Non-Fungible Token (NFT) Market
Non-Fungible Token (NFT) Market Study by Physical Assets, Digital Assets, and Metadata for Artwork, Collectibles, Domain Names, Gaming, Identity, Memes, Metaverse, and Others from 2024 to 2034
Analysis of Non-Fungible Token (NFT) Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Non-Fungible Token (NFT) Market Outlook (2024 to 2034)
The uniqueness of non-fungible tokens is one of the key factors contributing to their increased demand. They are built on blockchain, which ensures their connection to unique data and thus demonstrates the ability to add value. The global non-fungible token (NFT) market is poised to reach US$ 51.4 billion in 2024 and climb at a noteworthy CAGR of 23% to end up at US$ 407.7 billion by 2034.
DLTs (distributed ledger technologies), such as blockchain, etc., are some of the newly developed technologies, which are expected to pose threats to conventional business practices. Earlier business models depend on sluggish and expensive intermediaries for building confidence between two parties. Constant advancements in DLTs are projected to result in the creation of concepts, which are anticipated to reduce and simplify the price of exchanging value. Furthermore, a distributed ledger is generally used for representing values by tokenization of almost everything, such as digital as well as physical assets.
Non-fungible tokens are becoming popular as cryptographic tokens, which represent a one-of-kind technology. Art, in-game items for online games, commercial real estate, sneakers, plane tickets, or university degrees are some of the popular examples of NFTs, which are generally available in digital or physical form. Owners of NFTs let respective owners confirm their ownership and authenticity. The number of unique IDs of non-fungible tokens matches either the original issuer of a respective item or the service with authenticity checks, therefore resulting in businesses or individuals purchasing and selling products significantly.
- Worldwide demand for non-fungible tokens for commercial use is projected to accelerate at a CAGR of 22.3% and reach a market valuation of US$ 277.2 billion by the end of 2034.
- East Asia is forecasted to account for 23.1% of the global non-fungible token market share by 2034-end.
- Demand for non-fungible tokens in Japan is expected to increase rapidly at 23.6% CAGR from 2024 to 2034.
Report Attribute | Detail |
---|---|
Non-Fungible Token (NFT) Market Size (2024E) | US$ 51.4 Billion |
Forecasted Market Value (2034F) | US$ 407.7 Billion |
Global Market Growth Rate (2024 to 2034) | 23% CAGR |
Market Share of Physical Assets (2034F) | 67% |
North America Market Share (2034F) | 24.3% |
South Korea Market Growth Rate (2024 to 2034) | 23.9% CAGR |
Key Companies Profiled | Ozone Networks, Inc.; Art Blocks; YellowHeart, LLC.; Cloudflare, Inc.; The Sandbox; CryptoKitties; Takung Art Co., Ltd.; Dapper Labs, Inc.; Semidot Infotech; Dolphin Entertainment, Inc.; Rarible; Foundation; PLBY Group, Inc.; Gemini Trust Company, LLC.; Onchain Labs, Inc. |
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What is Responsible for Rapidly Expanding Non-Fungible Token Market Size?
“Surging Penetration of Internet and Smart Devices Stimulating NFT Demand”
With the development of high-speed network connections, an increased demand for smart devices is encountered. In the past few years, a soaring demand for smartphones, tablets, laptops, and bring-your-own devices across commercial workplaces and institutions has been experienced. Therefore, growing developments in blockchain technologies are leading to increasing requirements for non-fungible tokens. After the creation of NFT in 2014, there has been a noteworthy increase in the NFT trade, which is estimated to have a significant impact on market growth.
“Easy Access to Digital and Physical NFTs”
NFTs are being used prominently for creating a completely new class of collectibles as noticed in CryptoKitties. It is possible to purchase a tokenized version of an individual’s beloved sports celebrity or star. Further, it is assisting conventional collectors, who are planning to tokenize their coins, baseball cards, or stamps. Numerous platforms provide the facility to tokenize digital or physical accessories. Various advanced services are utilized by the platforms for creating non-fungible tokens. They translate a digital identity into some tangible tags, which a product owner transfers or keeps.
Which Challenges are Projected to Limit Demand Growth for Non-Fungible Tokens?
