors hampering revenue growth of the market. Using NFTs and blockchain in the real world might be an effective approach to check titles and validate ownership histories. However, this type of application poses security risks. Though blockchain improves the security of NFTs, hacking is still a possibility. A major problem in the NFT market is unpredictability in determining NFT pricing. The price of any NFT can be determined by the buyer’s and seller’s originality, uniqueness, rarity, and a variety of other factors. As there are no formed standards for any particular type of NFT, the prices of NFTs fluctuate significantly.

Growth Projections:

Global non-fungible token market is expected to register a CAGR of 39.6% over the forecast period and revenue is projected to increase from USD 340.0 Million in 2020 to USD 3,57,316.3 Million in 2030. Increasing demand for decentralized marketplace is boosting market revenue growth.

COVID-19 Impact Analysis:

Because of global lockdowns caused by the Covid-19 pandemic, a number of individuals have adopted a more sedentary lifestyle and also to seek alternatives to maintain social connections due to prolonged periods of confinement and being deprived of interaction. As a result, many individuals engaged in various online metaverses platforms in order to increase social engagement and gain exposure for NFTs.

Current Trends and Innovations:

Gaming is one of the most popular applications for NFTs currently. Following the lead of blockchain-first game developers, traditional game developers such as Ubisoft are already experimenting with this technology. Decentraland, Sorare, Gods Unchained, and My Crypto Heroes are among the most popular NFT-based games.

Geographical Outlook:

Europe non-fungible token market is expected to register a significantly steady revenue CAGR over the forecast period. Market revenue growth is expected to be driven by rapid growth of the gaming industry in countries in the region.

Strategic Initiatives:

Some major companies included in the market report include YellowHeart, Cloudflare, Inc., PLBY Group, Inc., Dolphin Entertainment, Inc., Funko Inc., OpenSea (Ozone Networks, Inc.), Takung Art Co., Ltd., Dapper Labs, Inc., Nifty Gateway (Gemini Trust Company, LLC), and MakersPlace (Onchain Labs, Inc.)

  • In January 2021, Dolphin Entertainment announced the acquisition of B/HI, formerly known as Bender/Helper Impact, which is a gaming public relations firm. This acquisition of B/HI offers the Super Group a great entry point into the final remaining significant vertical of entertainment including Esports and video gaming.

Emergen Research has segmented global non-fungible token on the basis of type, application, end-use, and region:

  • Type Outlook (Revenue, USD Million; 2018–2030)
    • Physical Asset
    • Digital Asset
  • Application Outlook (Revenue, USD Million; 2018–2030)
    • Collectibles

      a.  Video Clip

      b.  Audio Clip

      c.  Gamificatio

      d.  Others

    • Art
      1. Pixel Art
      2. Fractal/Algorithmic Art
      3. Computer Generated Painting
      4. 2D/3D Painting
      5. 2D/3D Computer Graphics
      6. GIFs
      7. Others
    • Gaming
      1. Trading Card Game (TCG)
      2. Video Game
      3. Strategy Role Playing Game (RPG)
      4. Others
    • Utilities
      1. Tickets
      2. Domain Names
      3. Assets Ownership
    • Metaverse
    • Sport
    • Others
  • End-Use Outlook (Revenue, USD Million; 2018–2030)
    • Personal
    • Commercial
  • Regional Outlook (Revenue, USD Million; 2018–2030)
    • North America

      a.  U.S.

      b.  Canada

      c.  Mexico

    • Europe

      a.  Germany

      b.  France

      c.  U.K.

      d.  Italy

      e.  Spain

      f.  BENELUX

      g.  Rest of Europe

    • Asia Pacific

      a.  China

      b.  India

      c.  Japan

      d.  South Korea

      e.  Rest of APAC

    • Latin America

      a.  Brazil

      b.  Rest of LATAM

    • Middle East & Africa

      a.  Saudi Arabia

      b.  UAE

      c.  South Africa

      d.  Turkey

      e.  Rest of MEA

Explore Related Reports by Emergen Research:

The global metaverse in finance market size was significantly robust in 2020 and is expected to register rapidly inclining revenue CAGR over the forecast period. Rapid adoption of metaverse initiatives by brokerage companies and banks to improve the business offerings, emergence of cryptocurrency as a large-scale alternative financial system, and growing focus of fintech and smaller financial companies on developing their own digital financial ecosystems are key factors expected to drive market revenue growth over the forecast period.

The global metaverse in healthcare market size was significantly robust in 2020 and is expected to register a rapid revenue CAGR over the forecast period. Some key factors driving steady market revenue growth include integration of Augmented Reality (AR), Virtual Reality (VR), and Artificial Intelligence (AI) in the healthcare sector to improve efficiency of medical equipment, enable provision of hands-on training to personnel, and diagnose and treat certain conditions.

