DUBLIN–(BUSINESS WIRE)–The report “Global 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.
Global NFT industry is expected to grow at a CAGR of 51.0% to reach USD 46157.4 million by 2022 on a global scale.
The NFT industry is expected to grow steadily over the forecast period, registering a CAGR of 37.1% during 2022-2028. The NFT use value in the country will increase from USD 46157.4 million in 2022 to reach USD 278475.3 million by 2028.
The NFT market has witnessed significant growth recently. The NFT market is booming since NFTs are an innovation that establishes property rights in the digital zone for the first time, and this uniqueness drives the value of NFTs.
The increasing influence of celebrities on NFT adoption, the modernization of the gaming business, and the modest but steady increase in demand for digital artwork are all important elements driving the pace of NFT growth. Furthermore, as NFT startups continue to innovate and develop differentiated NFT products, it will further accelerate their global growth.
The UK’s NFT industry also receives support from the government. In particular, the government’s support for the development of the NFT industry is evidence of the high growth potential of the UK NFT market. The NFT space has received approval from large institutions, including public and private. As the industry continues to record strong growth on the back of growing public interest in digital assets, public institutions globally are changing their perception of NFTs.
In the UK, the government has adopted a forward-looking approach by announcing plans to create an NFT that seeks to lead the way in crypto. In April 2022, the UK Chancellor of the Exchequer asked the Royal Mint to create and issue NFTs by the summer. In addition, the government announced steps to bring digital assets under more regulatory scrutiny. The publisher expects that the forward-looking approach adopted by the UK government will drive the next phase of growth for the NFT industry in the country.
The non-fungible token (NFT) market in Latin America has undergone strong expansion in recent years. In addition, the adoption of visual artists and some famous names in the music industry supports the growth of the NFT industry in Brazil and Mexico. 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.
The emergence of NFTs has created a space for digital artists in the Asia-Pacific region and offered them a more sensible way to reach the inaccessible audience. The NFT market has enabled artists who previously worked with brands and agencies to find a more independent alternative, creating endless opportunities for them.
In India, many artists have sold their works on various NFT platforms, thus creating a new source of income. Several large Chinese companies have jumped on the NFT bandwagon. These include internet technology giants, blockchain startups, retail brands and art auction houses.
In the Middle East and Africa region, particularly in the United Arab Emirates, there has been an increase in NFT-related activities. In 2022, Art Dubai – the largest contemporary art fair in the MENA region – welcomed nearly 100 international and local art dealers and a digital collection of 17 platforms and galleries dedicated to showcasing and selling NFTs. As more and more countries seek to impose strict regulatory measures on NFTs, there has been a noticeable increase in the purchase, sale and creation of NFTs in the UAE.
Several innovative NFT marketplaces have also emerged in the country, making it relatively easier for the general public to buy, sell and trade NFTs. From NFT-based startups to cryptocurrency exchanges, several players are entering the NFT market in the Middle East and Africa; The presence of more NFT marketplaces has also supported the increase in NFT trading transaction value and volume, the trend is expected to gain further momentum globally
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.
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.
scope
NFT Market Size and Forecast by Key Asset, 2019-2028
-
Collectables and art
-
Property
-
Sport
-
Gaming
-
Benefit
-
Fashion and luxury
-
Other
NFT Market Size and Forecast by Key NFT Collectibles, 2019-2028
-
Digital art
-
Music and sound clips
-
Videos
-
Memes and Gifs
-
Other
NFT Market Size and Forecast by Currency, 2019-2028
-
Ethereum
-
Solana
-
Avalanche
-
Polygon
-
BSC
-
Flow
-
Wax
-
Ronin
-
Other
NFT Market Size and Forecast by Sales Channel, 2019-2028
User statistics, 2019-2028
For more information on this report visit
