DUBLIN–(BUSINESS WIRE)–“Mexico NFT Market Intelligence and Future Growth Dynamics Databook – 50+ KPIs on NFT Investments by Key Assets, Currency, Sales Channels – Q2 2022” report added ResearchAndMarkets.com’s Offering.
The NFT industry in Mexico is expected to grow by 46.3% YoY to reach USD 1123.7 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 1123.7 million in 2022 to reach USD 5777.4 million by 2028.
The non-fungible token (NFT) market is still in its early stages of development in Mexico. However, the growing popularity of the digital asset and its widespread use among the crypto community has fueled the industry’s growth over the past 12 months in the country. Several innovative NFT products have been launched in the past year, supporting market growth in Mexico.
Globally, several brands across various industry verticals have already entered the NFT space by launching their digital asset collectibles. These brands use NFTs to better engage with their customers, increase brand awareness and offer exclusive benefits to owners.
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 future growth of the market in the country.
Music festivals use NFTs as part of their marketing strategies in Mexico
One such example is Akumal, a small village in Mexico’s Yucatan Peninsula region where things began to change when a local bakery owner, Jennifer Smith, launched the Akumal Arts Festival in 2018.
Over the past 12 months, NFT popularity has grown continuously. In the growing talk of NFTs in Mexico, music festivals have started using NFTs as part of their marketing strategies.
In March 2022, Cerveza Tecate Pa’l Norte, one of the largest 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 are launching NFT collectibles to generate a new source of revenue amid the pandemic’s impact on revenue.
The global pandemic has had a severe impact on most industries across verticals. In particular, the Covid-19 pandemic also seriously affected sports activities in Mexico. With the movement restrictions imposed and social distancing requirements, fans were not allowed to enter the stadiums and watch the football matches.
This resulted in high revenue loss for football leagues regarding ticket sales. To overcome these losses, football leagues in the country entered the NFT space and launched their collectibles to generate a new source of revenue.
In April 2021, Liga 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 in late 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. In particular, similar trends are visible in Mexico, where football clubs collaborate with global NFT platforms to launch their NFTs.
In February 2022, Atlas 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.
In collaboration with Sorare, Atlas Futbol Club has launched an Atlas FC NFT auction, which includes NFT cards of star players including Luciano Acosta, Jairo Torres and Martin Nervo, among others.
With its partnership with Sorare, Atlas Futbol Club became the second from Mexico to join the long list of established teams entering the digital collectibles market globally.
NFTs help communities rebuild an underserved Mexican village
Due to its geographical location, Akumal, a small village in Mexico’s Yucatan Peninsula region, most government funds 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 Smith, launched the Akumal Arts Festival in 2018.
Cryptocurrency exchange turns popular Mexican games into a Solana-based NFT experience
Among the growing number of use cases, raising funds through NFTs is one of the most common. Many organizations globally use NFTs to raise funds for non-profit organizations. In particular, similar trends are seen in Mexico, where cryptocurrency exchanges are turning the famous Mexican game into a Solana-based NFT experience.
In October 2021, FTX, one of the leading cryptocurrency exchanges, announced that the firm is turning the famous Mexican game Loteria into an NFT-centric game on 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.
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Mexico NFT market size and future growth dynamics by key performance indicators, 2019-2028
Mexico 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
Mexico 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
Mexico 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
Mexico NFT Market Size and Forecast by Sales Channel, 2019-2028
Mexico user statistics, 2019–2028
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