The global metaverse in automotive market size was significantly robust in 2020 and is expected to register a rapid revenue CAGR over the forecast period. Growing focus on leveraging metaverse technology in car to create human machine interface, emerging opportunities for contextual advertising for automotive dealers, rising trend of online car buying, and increasing efforts undertaken by major automotive companies to develop their own metaverse platforms are some key factors expected to fuel market revenue growth over the forecast period.

The global metaverse in gaming market size was significantly robust in 2020 and is expected to register a rapidly inclining CAGR during the forecast period. Rapidly rising popularity of play-to-earn games, increasing efforts to create immersive gaming experiences, and growing investment to develop different versions of metaverse are some key factors expected to drive market revenue growth over the forecast period.

The global digital water market size reached USD 7.96 Billion in 2020 and is expected to register a revenue CAGR of 12.1% during the forecast period. Increasing need for better water services is resulting in growing demand for digital water services, which is a major factor expected to drive market revenue growth over the forecast period.

The global Computer-Generated Imagery (CGI) market size reached USD 3.18 Billion in 2020 and is expected to register a revenue CAGR of 19.9% during the forecast period. Increasing demand for more cost-effective animation tools and increasing need to improve brand credibility are some of the key factors expected to continue to drive global computer-generated imagery market revenue growth during the forecast period.

The global emerging memory technologies market size reached USD 4.17 Billion in 2020 and is expected to register a revenue CAGR of 30.7% during the forecast period. Increasing demand for high-end and more advanced devices and increasing need for time saving in data transferring are some of the key factors expected to continue to drive global emerging memory technologies market revenue growth during the forecast period.


Climate tech Startup Bio-Logical raises $1m Seed round: Kenya’s Agricultural Sector to Get a Boost from Bio-Logicals Landmark Biochar Carbon Removal Facility



Climate tech

Climate tech company Bio-Logical has raised a $1m seed round to scale up its operations in Kenya, facilitating its mission to build climate resilient communities of smallholder farmers around the world.

Smallholder farmers are facing a dire outlook with faltering harvests, increasingly extreme weather and skyrocketing fertiliser prices becoming increasingly common due to climate change. Bio-Logical addresses this challenge through a circular economy, transforming waste into biochar, a super material that sequesters carbon for millenia and regenerates degraded soil. Their biochar is then incorporated into an organic fertiliser which is distributed to smallholder farmers in the region, regenerating land, increasing crop drought resistance and boosting yields by over 50%.

“Bio-Logical was founded on the belief that Smallholder farmers should not suffer at the hands of a climate crisis they have played no part in. At present, soil degradation and changing weather patterns due to climate change is directly threatening the livelihoods of 500 million smallholder farmers around the world.” Rory Buckworth, Co-Founder

Utilising its innovative technology, Bio-Logical’s first site will be the largest biochar production facility in Africa. It will transform over 30,000 tonnes of agricultural waste a year into biochar, sequestering 25,000 tonnes of CO2. This process will generate carbon credits, the revenue from which will be used to subsidise its resilience building fertiliser for smallholder farmers, boosting yields and reducing fertiliser costs.

We believe carbon credits should do more than simply remove carbon from the atmosphere and instead should be used to build the resilience of climate vulnerable communities” Philip Hunter, Co-Founder

The funding round is led by the Steyn Group alongside Angel Investors Rob Konterman, Luke Calcott-Stevens and Jochem Wieringa. The round will go towards the development of Bio-Logical’s first Kenya site which will pave the way for its expansion throughout the region that will see the company scale to support 1 million smallholders and sequester 1 million tonnes of CO2 annually by 2030.

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According to setscale, More than 50% of US Small Businesses are Unaware of Federal Government Contracts, Losing $84 Billion a Year in Valuable Deals



Setscale, a purchase order financing company, reports on small business financing, highlighting the lack of access to US government contracts

Setscale, the purchase order financing company, released today its first-ever report on US small business financing. The report surveyed US small business owners to better understand some of the financial barriers to small business ownership, including their awareness of federal government contracts for small businesses.

69% of US small businesses struggle with cash flow, preventing them from meeting the demand of government contracts.

More than half (52%) of all surveyed small business owners revealed that they aren’t aware of the specific contracts the US federal government awards to small businesses each year, missing out on approximately $84 billion* per year.

Government contracts are well-valued and often serve as a gateway to a steady source of income and small business growth. More than 70% (71%) of surveyed US small businesses say that they’re aware of lucrative and reliable government contracts, but more than half (52%) say they don’t know what specific contracts are available to them. And over a quarter of US small businesses (29%) are completely unaware that the federal government awards contracts to small businesses.

