DUBLIN–(BUSINESS WIRE)–the report “Germany 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 Germany is expected to grow by 46.0% YoY to reach USD 1109.4 million in 2022.
The NFT industry is expected to grow steadily over the forecast period, registering a CAGR of 33.4% during 2022-2028. The NFT use value in the country will increase from USD 1109.4 million in 2022 to reach USD 5706.6 million by 2028.
Globally, the NFT market is booming since NFTs are an innovation that establishes property rights in the digital zone for the first time, and this unique feature drives the value of NFTs and thus the market.
In Germany, NFTs are mainly used in digital trading cards, game figures, virtual lands in virtual worlds or crypto art. According to a new crypto exchange aggregator, Coincub, Germany had edged out Singapore as the most crypto-friendly country. Germany adopted blockchain technology way back in 2019, increasing its digital transformation. This further made the country an attractive hub for the development of blockchain, NFT, Web3 and metaverse applications that are further leveraged in fintech, climate technology and businesses, including Germany’s digital identity project.
Since the country started allowing crypto investments in long-term domestic savings, the country proved to be the most suitable for crypto investments. Therefore, the publisher expects that in a country like Germany, where the government’s policy is smart and sharp and far ahead, the country is likely to experience significant growth over the next three to four years.
German companies such as About You, SAP, BrainBot, BigchainDB and many others have developed NFT, Metaverse, Web3 and crypto payment applications in e-commerce platforms. To finance these upcoming new technologies, a New York-based ETF sponsor focused on innovative thematic funds, Roundhill Investments, introduced the Roundhill Ball Metaverse UCITS ETF on the Deutsche Borse Xetra in March 2022. This is Germany’s first metaverse exchange-traded fund.
It can thus be inferred that this development has made it possible for Germany to adopt and utilize the NFT market in various businesses and organizations in the country. Furthermore, various blockchain startups had established themselves in Germany’s crypto capital Berlin, boosting NFT and allied emerging markets.
The publisher estimates that the country with a regulatory framework that facilitates crypto investment over the next four to eight quarters is likely to see significant new startups and established businesses plunging into the NFT space to drive business growth.
Drivers of the NFT market
The main technology behind most NFTs is the Ethereum cryptocurrency’s blockchain, a distributed public ledger that records transactions. People are interested in crypto trading and like to collect artwork of NFTs. Germany was ranked as one of the European countries that saw high cryptocurrency adoption in Q1 2022 by Coinclub, an online portal for coin collectors. A few drivers in the NFT market provide impetus to the NFT market in Germany.
Public regulations that facilitate the NFT market in the country
Of all the EU countries, Germany enables the user to invest in crypto for long-term domestic savings. Its zero tax policy supports long-term capital gains from crypto investments. Therefore, it clearly states that these pro-government regulations gave momentum to NFT adoption in the country.
Early adoption of blockchain technology in the country
Germany was the first country to adopt blockchain technology and leveraged it to promote digital transformation in 2019., At the end of January 2021, Germany’s second largest stock exchange, Boerse Stuttgart Group, officially introduced its crypto trading app Bison, which enables free-Free Bitcoin trading (BTC), Ethereum (ETH), Litecoin (LTC) and Ripple (XRP).
Therefore, early adoption of this technology helped to develop NFTs, Web3 and metaverse applications in fintech, climate technology and business in Germany. In addition, various companies in Germany started developing NFT, Metaverse, Web3 and crypto payment applications that leverage this technology.
Royal economies give momentum to the NFT market in the country
When a person buys an NFT, they gain ownership of the content. However, once it is made public, its value will continue to increase the more it is seen on the internet. Thus, this is a continuous source of income for the original creator as popular digital assets are bought and sold over time. Artists enter the NFT space with mutations of their artworks in the country to earn money
With the growing popularity of NFTs, artists and content creators are converting their digital artworks to earn money. Having minted the NFT, the creators have ownership of this unique content. Therefore, an increasing number of artists are seen minting NFTs to increase their profits in the long term.
A German-Polish artist, Alicja Kwade, who created artwork of her genome in 2020, had mutated into a series of NFTs in 2022. Her artwork, Selbstportrait, German for a self-portrait, was printed on 259,025 sheets of A4 paper.
Interestingly, these NFTs are innovative as each part of the artwork will help the collector trace back to the person, the artist herself, as these NFTs are her genetic traits now made public. Her DNA self-portrait, Selbstportrait, differs from the traditional self-portrait as it is a matrix and depicts information that emphasizes similarities between individuals.
It also points to how many differences are determined by an individual’s upbringing, beliefs and social injustices. Therefore, the publisher expects that this unique DNA-based artwork will receive significant accolades from collectors and fans in the country.
Reasons to buy
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Suitable for providing accurate data and high quality analysis to support internal and external presentations.
scope
Germany NFT market size and future growth dynamics by key performance indicators, 2019-2028
Germany 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
Germany 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
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Other
Germany 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
Germany NFT Market Size and Forecast by Sales Channel, 2019-2028
Germany’s user statistics, 2019–2028
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