“Lack of Technology Infrastructure and Lack of Uniformity in Government Regulations”
NFTs have multiple legal frameworks based on the jurisdiction. The separation of non-fungible tokens and cryptocurrency legislation is one of the points of commonality. A lack of clear legislation related to assets underpinning an NFT is adversely impacting market growth. In addition, there are some countries, which equate Blockchain games with certain change games that link NFTs with strategy games. These legislative disparities are expected to create the implementation of different projects. Thus, an absence of uniformity in regulations is set to create challenges against market growth.
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How are Startups Contributing to Non-Fungible Token Market Growth?
“Efforts by New Market Players to Making Metaverse a Reality”
Metaverse is considered a vision of the internet-enabled virtual world, where individuals interact with digital assets through AR (augmented reality), XR (extended reality), and virtual reality (VR). Constant efforts are put into the evolution of blockchain technology. A newly updated report by Fact.MR, a market research and competitive intelligence provider, asserts that NFT is estimated to serve as a revenue model for Metaverse in the coming decade.
Metaverse contains digital avatars, which are expected to enable NFT to have direct access to digital avatars and real-time identities. NFTs find application in multiple metaverse use cases, including socialization, transactions, and interactions.
Country-wise Insights
North America is forecast to hold 24.3% share of the global market by 2034, as mentioned in the recently updated report by Fact.MR. The presence of some of the prominent market vendors including Larva Labs, Dapper Labs, OpenSea, Cloudflare, etc., is projected to generate lucrative opportunities in the region.
Will the United States Retain its Dominance in the Global Market?
“Rising Demand for Non-fungible Tokens with Presence of Advance Digital Infrastructure”
Attribute | United States |
---|---|
Market Value (2024E) | US$ 5.5 Billion |
Growth Rate (2024 to 2034) | 23.5% CAGR |
Projected Value (2034F) | US$ 45.2 Billion |
The United States is evaluated to account for a 45.6% share of the North American market by the end of 2034. The country is one of the homes of well-established digital infrastructure systems around the world. A significant number of NFT companies are operating in the United States. Some regulations are implemented by the new SEC (Securities and Exchange Commission) in the country for NFT trade, which is anticipated to have a position impact on market growth.
Why are Providers of Non-Fungible Tokens Thriving in China?
“High Penetration of Electronic Devices and Digital Technology”
Attribute | China |
---|---|
Market Value (2024E) | US$ 5.6 Billion |
Growth Rate (2024 to 2034) | 23% CAGR |
Projected Value (2034F) | US$ 44.7 Billion |
China is approximated to hold 47.5% share of the market in East Asia by 2034-end. Penetration of electronic devices and digital technology is positively influencing non-fungible token market trends in the county. In addition, an increasing number of large internet companies along with the proliferation of NFT startups trying to enter the market are having a positive impact on market growth. These new market players are focusing on offering advanced services for NFT end users.
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Category-wise Insights
An increased requirement for the artwork category is witnessed in the global market offering personal non-fungible token rights. A part of the work in the NFTs artwork is recorded on the blockchain as crypto art. It secures ownership and identity rights.
Which Non-Fungible Token Asset Type is Gaining Widespread Prominence?
“Increasing Popularity of Physical NFTs with Ability to Prove Authencity”
Attribute | Physical Assets |
---|---|
Segment Value (2024E) | US$ 37.04 Billion |
Growth Rate (2024 to 2034) | 22.1% CAGR |
Projected Value (2034F) | US$ 273.16 Billion |
Non-fungible physical tokens are projected to capture 67% share of the global market by 2034. The ability of these tokens in proving provenance and authenticity is projected to be their key benefit. Moreover, physical NFTs eliminate their requirements for middlemen from transactions, thus giving sellers and buyers monetary rewards and freedom. A link to recurring royalties of physical NFTs ensures a cut to sellers every time an asset changes its hands.
What Makes Non-Fungible Tokens More Popular in the Commercial Sector?
