Latin America NFT Market Intelligence and Future Growth Dynamics Databook 2022: The market is expected to grow by 48.4% to reach $5,871.1 million in 2022

DUBLIN, 6 January 2023 /PRNewswire/ — The “Latin America 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 i Latin America is expected to grow by 48.4% year-on-year to reach USD 5871.1 million in 2022.

The NFT industry is expected to grow steadily over the forecast period, registering a CAGR of 34.8% during 2022-2028. The NFT use value in the country will increase from USD 5871.1 million in 2022 to now USD 31994.3 million by 2028.

The non-fungible token (NFT) market i Latin America has undergone strong expansion in recent years. The presence of Brazilian sports players in NFT marketplaces has supported the widespread use of NFTs among the general public.

In addition, the use of NFT in the art industry has also grown significantly in these countries. Adoption by visual artists and some well-known names in the music industry supports the growth of the NFT industry i Brazil.

With the NFT industry having registered strong growth in the last four quarters in Brazil, NFT marketplaces want to exploit the market potential with high growth. 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.

As the popularity of NFTs continues to rapidly increase globally, the publisher expects an increasing number of sports teams to collaborate and launch NFTs soon.

NFT marketplaces i Brazil choose an eco-friendly way to attract more artists to their platform, which will later help them drive their growth.

Hic et Nunc, one of the leading Brazil-based NFT marketplaces for artists globally put artwork on the Tezos blockchain, which uses only a fraction of the energy of its rival blockchains, such as Ethereum. In addition, the energy-efficient Tezos blockchain costs only 30 cents compared with USD 200 to complete a single transaction on Ethereum blockchain.

The story continues

As the popularity of NFTs continues to grow globally, Brazilian startups and artists are creating NFT collections and raising millions of dollars by selling them.

IN March 2022Lumx Studios, one of the leading startups from Rio de Janeiro which develops experiences in the metaverse, announced that the firm had earned R$ 2 million by entering the NFT market with the 55Unity collection. To date, the 55Unity collection remains the largest collectible project, having sold 3,000 tokens in 28 hours.

IN September 2021Monica Rizzolli announced that the generative art NFT collection, Fragments of an infinite field, was sold for R$28.35 million in an auction.

The publisher expects similar trends to develop in the Mexican NFT market over two to three years. Several brands have already started mixing NFT into their marketing strategies with increasing frequency. This trend is expected to intensify in the country in the short to medium term as awareness and adoption among customers continues to grow in Mexico further. The publisher therefore expects that the increasing use of NFTs among brands will drive the market’s future growth in the country.

Music festivals use NFTs as part of their marketing strategies i Mexico. Over the past 12 months, NFT popularity has grown continuously. In the growing conversations about NFTs i Mexicomusic festivals have started using NFTs as part of their marketing strategies.

IN March 2022Cerveza Tecate Pa’l Norte, one of the biggest music festivals in Mexico, announced the creation and sale of NFTs. In particular, the NFTs, created especially for the event and loaded with lifetime benefits for their owners, were part of Cerveza Tecate’s marketing strategy.

Football leagues launch NFT collectibles to generate new revenue stream amid pandemic impact on revenue

IN April 2021Liga MX, the top soccer league in the country, announced that it would launch the NFT collection at the beginning of the 21’/22′ season, which was scheduled to start at the end of August 2021. To launch its NFT collection, Liga MX entered into a strategic partnership with Bondly, the NFT marketplace that auctioned the NFTs.

Notably, Liga MX is one of the first soccer leagues to launch NFT collectibles. Globally, several individual teams have entered the NFT space and announced the sale of their collectibles.

Football clubs enter into strategic partnerships with NFT platforms to launch NFT collectibles

Several global soccer clubs and players are entering the NFT space to launch their NFT collectibles. Similar trends are visible in Mexicowhere football clubs partner with global NFT platforms to launch their NFTs.

IN February 2022Atlas Futbol Club announced that the club has entered into a strategic partnership with Sorare, the French NFT platform, which allows fans to trade NFT cards for their favorite players.

NFTs help communities rebuild an underserved Mexican village

Due to its geographical location, Cumulativea small village in Mexico’s Yucatan peninsula region, most government funding for development projects failed to reach the village. This is why most of the region and population remained underserved for many years. However, things began to change when a local bakery owner, Jennifer Smithlaunched the Akumal Arts Festival in 2018.

In particular, the event attracted artists from all over the world who visited the region to decorate the city with beautiful images. The art festival caught the attention of the local authorities, and a small amount of development work is now underway in the region. But in 2022, thanks to NFTs, the Akumal Arts Festival is expected to help Cumulative community rebuild the underserved Mexican village.

IN January 2022hundreds of artists worldwide gathered Cumulative for the festival sponsored by Third Rail Art. These artists created murals, organized various community-driven interaction programs and conducted workshops during the art festival.

IN April 2022, Third Rail Art dropped animated NFTs of some select murals from the festival on its street-art NFT platform. Called the NFT-4-GOOD collection, 85% of the proceeds from the NFT are expected to go to the Akumal Cultural Foundation. These NFTs were designed by artists who created the original murals in collaboration with the Cryptic Gallery.

As the NFT market matures and develops in Mexico, the publisher expects more innovative NFT use cases to emerge over the next three to four years. This will continue to support market growth in the short to medium term.

Cryptocurrency exchanges turn popular Mexican games into a Solana-based NFT experience

Among the growing number of use cases, raising funds through NFTs is the most common. Many organizations globally use NFTs to raise funds for non-profit organizations. In particular, similar trends are seen in Mexicowhere cryptocurrency exchange turns the famous Mexican game into a Solana-based NFT experience.

IN October 2021FTX, one of the leading cryptocurrency exchanges, announced that the firm is turning the famous Mexican game Loteria into an NFT-centric game at Solana. In particular, the firm stated that the funds from the project would benefit the non-profit organization. The nonprofits that will benefit from the project include the Hispanic Heritage Foundation, the Rising Tide Network and the Latino Community Foundation.

This is an overall offer, which combines 6 reports, which cover regional insight together with data-centric analysis at regional and country level:

1. Latin America NFT Market Insight Brief
2. Latin America NFT Market Intelligence and Future Growth Dynamics Databook
3. Argentina NFT Market Intelligence and Future Growth Dynamics Databook
4. Brazil NFT Market Intelligence and Future Growth Dynamics Databook
5. Colombia NFT Market Intelligence and Future Growth Dynamics Databook
6. Mexico NFT Market Intelligence and Future Growth Dynamics Databook

scope

This report provides an in-depth, data-centric analysis of the NFT Market and below is the summary of key market segments:

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 https://www.researchandmarkets.com/r/knt3ge

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