DUBLIN–(BUSINESS WIRE)–the report “Singapore 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 Singapore is expected to grow by 51.2% YoY to reach USD 1879.3 million in 2022.
The NFT industry is expected to grow steadily over the forecast period, registering a CAGR of 36.9% during 2022-2028. The NFT use value in the country will increase from USD 1879.3 million in 2022 to reach USD 11180.2 million by 2028.
The NFT industry in Singapore has become more extensive and diverse over the past 12 months. Brands across verticals are using NFTs to revolutionize their respective industries, from music to gaming and even fashion. With more and more brands incorporating NFT projects to strengthen their product offering, the NFT trend is expected to grow in the country from the short to medium term.
Notably, NFT adoption in Singapore is still in its early infancy. Adoption has registered steadily and is expected to grow significantly over three to four years. However, the growing awareness of NFTs among Singaporeans is expected to drive adoption rates significantly in the short to medium term.
Several brands and businesses are currently using NFTs for a variety of wired purposes. From using it as part of your marketing strategy to increase brand awareness to raising funds for non-profit organizations, NFTs serve various uses. In the short to medium term, the publisher expects NFT technology to take over the role of intermediaries such as Apple Music, Spotify and record companies in the distribution of music.
The Singaporean NFT market has become increasingly crowded with more players over the past 12 months. Some of the leading players driving the market growth include OpenSea and Mintable. The homegrown NFT marketplace, Mintable, allows creators to create and list their work on the platform without review. OpenSea, one of the leading NFT platforms, recorded strong growth in transaction volumes in Q1 2021. Transaction volumes in Q1 2021 reached USD 82 million, representing a growth of 14,000% growth. During the same period, Raribles, another NFT platform, experienced a growth of 634%, amounting to USD 24.2 million worth of transactions.
FomosArt is another platform that is specifically an art-based NFT marketplace. Rarible and Rario are among the other leading NFT marketplaces driving the growth of the industry in Singapore and globally. In addition to these NFT marketplaces, many print media firms have also entered the NFT space, driving the industry’s growth over the past 12 months in the country.
Cryptocurrency exchanges enter into strategic partnerships with research center to conduct NFT exhibitions in Singapore
In the growing NFT popularity and market, cryptocurrency exchanges enter into strategic collaborations with research centers to conduct NFT exhibitions in Singapore.
In November 2021, Coinhako, a cryptocurrency exchange in Singapore, announced that the firm entered into a strategic partnership with research center Appetite to conduct the first NFT exhibition in the country. The NFT exhibition was entitled Right-Click + Save, and referred to everyone’s skepticism about NFTs – why buy when you can right-click and save taps. The first NFT exhibition in Singapore looked at the evolution of NFT and digital art through groundbreaking works by creators including Beeple, Refik Anadol and Andy Warhol.
Print media capitalize on the growing NFT trend in Singapore
With the hype around NFTs, print media have spent a lot of time writing about the NFTs in Singapore. However, the growing market and popularity of the digital resource meant that even print media entered the space to capitalize on the growing trend.
In August 2021, Vogue Singapore announced that the firm is releasing a collection of 40,000 NFTs in mystery boxes on Binance. Each of the mystery boxes was priced at US$20 and contained one of ten different pieces of art depicting an astronaut exploring the famous city. The NFT collection launched by Vogue Singapore was completely sold out within 24 hours, making the NFT collection one of the fastest sold out Binance mystery box sales.
Similarly, The Straits Times also entered the NFT space and raised US$15,000 in charity proceeds from the NFT collection. Esquire Singapore, another print media company, ventured into the NFT space in strategic partnership with The Dematerialized. The firm released a NFT sneaker collection designed by Singaporean artist Tobyato. Notably, the NFT sneaker collection and their physical replicas in the country were also sold out.
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Singapore NFT Market Size and Future Growth Dynamics by Key Performance Indicators, 2019-2028
Singapore 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
Singapore 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
Singapore 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
Singapore NFT Market Size and Forecast by Sales Channel, 2019-2028
Singapore user statistics, 2019–2028
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