DUBLIN–(BUSINESS WIRE)–The report “Malaysia 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 Malaysia is expected to grow by 49.9% YoY to reach $536.7 million in 2022.
The NFT industry is expected to grow steadily over the forecast period, registering a CAGR of 35.7% during 2022-2028. The NFT use value in the country will increase from USD 536.7 million in 2022 to reach USD 3028.8 million by 2028.
Non-fungible tokens (NFT), which have registered significant growth globally, are also seeing phenomenal growth in Malaysia. Many Malaysian artists have ventured into the NFT space over the past two years as they attempt to capitalize on the growing trend and earn financial freedom through NFTs.
With NFTs helping industry players make art more accessible to the public and expanding the collection of collectors, NFTs are expected to outpace the conventional art market auctions as it continues to gain wider acceptance and availability among art auction buyers. The growing NFT momentum in the country has disrupted the local art scene ecosystem. In 2021, Malaysian graffiti artist Katun earned more than RM 1.6 million through the sale of his NFT collection, which sold out within 24 hours.
Since then, many artists have entered the NFT space in Malaysia as more and more people see NFTs as the future of ownership. In this growing awareness and usage of NFTs, several local NFT marketplaces have emerged and have registered strong growth in the country. There has been a significant increase in Malaysia’s NFT transaction value and volume over the past 12 months.
Companies and associations have jumped on the NFT bandwagon to stamp their works of art. Amid this growing trend of NFTs in Malaysia, it has become imperative for art galleries to change their mindset and embrace digital assets or they will be left behind. A Malaysian art gallery that has embraced NFTs is the Kelantan Art Gallery, featured on a local NFT platform, Pentas.io.
With the NFT adoption rate being one of the highest in Malaysia, the growing popularity of digital assets among the general public is expected to further drive market growth over the next three to four years.
Adoption of NFTs across various industries is expected to further drive market growth in Malaysia
The popularity of NFTs has increased significantly in the last 12 months among Malaysians. With the trend expected to continue in the short to medium term, the publisher expects more and more brands to enter the NFT space in Malaysia. Already, several different brands across industries, such as fashion and fast food restaurants, have jumped on the NFT bandwagon in the country.
As the digital asset gains momentum and becomes mainstream in Malaysia, the publisher expects more firms across various industry verticals to adopt NFTs. This will subsequently promote innovation in the market, and thus drive higher transaction value and volume in the short to medium term.
An increasing number of NFT marketplaces is driving the market growth in Malaysia
With the popularity of NFTs increasing among the general public, more and more startups are entering the NFT space by launching their own NFT marketplace. These marketplaces make it easier for Malaysians to buy, sell and trade in NFTs, resulting in higher transaction value and volume over the past 12 months.
As demand for NFTs continues to grow in Malaysia and more and more brands enter the digital asset space, the publisher expects more local and global players to expand their footprint in the NFT sector over the next three to four years. This will continue to promote market growth and competition in Malaysia in the short to medium term.
Malaysian artists turning to NFTs to gain financial freedom are driving market growth in the country
Before the global pandemic outbreak closed art and performance spaces in March 2020, the art galleries and festivals in Malaysia provided a lifeline and inspiration to the country’s artists. But with that pandemic causing disruption, most of the artists in the country struggled to survive financially.
In the wake of this disruption, some artists began to venture into the new world of NFTs. While initially taken as a fun pastime, the growth of the market has changed the way artists now view digital assets in Malaysia. Also, with some artists making hundreds of thousands of dollars in NFT sales, many artists have turned to NFTs to gain financial freedom.
In September 2021, Malaysia-based graffiti artist Abdul Hafiz Abdul Rahman, also known as Katun, sold two of his NFT collections in less than 24 hours, fetching the artist a sum of RM1.6 million or US$400,000. Notably, this also became the most expensive the batch of NFTs ever sold by an artist in Malaysia in one release at that time.
Visithra Manikam, a Malaysian Indian artist, also found increasing success on the OpenSea NFT platform after facing criticism for more than six years. The NFT collection, called Token Indian, gained widespread popularity in Malaysia. Notably, her art was picked up online by Snoop Dogg. As of November 2021, her NFT collection has amassed 91 Ethereum in traded volume, equivalent to RM1.58 million.
