China NFT Market Intelligence and Future Growth Dynamics Databook 2022: A $48.3 Billion Market by 2028
Dublin, Jan. 04, 2023 (GLOBE NEWSWIRE) — The “China 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.
The NFT industry in China is expected to grow by 69.5% YoY 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.
In 2021, non-fungible tokens (NFT) was the most popular word, and its popularity is expected to continue in 2022. 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.
Currently, most of the NFT transactions in the country are decoupled from cryptocurrencies. In China, NFT purchases are made directly through RMB, using traditional non-encryption methods, such as Alipay, WeChat Pay and bank cards for payment processing. The creators of NFTs in the country have not yet opened a secondary market for trading such tokens due to a number of regulations from the Chinese government. However, a pilot market for digital art trading is expected to be launched by the government in 2022.
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 publisher expects the trend to continue over 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.
Leading players in the Chinese NFT market
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.
Apart from these major technology players, NFTCN is another leading player in the Chinese NFT industry.
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 April 2022, the People’s Daily, the official publication of the Chinese Communist Party (CCP), plans to develop and launch an NFT collection of traditional and modern Chinese paintings.
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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.
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Key topics covered:
1 About this report
1.1 Summary
1.2 Methodology
1.3 NFT Definitions
1.4 Disclaimer
2 China NFT market size and future growth dynamics by key indicators
2.1 China NFT – Total Sales Spend Value Trend Analysis, 2019–2028
2.2 China NFT – Total Sales Spend Volume Trend Analysis, 2019–2028
2.3 China NFT – average value per transaction Trend analysis, 2019–2028
3 China NFT Key Market Insight and Innovation
3.1 Consumer behaviour
3.2 Competitive landscape and growth strategies
3.3 Regulatory trends
4 China NFT Market Size and Forecast by Key Asset
4.1 China NFT Market Share by Key Asset (%), 2021 vs. 2028
4.2 China NFT Collectibles and Art Trend Analysis, 2019-2028
4.3 China NFT Real Estate Trend Analysis, 2019–2028
4.4 China NFT Sports Trend Analysis, 2019-2028
4.5 China NFT Gaming Trend Analysis, 2019-2028
4.6 China NFT Utility Trend Analysis, 2019–2028
4.7 China NFT Fashion and Luxury Trend Analysis, 2019-2028
4.8 China NFT Other Assets Trend Analysis, 2019–2028
5 China NFT Collectibles and Art Market Size and Forecast by Key Asset
5.1 China NFT Collectibles and Art Market Share by Key Asset (%), 2021 vs. 2028
5.2 China NFT Collectibles and Art – Digital Art Spend Value Trend Analysis, 2019–2028
5.3 China NFT Collectibles and Art – Music and Audio Clips Value Trend Analysis, 2019-2028
5.4 China NFT Collectibles and Art – Video Consumption Value Trend Analysis, 2019-2028
5.5 China NFT Collectibles & Art – Memes & GIF Spend Value Trend Analysis, 2019-2028
5.6 China NFT Collectibles and Art – Other Assets Value Development Analysis, 2019-2028
6 China NFT Market Size and Forecast by Currency
6.1 China NFT market share by currency (%), 2021 vs. 2028
6.2 China NFT Currency Ethereum – Spend Value Trend Analysis, 2019-2028
6.3 China NFT Currency Solana – Spend Value Trend Analysis, 2019–2028
6.4 China NFT Currency Avalanche – Spend Value Trend Analysis, 2019-2028
6.5 China NFT Currency Polygon – Spend Value Trend Analysis, 2019-2028
6.6 China NFT Currency BSC – Spend Value Trend Analysis, 2019–2028
6.7 China’s NFT Currency Flow – Consumption Value Trend Analysis, 2019-2028
6.8 China NFT Currency WAX – Spend Value Trend Analysis, 2019-2028
6.9 China NFT Currency Ronin – Spend Value Trend Analysis, 2019-2028
6.10 China NFT Other Currencies – Spend Value Trend Analysis, 2019-2028
7 China NFT Market Size and Forecast by Key Sales Channels
7.1 China NFT Market Share by Key Sales Channels (%), 2021 vs. 2028
7.2 China NFT Primary Market – Consumption Value Analysis, 2019-2028
7.3 China NFT Secondary Market – Spend Value Trend Analysis, 2019-2028
8 China Internet User Statistics and Population, 2019–2028
8.1 China Internet User Trends Analysis, 2019-2028
8.2 China’s Internet Penetration Rate, 2019-2028
8.3 Analysis of the adult population in China, 2019–2028
For more information on this report, visit https://www.researchandmarkets.com/r/je3kc5
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