“Increasing Utilization of NFTs across Various Sectors”
Attribute | Commercial |
---|---|
Segment Value (2024E) | US$ 37.04 Billion |
Growth Rate (2024 to 2034) | 22.3% CAGR |
Projected Value (2034F) | US$ 277.2 Billion |
The commercial sector is calculated to hold 68% of global market revenue share by the end of 2034. The growing use of NFTs in multiple sectors, including healthcare & medicine, real estate, etc., is estimated to widen opportunities for market players. In the healthcare sector, they are used for information storage, such as imaging and lab results, patient history, etc. Patients are estimated to have easy access to their health records and data transparency in clinical care, which further helps in the improvement of medical research.
Competitive Landscape
Leading NFT providers are focusing on new product launches to enhance their business scope and improve their potential for revenue generation.
For instance :
- Cloudflare, in April 2021, introduced a novel API, which takes an ERC-721 contact address and token ID and then sets it on a video. This is estimated to help in the streaming of every video, which is represented with a non-fungible token.
- Dolphin Entertainment announced Creature Chronicles: Exiled Aliens launch in November 2021. This is the first generative NFT collection of the content studio.
Key players in the non-fungible token industry are Ozone Networks, Inc., Art Blocks, YellowHeart, LLC., Cloudflare, Inc., The Sandbox, CryptoKitties, Takung Art Co., Ltd., Dapper Labs, Inc., Semidot Infotech, Dolphin Entertainment, Inc., Rarible, Foundation, PLBY Group, Inc., Gemini Trust Company, LLC., and Onchain Labs, Inc.
Segmentation of NFT Market Research
-
By Asset Type :
- Physical Assets
- Digital Assets
- Metadata
-
By Category :
- Artwork
- Collectibles
- Domain Names
- Gaming
- Identity
- Memes
- Metaverse
- Music & Media
- Real-world Assets
- Sport Items
- Tickets
- Virtual Items
-
By End Use :
- Personal
- Commercial
-
By Region :
- North America
- Europe
- East Asia
- Latin America
- Middle East & Africa
- South Asia & Oceania
Table of Content
- 1. Market - Executive Summary
- 2. Market Overview
- 3. Market Background and Foundation Data
- 4. Global Market Value (US$ Billion) Analysis and Forecast
- 5. Global Market Analysis and Forecast, by Asset Type
- 5.1. Physical Assets
- 5.2. Digital Assets
- 5.3. Metadata
- 6. Global Market Analysis and Forecast, by Category
- 6.1. Artwork
- 6.2. Collectibles
- 6.3. Domain names
- 6.4. Gaming
- 6.5. Identity
- 6.6. Memes
- 6.7. Metaverse
- 6.8. Music and media
- 6.9. Real-world assets
- 6.10. Sport Items
- 6.11. Tickets
- 6.12. Virtual items
- 6.13. Others
- 7. Global Market Analysis and Forecast, By End Use
- 7.1. Personal
- 7.2. Commercial
- 8. Global Market Analysis and Forecast, by Region
- 8.1. Americas
- 8.2. EMEA
- 8.3. Asia Pacific
- 9. Americas Market Analysis and Forecast
- 10. EMEA Market Analysis and Forecast
- 11. Asia Pacific Market Analysis and Forecast
- 12. Country-level Market Analysis and Forecast
- 13. Market Structure Analysis
- 14. Competition Analysis
- 14.1. Art Blocks
- 14.2. Axie Infinity
- 14.3. Cloudflare, Inc.
- 14.4. CryptoKitties
- 14.5. Dapper Labs, Inc.
- 14.6. Dolphin Entertainment, Inc.
- 14.7. Foundation
- 14.8. Funko
- 14.9. Gemini Trust Company, LLC.
- 14.10. Onchain Labs, Inc.
- 14.11. OpenSea
- 14.12. Ozone Networks, Inc.
- 14.13. PLBY Group, Inc.
- 14.14. Rarible
- 14.15. Semidot Infotech
- 14.16. Takung Art Co., Ltd.
- 14.17. The Sandbox
- 14.18. YellowHeart, LLC.
