Dublin, Dec. 12, 2022 (GLOBE NEWSWIRE) — The “Brazil NFT Market Intelligence and Future Growth Dynamics Databook – 50+ KPIs on NFT Investments by Key Assets, Currency, Sales Channels – Q2 2022” report has been added ResearchAndMarkets.com’s Offering.
According to the Q2 2022 NFT Survey, the NFT industry in Brazil is expected to grow 48.4% YoY to reach US$2,967.6 million in 2022.
The NFT industry is expected to grow steadily over the forecast period, registering a CAGR of 34.8% during 2022-2028. The NFT use value in the country will increase from USD 2967.6 million in 2022 to reach USD 16176.8 million by 2028.
The non-fungible token (NFT) market in Brazil has undergone strong expansion over the past year. The presence of Brazilian sports players in NFT marketplaces has supported the widespread use of NFTs among the general public.
In addition to this, the introduction of NFT in the art industry has also grown significantly in the country. Adoption by visual artists and some well-known names in the music industry supports the growth of the NFT industry in Brazil.
The publisher expects the trend to continue in the short to medium term as more and more players become aware of NFT-based games in the country. In addition, the rise of the traditional online gaming industry is also expected to drive interest in NFT-based gaming over the next four to eight quarters in Brazil.
Accordingly, the publisher expects more NFT-based online gaming platforms to launch in the next four to eight quarters in the country, subsequently supporting overall industry growth.
NFT marketplaces partner with Brazilian soccer legends to drive their growth in the country
With the NFT industry registering strong growth over the past four quarters in Brazil, NFT marketplaces are looking to tap into the high growth market potential. Consequently, firms enter into strategic partnerships with Brazilian soccer players, who have millions of fans across the country and globally, and try to drive their growth in the NFT market.
- In July 2021, INFLUXO, a Rio-based NFT marketplace, announced that the firm had entered into a strategic partnership with Ronaldinho. During the partnership, the firm auctioned seven NFTs depicting Ronaldinho. In particular, the starting bid for the NFTs was placed at 20,000 USDT.
- Similarly, SportsIcon, a sports-focused NFT platform, announced in May 2021 that the firm had entered into a strategic partnership with Brazilian soccer star Roberto Carlos. Under the collaboration, the firm brings the NFTs of the legendary FIFA World Cup winner to its platform.
As competition between NFT platforms continues to grow in Brazil over the next two to three years, the publisher expects more NFT marketplaces in Brazil to sign exclusive partnership agreements with iconic sports players in the short to medium term.
Sports in Brazil are looking at NFTs as a new source of income
Globally, many sports teams have launched their NFT collection to generate an additional revenue stream, as the popularity of NFTs among the general public continues to grow quarter by quarter.
- In June 2021, the Brazilian Football Confederation announced that it had entered into a multi-year contract with Turkish blockchain startup, Bitci, to launch NFTs and fan tokens on BitciChain’s platform. With the national team having the most fans worldwide, the availability of NFTs and fan tokens on the Bitci platform will allow fans to feel more engaged and connected to the team.
As the popularity of NFTs continues to rapidly increase globally, the publisher expects an increasing number of sports teams to collaborate and launch NFTs in the short to medium term.
NFT marketplaces are choosing an environmentally friendly way to drive their growth in Brazil. With artists and collectors alarmed by the ecological footprint of cryptic art, NFT marketplaces in Brazil are opting for an eco-friendly way to attract more artists to their platform, which will later help them fuel their growth.
- Hic et Nunc, one of the leading Brazil-based NFT marketplaces for artists globally, creates artwork on the Tezos blockchain, which uses only a fraction of the energy of its rival blockchains, such as Ethereum. In addition to this, the energy-efficient Tezos blockchain costs only 30 cents compared to USD 200 to perform a single transaction on the Ethereum blockchain.
As the popularity of NFTs continues to grow globally, Brazilian startups and artists are creating NFT collections and raising millions of dollars by selling them.
- In March 2022, Lumx Studios, one of the leading startups from Rio de Janerio developing experiences in the metaverse, announced that the firm had earned R$2 million by entering the NFT market with the 55Unity collection. To date, the 55Unity collection remains the largest collectible project, having sold 3,000 tokens in 28 hours.
- In September 2021, Monica Rizzolli announced that the generative art collection NFT, Fragments of an infinite field, was sold for R$28.35 million at an auction. In particular, the generative artworks are generated during the embossing process; therefore, neither the artists nor the collectors can know what the final result of the work will look like.
scope
Brazil NFT market size and future growth dynamics by key performance indicators, 2019-2028
Brazil NFT Market Size and Forecast by Key Asset, 2019-2028
- Collectables and art
- Property
- Sport
- Gaming
- Benefit
- Fashion and luxury
- Other
Brazil NFT Market Size and Forecast by NFT Key Collection Objects, 2019-2028
- Digital art
- Music and sound clips
- Videos
- Memes and Gifs
- Other
Brazil NFT Market Size and Forecast by Currency, 2019-2028
- Ethereum
- Solana
- Avalanche
- Polygon
- BSC
- Flow
- Wax
- Ronin
- Other
Brazil NFT Market Size and Forecast by Sales Channel, 2019-2028
Brazil user statistics, 2019-2028
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