DUBLIN–(BUSINESS WIRE)–the report “China 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 China is forecast to grow at a CAGR of 69.5% to reach $4,882.5 million in 2022.
The NFT industry is expected to grow steadily over the forecast period, registering a CAGR of 49.6% during 2022-2028. The NFT usage value in the country will increase from USD 4882.5 million in 2022 to USD 48332.2 million by 2028.
The NFT industry is also growing with new projects and players in China. This shows the significant growth potential of the Chinese NFT industry, suggesting that many opportunities are untouched or unexplored. As the popularity of NFT continues to grow in China, many of the largest internet companies have launched their own NFT trading platforms, which either act as an exchange or marketplace where Chinese consumers can buy and sell various types of digital assets. With the growing number of investors looking to get involved in the Chinese NFT market, there are more opportunities.
Instead of using the term NFT, China uses the term “digital collectibles” to describe non-fungible tokens due to government opposition to cryptocurrency. Despite the Chinese government’s concerns about cryptocurrencies, the government does not plan to hinder the growing NFT market as long as it does not lead crypto traders away from conventional financing methods.
Among the factors that have driven the popularity of NFTs among the general public include the tech-savvy nature of consumers and the country’s high smartphone and internet penetration rate. Moreover, the ban on cryptocurrencies by the Chinese government has also supported the popularity of NFTs among consumers in the last 12 months.
The trends are expected to continue for the next four to eight quarters as more and more players, including the government, enter the NFT sector. This will subsequently drive the popularity of NFTs among the general public, thereby supporting overall market growth in the short to medium term.
Over the past 12 months, several major Chinese companies have jumped on the NFT bandwagon. These include internet technology giants, blockchain startups, retail brands and art auction houses.
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In June 2021, Alipay announced the launch of 8,000 limited NFTs in the country, based on two ancient artworks from the Dunhuang Caves.
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In August 2021, Tencent, one of the leading social media companies in the country, announced the launch of its NFT procurement and fundraising platform, Huanhe.
Chinese media firms launch NFT platforms and collections
As the popularity of NFT continues to grow among the general public in China, firms across industry verticals are seeking to develop and launch innovative NFT projects in the country.
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In March 2022, Mango TV, the state-owned media company, announced that it plans to launch an NFT platform. In particular, the digital collectibles are expected to be based on the firm’s current IP holdings. However, if the platform grows, Mango TV is expected to seek new IP partners to develop and launch a range of digital collectibles over the next four to eight quarters.
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In December 2021, Xinhua News Agency, the state media firm, also announced that it plans to launch digital collectibles in the form of NFTs. The publisher expects more such media-focused firms to launch their NFT platforms and collections over the next four to eight quarters, as interest in NFTs continues to grow among the general public in China.
This report provides an in-depth, data-centric analysis of the NFT market in China and below is the summary of key market segments:
China NFT market size and future growth dynamics by key performance indicators, 2019-2028
China 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
China NFT Market Size and Forecast by Key NFT Collectibles, 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
China 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
China NFT Market Size and Forecast by Sales Channel, 2019-2028
China user statistics, 2019–2028
For more information on this report visit
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