- 15. Assumptions & Acronyms Used
- 16. Research Methodology
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List Of Table
Table 01. Global Market Value (US$ Billion) and Forecast by Region, 2018 to 2023
Table 02. Global Market Value (US$ Billion) and Forecast by Region, 2024 to 2034
Table 03. Global Market Value (US$ Billion) and Forecast by Asset Type, 2018 to 2023
Table 04. Global Market Value (US$ Billion) and Forecast by Asset Type, 2024 to 2034
Table 05. Global Market Value (US$ Billion) and Forecast by Category, 2018 to 2023
Table 06. Global Market Value (US$ Billion) and Forecast by Category, 2024 to 2034
Table 07. Global Market Value (US$ Billion) and Forecast By End Use, 2018 to 2023
Table 08. Global Market Value (US$ Billion) and Forecast By End Use, 2024 to 2034
Table 09. Americas Market Value (US$ Billion) and Forecast by Country, 2018 to 2023
Table 10. Americas Market Value (US$ Billion) and Forecast by Country, 2024 to 2034
Table 11. Americas Market Value (US$ Billion) and Forecast by Asset Type, 2018 to 2023
Table 12. Americas Market Value (US$ Billion) and Forecast by Asset Type, 2024 to 2034
Table 13. Americas Market Value (US$ Billion) and Forecast by Category, 2018 to 2023
Table 14. Americas Market Value (US$ Billion) and Forecast by Category, 2024 to 2034
Table 15. Americas Market Value (US$ Billion) and Forecast By End Use, 2018 to 2023
Table 16. Americas Market Value (US$ Billion) and Forecast By End Use, 2024 to 2034
Table 17. EMEA Market Value (US$ Billion) and Forecast by Country, 2018 to 2023
Table 18. EMEA Market Value (US$ Billion) and Forecast by Country, 2024 to 2034
Table 19. EMEA Market Value (US$ Billion) and Forecast by Asset Type, 2018 to 2023
Table 20. EMEA Market Value (US$ Billion) and Forecast by Asset Type, 2024 to 2034
Table 21. EMEA Market Value (US$ Billion) and Forecast by Category, 2018 to 2023
Table 22. EMEA Market Value (US$ Billion) and Forecast by Category, 2024 to 2034
Table 23. EMEA Market Value (US$ Billion) and Forecast By End Use, 2018 to 2023
Table 24. EMEA Market Value (US$ Billion) and Forecast By End Use, 2024 to 2034
Table 25. Asia Pacific Market Value (US$ Billion) and Forecast by Country, 2018 to 2023
Table 26. Asia Pacific Market Value (US$ Billion) and Forecast by Country, 2024 to 2034
Table 27. Asia Pacific Market Value (US$ Billion) and Forecast by Asset Type, 2018 to 2023
Table 28. Asia Pacific Market Value (US$ Billion) and Forecast by Asset Type, 2024 to 2034
Table 29. Asia Pacific Market Value (US$ Billion) and Forecast by Category, 2018 to 2023
Table 30. Asia Pacific Market Value (US$ Billion) and Forecast by Category, 2024 to 2034
Table 31. Asia Pacific Market Value (US$ Billion) and Forecast By End Use, 2018 to 2023
Table 32. Asia Pacific Market Value (US$ Billion) and Forecast By End Use, 2024 to 2034
Table 33. United States Market Value (US$ Billion) and Forecast by Asset Type, 2024 to 2034
Table 34. United States Market Value (US$ Billion) and Forecast by Category, 2024 to 2034
Table 35. United States Market Value (US$ Billion) and Forecast By End Use, 2024 to 2034
Table 36. Canada Market Value (US$ Billion) and Forecast by Asset Type, 2024 to 2034
Table 37. Canada Market Value (US$ Billion) and Forecast by Category, 2024 to 2034
Table 38. Canada Market Value (US$ Billion) and Forecast By End Use
Table 39. Germany Market Value (US$ Billion) and Forecast by Asset Type, 2024 to 2034
Table 40. Germany Market Value (US$ Billion) and Forecast by Category, 2024 to 2034
Table 41. Germany Market Value (US$ Billion) and Forecast By End Use
Table 42. France Market Value (US$ Billion) and Forecast by Asset Type, 2024 to 2034
