DUBLIN–(BUSINESS WIRE)–The report “France NFT Market Intelligence and Future Growth Dynamics Databook – 50+ KPIs on NFT Investments by Key Assets, Currency, Sales Channels – Q2 2022” has been added ResearchAndMarkets.com’s Offering.
The NFT industry in France is expected to grow by 36.9% YoY to reach USD 989.5 million in 2022.
The NFT industry is expected to grow steadily over the forecast period, registering a CAGR of 26.8% during 2022-2028. The NFT use value in the country will increase from USD 989.5 million in 2022 to USD 3810.8 million by 2028.
The popularity of non-fungible tokens has skyrocketed over the past 12 months to become a global phenomenon. Amidst this growing global popularity, France has emerged as the hub driving innovation and growth in the NFT market. As more and more consumers become aware of the NFTs, the publisher expects their numbers to grow over the next four to eight quarters, pushing NFT transaction value and volume further in the short to medium term.
In particular, there are several innovative NFT startups in the country that are driving the market’s growth. Also, many brands across industry verticals are entering the NFT space to raise funding for social causes and drive brand awareness and growth, among other things. The popularity of NFT is expected to increase as more celebrities in the country continue to launch their NFT collection further.
Presence of multiple NFT trading platforms driving market growth in France
Several different startups have appeared in the NFT space in France in the last 12 months. Notably, the presence of these players and their NFT trading platforms has made it easier for the general public to buy and sell their collections in the country. This increased transaction value and volume over the last 12 months in France.
French football star enters the world of NFT
NFT popularity has increased significantly globally in the last 12 months. One of the main reasons behind the growing popularity of NFTs is the increasing number of celebrities entering the space. In particular, the trends are similar in France as well.
In November 2021, Paul Pogba, the French soccer superstar, announced his entry into the NFT market. Through a strategic partnership with CryptoDragons, the blockchain-based dragon Metaverse project that allows users to collect, sell, breed and battle NFT dragons, Paul announced that he plans to buy NFTs.
Notably, Paul Pogba is not the only footballer entering the NFT space globally. Others, like Lionel Messi, have pushed and even launched their NFT collection for soccer fans worldwide.
Auction house conducts NFT auctions in France
With the growing popularity of NFTs in the digital art segment, many auction houses in the country are looking to conduct an auction of virtual works in France.
In March 2022, FauveParis, one of the leading auction houses in the country, conducted the first ever NFT auction in France. The auction house introduced 47 lots of NFTs for auction at the event. In particular, the exhibition showed various formats of virtual artworks, which were displayed on tablets and screens in the auction room. At the event, 60% of the plots were sold for a total transaction amount of €120,000.
French NFT startups raise funding rounds to expand their footprint in the global markets
In 2021, the global NFT industry recorded strong growth, and the market is expected to continue growing over the next four to eight quarters. Amidst this growing industry globally, French NFT startups are raising funding rounds to expand their footprint in the global markets to further increase their market share.
In September 2021, Sorare, one of the leading NFT startups in France, announced that the firm had raised $680 million at a valuation of $4.3 billion. Notably, this is the largest fundraising round raised by any startup in the French technology sector. Founded in 2018, the firm has become one of the most valuable startups in the country, with international soccer stars among its investors.
French startups launch NFT sneakers in the form of mystery boxes
Globally, brands are finding innovative use cases of NFT. From using NFTs to raise funds for charities to use them to increase brand awareness, innovation is driving market growth. In particular, similar trends are visible in France, where startups are entering the NFT space to increase brand awareness and consumer engagement.
In February 2022, Sneakmart, the French startup dedicated to streetwear, launched the first collection of NFT sneakers. The company announced that Metakicks, the NFT sneakers, will be distributed in the form of mystery boxes. This means that buyers will not know in advance which pair of basketball shoes they will get inside.
For the first release, the company has made a total of 6250 Metakicks. The firm has created 15 unique 3D animated sneaker designs using different textures, shapes, colors and materials. These designs have been classified at various levels of rarity. These include epic, super rare, rare and normal.
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France NFT market size and future growth dynamics by key performance indicators, 2019-2028
France NFT Market Size and Forecast by Key Asset, 2019-2028
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Collectables and art
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Property
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Sport
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Gaming
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Benefit
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Fashion and luxury
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Other
France NFT Market Size and Forecast by NFT Key Collection Objects, 2019-2028
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Digital art
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Music and sound clips
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Videos
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Memes and Gifs
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Other
France NFT Market Size and Forecast by Currency, 2019-2028
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Ethereum
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Solana
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Avalanche
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Polygon
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BSC
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Flow
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Wax
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Ronin
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Other
France NFT Market Size and Forecast by Sales Channel, 2019-2028
France user statistics, 2019-2028
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