This report highlights that the federal government is investing in small businesses in record-high amounts, but business owners are still struggling to fill open government purchase orders. Almost 70% (69%) of US small businesses struggle with cash flow and working capital, preventing them from meeting the demand of a government contract. Many businesses pursue lines of credit from a bank or financial institution to fulfill purchase orders, but these are costly and hard to obtain. Alternative finance like purchase order financing can help these businesses secure and fulfill valuable government contracts.

Moreover, US small business owners say that a lack of cash flow and working capital prevents them from securing government contracts. At 22%, a lack of cash flow or capital is the second most popular reason that prevents US small business owners from securing a government contract. The most popular reason they aren’t securing government contracts is due to a lack of time and resources (25%).

“Our small business financing report sheds light on an issue that more than half of surveyed business owners know all too well – that even though the US federal government is awarding a record number of contracts to our small businesses, they’re still struggling financially to fulfill open purchase orders, potentially losing out on more than $80 billion each fiscal year,” comments Daniel Fine, Founder and CEO of Setscale.

“Government contracts are fierce competition for US small business owners for a reason. They’re reliable, well-valued, and often lead to steady sources of income. However, due to a lack of knowledge of the specific government contract awarding process, business owners are unsure if they can fulfill the government’s open purchase orders without pursuing a line of credit from a bank or financial institution,” elaborates Fine. “With interest rates at an all-time high, it’s an incredibly bad time to be a borrower. PO financing allows a small business to quickly bid on a contract, finance the full transaction, and scale operations to meet the size of the order.”

*In Fiscal Year 2022, the US federal government awarded $162.9B in federal contracting opportunities to small businesses. 52% of surveyed US small business owners reported that they aren’t aware of the specific contracts the US federal government awards to small businesses * $162.9B = $84B in lost opportunities.

Survey Methodology
Setscale designed and executed research for this report in collaboration with Censuswide. 251 US small business owners in companies with less than 50 employees (aged 18+) were surveyed online in October 2023. Censuswide abides by and employs members of the Market Research Society which is based on the ESOMAR principles.

About Setscale
Setscale is a fintech startup solving the trade financing dilemma for small businesses. Small businesses frequently get purchase orders, but don’t have the money to fill them. Through its PO financing technology, Setscale finances the cost of those goods, allowing small businesses to focus on product and sales, enabling them to scale. Setscale is an ideal partner for SMBs, coming in where traditional financial institutions won’t, enabling SMB’s to finance their growth. Setscale funds supply. You meet demand.

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Monsha'at leads delegation of Saudi startups at Web Summit 2023



As part of its work to showcase the growth of the Kingdom’s SME sector, Monsha’at, the Small and Medium Enterprises General Authority of the Kingdom of Saudi Arabia, took part in Web Summit 2023: one of the world’s leading technology conferences.

Held from 13 to 16 November 2023 — in Lisbon, Portugal — the event provided Monsha’at the opportunity to spotlight Saudi Arabia’s most innovative SMEs. The authority led a delegation of Saudi start-ups, calling attention to their success and contributions to the national economy. Moreover, the event provided a platform for industry leaders, including policymakers, heads of state, and tech CEOs and founders, to address global challenges.

Sami Al Hussaini, Governor of Monsha’at, said: “2023 has been a landmark year for Monsha’at and the Saudi SME sector, with the number of start-ups in the Kingdom growing to over 1.2 million. While we have made a great deal of progress, we can achieve more. Launching innovative partnerships with businesses and entities around the world is essential. Events such as Web Summit 2023 enable us to do that, immersing some of our leading start-ups in an energized environment conducive to collaboration, innovation and growth.”

Saudi Arabia’s start-up ecosystem is currently undergoing a period of rapid growth. Amid the continued expansion of its non-oil sector, the Kingdom achieved one of the highest economic growth rates in the world last year and has been recognized as one of the best-performing countries in terms of leveraging reforms to improve its business environment. In Q2 2023, the Kingdom led the region in VC funding and capital raised, accounting for 42% of MENA funding at a value of $446 million.

Among the Saudi start-ups participating in Web Summit 2023 were: Zid, Lendo, Nuqtah, Syarah, Asasat Advanced Systems, Wosul, Kabi, Master Works, resal, WhiteHelmet, Mustadem, and Tachyon.

Monsha’at’s participation at WebSummit follows its recent participation in other world-class conferences, including SWITCH Singapore, and ComeUp Korea, where it has helped connect some of the Kingdom’s leading start-ups with the international business and investment communities.

About Monsha’at:

Monsha’at was established in 2016 with the aim of regulating, supporting, developing, and sponsoring the SME sector in the Kingdom in accordance with global best practices, in order to increase the productivity of SMEs and their contribution to GDP.

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