Table 43. France Market Value (US$ Billion) and Forecast by Category, 2024 to 2034
Table 44. France Market Value (US$ Billion) and Forecast By End Use
Table 45. India Market Value (US$ Billion) and Forecast by Asset Type, 2024 to 2034
Table 46. India Market Value (US$ Billion) and Forecast by Category, 2024 to 2034
Table 47. India Market Value (US$ Billion) and Forecast By End Use
Table 48. China Market Value (US$ Billion) and Forecast by Asset Type, 2024 to 2034
Table 49. China Market Value (US$ Billion) and Forecast by Category, 2024 to 2034
Table 50. China Market Value (US$ Billion) and Forecast By End Use
Table 51. Japan Market Value (US$ Billion) and Forecast by Asset Type, 2024 to 2034
Table 52. Japan Market Value (US$ Billion) and Forecast by Category, 2024 to 2034
Table 53. Japan Market Value (US$ Billion) and Forecast By End Use
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List Of Figures
Figure 01. Global Market Value (US$ Billion) Forecast, 2024 to 2034
Figure 02. Global Market Absolute $ Opportunity (US$ Billion), 2024 to 2034
Figure 03. Global Market Value (US$ Billion) by Region, 2024 & 2034
Figure 04. Global Market Y-o-Y Growth Rate by Region, 2024 to 2034
Figure 05. Global Market Value (US$ Billion) by Asset Type, 2024 & 2034
Figure 06. Global Market Y-o-Y Growth Rate by Asset Type, 2024 to 2034
Figure 07. Global Market Value (US$ Billion) by Category, 2024 & 2034
Figure 08. Global Market Y-o-Y Growth Rate by Category, 2024 to 2034
Figure 09. Global Market Value (US$ Billion) By End Use, 2024 & 2034
Figure 10. Global Market Y-o-Y Growth Rate By End Use, 2024 to 2034
Figure 11. Americas Market Value (US$ Billion) Forecast, 2024 to 2034
Figure 12. Americas Market Absolute $ Opportunity (US$ Billion), 2024 to 2034
Figure 13. Americas Market Value (US$ Billion) by Country, 2024 & 2034
Figure 14. Americas Market Y-o-Y Growth Rate by Country, 2024 to 2034
Figure 15. Americas Market Value (US$ Billion) by Asset Type, 2024 & 2034
Figure 16. Americas Market Y-o-Y Growth Rate by Asset Type, 2024 to 2034
Figure 17. Americas Market Value (US$ Billion) by Category, 2024 & 2034
Figure 18. Americas Market Y-o-Y Growth Rate by Category, 2024 to 2034
Figure 19. Americas Market Value (US$ Billion) By End Use, 2024 & 2034
Figure 20. Americas Market Y-o-Y Growth Rate By End Use, 2024 to 2034
Figure 21. Americas Market Attractiveness Analysis by Country, 2024 to 2034
Figure 22. Americas Market Attractiveness Analysis by Asset Type, 2024 to 2034
Figure 23. Americas Market Attractiveness Analysis by Category, 2024 to 2034
Figure 24. Americas Market Attractiveness Analysis By End Use, 2024 to 2034
Figure 25. EMEA Market Value (US$ Billion) Forecast, 2024 to 2034
Figure 26. EMEA Market Absolute $ Opportunity (US$ Billion), 2024 to 2034
Figure 27. EMEA Market Value (US$ Billion) by Country, 2024 & 2034
Figure 28. EMEA Market Y-o-Y Growth Rate by Country, 2024 to 2034
Figure 29. EMEA Market Value (US$ Billion) by Asset Type, 2024 & 2034
Figure 30. EMEA Market Y-o-Y Growth Rate by Asset Type, 2024 to 2034
Figure 31. EMEA Market Value (US$ Billion) by Category, 2024 & 2034
Figure 32. EMEA Market Y-o-Y Growth Rate by Category, 2024 to 2034
Figure 33. EMEA Market Value (US$ Billion) By End Use, 2024 & 2034
Figure 34. EMEA Market Y-o-Y Growth Rate By End Use, 2024 to 2034
Figure 35. EMEA Market Attractiveness Analysis by Country, 2024 to 2034
Figure 36. EMEA Market Attractiveness Analysis by Asset Type, 2024 to 2034
Figure 37. EMEA Market Attractiveness Analysis by Category, 2024 to 2034
Figure 38. EMEA Market Attractiveness Analysis By End Use, 2024 to 2034
Figure 39. Asia Pacific Market Value (US$ Billion) Forecast, 2024 to 2034
