Japan’s NFT market on the rise
According to research, NFTs in Japan are on the rise. This explosion in growth has attracted companies and organizations to partner with NFT and blockchain platforms to launch innovative products
The non-fungible token (NFT) industry in Japan is expected to grow 53.0% annually to reach $1,361.5 million in 2022, according to a new report. The report also predicts that the NFT industry will grow steadily over the forecast period, recording a compound annual growth rate of 38.7% from 2022 to 2028.
NFTs are a new type cryptoassets that represent digital objects, such as photos and videos, or even clothing for avatars. These digital assets became popular during the last four to eight quarters globally.
NFTs allow investors to prove ownership of unique digital assets such as BAYC images and in-game items. Although NFTs are not new, with the first being launched in the mid-2010s, the latest numbers create a dilemma as to whether or not the bubble will burst, as Weekly NFT sales have plummeted across the globe.
With the hype growing globally among businesses, corporations and prominent individuals, Japan has also joined the NFT trend to create its own version of a new digital economy.
Crypto asset and blockchain consulting providers in Japan have experienced increasing demand from artists, publishers and businesses. This trend highlights the growing interest and use of NFTs and blockchain technology in the country. For example, Tokyo-based startup Gracone has earned significant revenue through its consulting service in the country.
Despite being in the early stages of development, the non-fungible token (NFT) industry in Japan has attracted companies and organizations to collaborate with NFT and blockchain platforms to launch new products.
This growth has caught the attention of Coincheck Inc., a major Japanese cryptocurrency exchange operator, which introduced its own NFT marketplace in March 2021. However, many people in Japan are suspicious of cryptocurrencies and NFTs, and are unsure of how to use them.
Final thoughts
In conclusion, the non-fungible token (NFT) industry in Japan is expected to grow significantly in the coming years, according to a recent report. The market is still in its early stages, but companies and organizations in Japan have begun to collaborate with NFT and blockchain platforms to launch innovative products.
Despite some skepticism among the general public, the market is expected to continue to grow and is likely to play a significant role in the future of the digital economy in Japan.
Edmond is a passionate writer for video games, GameFi and Web3. He has worked for top GameFi companies and video game/crypto news sites.