The publisher expects more artists to enter the NFT space in Malaysia over the next three to four years as they continue to seek financial freedom. This will continue to drive overall market growth from the short to medium term in the country.
Key topics covered:
1 About this report
1.1 Summary
1.2 Methodology
1.3 NFT Definitions
1.4 Disclaimer
2 Malaysia NFT market size and future growth dynamics by key indicators
2.1 Malaysia NFT – Total Sales Consumption Value Analysis, 2019-2028
2.2 Malaysia NFT – Total Sales Consumption Volume Analysis, 2019-2028
2.3 Malaysia NFT – Average Value Per Transaction Trend Analysis, 2019-2028
3 Malaysia NFT Key Market Insight and Innovation
3.1 Consumer behaviour
3.2 Competitive landscape and growth strategies
3.3 Regulatory trends
4 Malaysia NFT Market Size and Forecast by Key Asset
4.1 Malaysia NFT Market Share by Key Asset (%), 2021 vs. 2028
4.2 Malaysia NFT Collectibles and Art Trend Analysis, 2019-2028
4.3 Malaysia NFT Real Estate Trend Analysis, 2019–2028
4.4 Malaysia NFT Sports Trend Analysis, 2019-2028
4.5 Malaysia NFT Gaming Trend Analysis, 2019-2028
4.6 Malaysia NFT Utility Trend Analysis, 2019-2028
4.7 Malaysia NFT Fashion and Luxury Trend Analysis, 2019-2028
4.8 Malaysia NFT Trend analysis for other assets, 2019–2028
5 Malaysia NFT Collectibles and Art Market Size and Forecast by Key Asset
5.1 Malaysia NFT Collectibles and Art Market Share by Key Asset (%), 2021 vs. 2028
5.2 Malaysia NFT Collectibles and Art – Digital Art Spend Value Trend Analysis, 2019-2028
5.3 Malaysia NFT Collectibles and Art – Music and Audio Clips Value Trend Analysis, 2019-2028
5.4 Malaysia NFT Collectibles and Art – Video Consumption Value Trend Analysis, 2019-2028
5.5 Malaysia NFT Collectibles & Art – Memes & GIF Spend Value Trend Analysis, 2019-2028
5.6 Malaysia NFT Collectibles and Art – Other Assets Spend Value Trend Analysis, 2019-2028
6 Malaysia NFT Market Size and Forecast by Currency
6.1 Malaysia NFT Market Share by Currency (%), 2021 vs. 2028
6.2 Malaysia NFT Currency Ethereum – Spend Value Trend Analysis, 2019-2028
6.3 Malaysia NFT Currency Solana – Spend Value Trend Analysis, 2019-2028
6.4 Malaysia NFT Currency Avalanche – Spend Value Trend Analysis, 2019–2028
6.5 Malaysia NFT Currency Polygon – Spend Value Trend Analysis, 2019-2028
6.6 Malaysia NFT Currency BSC – Spend Value Trend Analysis, 2019-2028
6.7 Malaysia NFT Currency Flow – Consumption Value Trend Analysis, 2019-2028
6.8 Malaysia NFT Currency WAX – Spend Value Trend Analysis, 2019-2028
6.9 Malaysia NFT Currency Ronin – Spend Value Trend Analysis, 2019-2028
6.10 Malaysia NFT Other Currencies – Spend Value Trend Analysis, 2019-2028
7 Malaysia NFT Market Size and Forecast by Key Sales Channels
7.1 Malaysia NFT Market Share by Key Sales Channels (%), 2021 vs. 2028
7.2 Malaysia NFT Primary Market – Spend Value Trend Analysis, 2019-2028
7.3 Malaysia NFT Secondary Market – Spend Value Trend Analysis, 2019-2028
8 Malaysia Internet User Statistics and Population, 2019–2028
8.1 Malaysia Internet User Trend Analysis, 2019-2028
8.2 Malaysia Internet Penetration Rate, 2019-2028
8.3 Malaysia Adult Population Trend Analysis, 2019–2028
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