Figure 40. Asia Pacific Market Absolute $ Opportunity (US$ Billion), 2024 to 2034
Figure 41. Asia Pacific Market Value (US$ Billion) by Country, 2024 & 2034
Figure 42. Asia Pacific Market Y-o-Y Growth Rate by Country, 2024 to 2034
Figure 43. Asia Pacific Market Value (US$ Billion) by Asset Type, 2024 & 2034
Figure 44. Asia Pacific Market Y-o-Y Growth Rate by Asset Type, 2024 to 2034
Figure 45. Asia Pacific Market Value (US$ Billion) by Category, 2024 & 2034
Figure 46. Asia Pacific Market Y-o-Y Growth Rate by Category, 2024 to 2034
Figure 47. Asia Pacific Market Value (US$ Billion) By End Use, 2024 & 2034
Figure 48. Asia Pacific Market Y-o-Y Growth Rate By End Use, 2024 to 2034
Figure 49. Asia Pacific Market Attractiveness Analysis by Country, 2024 to 2034
Figure 50. Asia Pacific Market Attractiveness Analysis by Asset Type, 2024 to 2034
Figure 51. Asia Pacific Market Attractiveness Analysis by Category, 2024 to 2034
Figure 52. Asia Pacific Market Attractiveness Analysis By End Use, 2024 to 2034
Figure 53. United States Market Value (US$ Billion) by Asset Type, 2024 & 2034
Figure 54. United States Market Value (US$ Billion) by Category, 2024 & 2034
Figure 55. United States Market Value (US$ Billion) By End Use, 2024 & 2034
Figure 56. Canada Market Value (US$ Billion) by Asset Type, 2024 & 2034
Figure 57. Canada Market Value (US$ Billion) by Category, 2024 & 2034
Figure 58. Canada Market Value (US$ Billion) By End Use, 2024 & 2034
Figure 59. Germany Market Value (US$ Billion) by Asset Type, 2024 & 2034
Figure 60. Germany Market Value (US$ Billion) by Category, 2024 & 2034
Figure 61. Germany Market Value (US$ Billion) By End Use, 2024 & 2034
Figure 62. France Market Value (US$ Billion) by Asset Type, 2024 & 2034
Figure 63. France Market Value (US$ Billion) by Category, 2024 & 2034
Figure 64. France Market Value (US$ Billion) By End Use, 2024 & 2034
Figure 65. India Market Value (US$ Billion) by Asset Type, 2024 & 2034
Figure 66. India Market Value (US$ Billion) by Category, 2024 & 2034
Figure 67. India Market Value (US$ Billion) By End Use, 2024 & 2034
Figure 68. China Market Value (US$ Billion) by Asset Type, 2024 & 2034
Figure 69. China Market Value (US$ Billion) by Category, 2024 & 2034
Figure 70. China Market Value (US$ Billion) By End Use, 2024 & 2034
Figure 71. Japan Market Value (US$ Billion) By Category, 2024 & 2034
Figure 72. Japan Market Value (US$ Billion) by Asset Type, 2024 & 2034
Figure 73. Japan Market Value (US$ Billion) by End Use, 2024 & 2034
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- FAQs -
How big is the non-fungible token (NFT) market in 2024?
The global non-fungible token (NFT) market is estimated at US$ 51.4 billion in 2024.
What is the demand outlook for non-fungible tokens by 2034?
Worldwide demand for non-fungible tokens is anticipated to reach a value of US$ 407.7 billion by 2034.
What is the forecasted CAGR for the global market?
The global NFT market is projected to advance at a CAGR of 23% from 2024 to 2034.
How much share of the global market is North America expected to hold by 2034?
North America is evaluated to account for 24.3% share of global market revenue by 2034.
At what rate is the demand for NFTs anticipated to increase in Japan?
The market in Japan is evaluated to accelerate at a CAGR of 23.6% from 2024 to 2034.
What is the contribution of physical NFTs to global market revenue?
Physical NFTs are approximated to account for 67% of the global market revenue share by 2034.
What is a non-fungible token marketplace?
NFT marketplace is an online platform, where users discover, purchase, sell, and trade non-fungible tokens. They represent the ownership of some unique assets, including music, etc.