Dublin, Dec. 07, 2022 (GLOBE NEWSWIRE) — The “Japan 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 Japan is expected to grow by 53.0% YoY to reach USD 1361.5 million in 2022.
The NFT industry is expected to grow steadily over the forecast period, registering a CAGR of 38.7% during 2022-2028. The NFT use value in the country will increase from USD 1361.5 million in 2022 to reach USD 8807.2 million by 2028.
NFTs, a new type of crypto-asset representing digital objects, from photos and videos to clothes for avatars, have started to gain popularity in the last four to eight quarters globally. NFTs are data sets in a digital ledger that prove ownership and help the investor recoup the sale of these unique digital assets. These NFTs are not exactly new, with the first NFTs launching in the mid-2010s. On the other hand, the latest numbers create a dilemma as to whether the bubble will burst or not since weekly NFT sales have plummeted across the globe.
With the hype growing globally among business players, artists and entertainers, Japan also joined the new trend to create a new digital economy. Consequently, consulting providers on cryptoassets and blockchains witnessed increasing demand from various artists, publishers and Japan. For example, the Tokyo-based startup Gracone earned significantly through its consulting service in the country.
Although Japan is still in the early stages of development, companies and organizations have partnered with NFT and blockchain platforms to launch innovative products. In particular, the booming NFT market has attracted Coincheck Inc., a major cryptocurrency exchange operator in Japan, to introduce its NFT marketplace in March 2021.
More importantly, many people in Japan are suspicious of cryptocurrencies and NFTs. Also, many Japanese people are interested in, but don’t know what to do with them. HEXA, a new NFT platform, was created in Japan, helping people buy and sell NFTs in Japanese yen without having any cryptocurrency wallets. Users can also use the platform without paying transaction or gas fees, while specifying royalty and unlockable content such as OpenSea.
Despite the growing interest of Japanese creators and businesses in the market, NFTs still face obstacles in the country. Since the technical know-how of people is essential to install and manage cryptocurrency wallet services required to serve these NFTs, the market faces various headwinds to grow. Improving usability for general users is a challenge in the current NFT market scenario in Japan. Along with this, the legal issue also surrounds NFT ownership in the country.
Amidst such uncertainties, the publisher expects NFTs to be a game-changer in the long run as Japan has successful pop culture, anime and manga, which has the potential to take the trend forward over the next four to eight quarters in the country.
NFT platforms bring Japanese artists and creators together on a single platform
With the change of the world from the physical to the digital, various artists and creators are sharing their rich culture with the world in the form of NFTs. Therefore, NFT platforms are taking the initiative to bring these artists and creators on a single platform to attract more customers in the long term in Japan.
In April 2022, a new NFT marketplace, Primes, was developed by Angela Global Co. Ltd. to aggregate Japanese content into a single platform and convert it into NFTs to protect the work of Japanese creators. Since Japan has a very rich culture, this new platform chose the Japanese content to launch as NFTs on the Primes market.
Based out of Taiwan, this platform is not limited to the Japanese marketplace, but also to the US, Oceania, Asia and the Middle East. Primes is a new economic zone that allows users worldwide to discover collected and innovative NFTs, thereby generating revenue.
Japanese entertainment conglomerates and video game companies are venturing into the NFT space, vying for the growing market
Post the success of the first Ethereum NFT in Japan, the industry saw a significant increase in early 2021; the boom was carried out well, with artists and celebrities buying their own NFTs. As a result, various businesses and organizations plunged into the high-growth market to earn long-term profits.
In September 2021, Japanese entertainment conglomerate and video game company Square Enix announced to enter the NFT space with NFT-centric projects, including blockchain-based video games and collectibles.
Square Enix launched NFT digital trading cards in Japan, which are based on the anime and video game franchise “Shi-San-Sei Million Arthur” together with developer Double Jump. Tokyo/MCH+. This was the water testing strategy of the company, which was successful as all the cards were sold.
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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 Japan NFT market size and future growth dynamics by key indicators
2.1 Japan NFT – Total Sales Consumption Value Analysis, 2019-2028
2.2 Japan NFT – Total Sales Consumption Volume Analysis, 2019-2028
2.3 Japan NFT – Average value per transaction Trend analysis, 2019-2028
3 Japan NFT Key Market Insight and Innovation
3.1 Consumer behaviour
3.2 Competitive landscape and growth strategies
3.3 Regulatory trends
4 Japan NFT Market Size and Forecast by Key Asset
4.1 Japan NFT Market Share by Key Asset (%), 2021 vs. 2028
4.2 Japan NFT Collectibles and Art Trend Analysis, 2019–2028
4.3 Japan NFT Real Estate Trend Analysis, 2019-2028
4.4 Japan NFT Sports Trend Analysis, 2019-2028
4.5 Japan NFT Gaming Trend Analysis, 2019-2028
4.6 Japan NFT Utility Trend Analysis, 2019–2028
4.7 Japan NFT Fashion and Luxury Trend Analysis, 2019-2028
4.8 Japan NFT Trend analysis for other assets, 2019–2028
5 Japan NFT Collectibles and Art Market Size and Forecast by Key Asset
5.1 Japan NFT Collectibles and Art Market Share by Key Asset (%), 2021 vs. 2028
5.2 Japan NFT Collectibles and Art – Digital Art Spend Value Trend Analysis, 2019–2028
5.3 Japan NFT Collectibles and Art – Music and Audio Clips Value Trend Analysis, 2019-2028
5.4 Japan NFT Collectibles and Art – Video Consumption Value Trend Analysis, 2019-2028
5.5 Japan NFT Collectibles and Art – Memes & GIF Spend Value Trend Analysis, 2019–2028
5.6 Japan NFT Collectibles and Art – Other Assets Value Development Analysis, 2019-2028
6 Japan NFT Market Size and Forecast by Currency
6.1 Japan NFT Market Share by Currency (%), 2021 vs. 2028
6.2 Japan NFT Currency Ethereum – Spend Value Trend Analysis, 2019-2028
6.3 Japan NFT Currency Solana – Spend Value Trend Analysis, 2019-2028
6.4 Japan NFT Currency Avalanche – Spend Value Trend Analysis, 2019–2028
6.5 Japan NFT Currency Polygon – Spend Value Trend Analysis, 2019-2028
6.6 Japan NFT Currency BSC – Spend Value Trend Analysis, 2019-2028
6.7 Japan NFT Currency Flow – Consumption Value Trend Analysis, 2019-2028
6.8 Japan NFT Currency WAX – Spend Value Trend Analysis, 2019-2028
6.9 Japan NFT Currency Ronin – Consumption Value Trend Analysis, 2019-2028
6.10 Japan NFT Other Currencies – Spend Value Trend Analysis, 2019-2028
7 Japan NFT Market Size and Forecast by Key Sales Channels
7.1 Japan NFT Market Share by Key Sales Channels (%), 2021 vs. 2028
7.2 Japan NFT Primary Market – Spend Value Trend Analysis, 2019-2028
7.3 Japan NFT Secondary Market – Spend Value Trend Analysis, 2019-2028
8 Japan Internet User Statistics and Population, 2019–2028
8.1 Trend analysis for Japanese internet users, 2019–2028
8.2 Japan Internet Penetration Rate, 2019-2028
8.3 Japanese Adult Population Trend Analysis, 2019–2028
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