The market is expected to grow by 46.2% to reach $659.5 million by 2022 as competition among NFT marketplaces intensifies

Dublin, Dec. 12, 2022 (GLOBE NEWSWIRE) — The “Australia 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 Australia is expected to grow by 46.2% YoY to reach USD 659.5 million in 2022.

The NFT industry is expected to grow steadily over the forecast period, registering a CAGR of 33.8% during 2022-2028. The NFT use value in the country will increase from USD 659.5 million in 2022 to reach USD 3459.1 million by 2028.

The Australian cryptocurrency market grew significantly in 2021. According to the Q1 2022 Global NFT Market Survey, more than one in ten Australians own some form of digital currency. This growing popularity in the Australian cryptocurrency market has also fueled the growth of the Non-Fungible Tokens (NFTs) industry in 2021. Public interest in NFTs, a unique digital asset such as a special edition album or artwork created with the technology that underpins cryptocurrencies, increased in 2021 .

In Australia there are more NFT buyers than sellers. This trend is in line with the global NFT market, where more demand than supply. According to the publisher, in any given month in 2021, there were about 30% more buyers than sellers. This shows that people in increasing numbers are collecting NFTs globally, as well as in Australia.

In the global market, this gap fell to a modest 4% between buyers and sellers by March 2022. In Australia, however, there are approximately 800 digital crypto artists and an estimated 6,000 to 10,000 NFT collectors, a number that is increasing quarter by quarter. As interest in NFTs among the general public continues to grow, the publisher expects more new collectors to be on board, with increased spending by existing collectors.

Brands and retailers across various industries are looking to tap into the growing craze for NFTs. As a result, global gaming retailers are forming strategic partnerships with Australian blockchain startups to launch the NFT market.

The story continues

In February 2022, GameStop, one of the leading game retailers globally, announced that the firm had entered into a strategic partnership with Australian blockchain startup, Immutable, to launch the NFT marketplace. In particular, Immutable is expected to help GameStop by developing an NFT marketplace on its carbon-neutral platform, Immutable X.

GameStop announced that the firm also plans to create a fund of up to $100 million with Immutable, which will be distributed to developers to create NFTs for the marketplace. The issuer expects US$100 million in funding to further reduce the demand and supply gap in the Australian and global NFT market, which will also drive higher transaction value and volume

The publisher expects more such strategic partnerships in Australia over the next three to four years, supporting the growth of the overall NFT industry in the short to medium term.

Beauty brands launch NFT collectibles to build deeper relationships with customers in Australia

In Australia, brands across industry verticals are entering the NFT space by launching their collections. In particular, beauty brands in the country are using NFTs to build deeper relationships with customers, thereby driving their growth and revenue.

In November 2021, Sunny Skin, the Australian beauty brand, announced that the firm had launched its first NFT collection in the metaverse. The NFT collection, Aussie Angles, based on iconic Australian animals, was launched on the open seas.io NFT marketplace.

In particular, the firm launched the NFT collection as part of its brand strategy, where the firm aims to build deeper relationships with customers in Australia. Its first digital character, Kali the Koala, is linked to the company’s SPF50+ product and is designed to appeal to Gen Z and millennial women who understand and prioritize skincare.

As interest in NFT continues to grow among audiences in the country, the publisher expects more such beauty brands in Australia to launch NFT collections to boost their growth in the short to medium term.

NFT marketplaces launch new products to further gain market share in Australia

As the NFT industry continues to record strong growth in Australia, NFT marketplaces are developing and launching innovative products to gain market share in the country.

In November 2021, NFT STARS announced that the firm plans to launch an innovative product, NFT Radio, which the firm claims is a major breakthrough in the music industry. Specifically, NFT Radio is a radio station that streams unique content 24×7 and sells all audio content as NFTs.

The radio station powered by blockchain and NFT technologies aims to solve the various problems faced by musicians and creators in the country. In particular, the platform consists of two parts – a radio station that streams the unique content and an audio marketplace where listeners can purchase NFT tracks.

Notably, NFT Radio is not the first product aimed at musicians and fans in Australia. Startups have launched innovative platforms before.

In August 2021, Serenade, a local music startup in Australia, announced the launch of an eco-friendly NFT platform, which aims to simplify the crypto industry for artists and music fans. The platform allows artists to sell everything from unreleased to new music, behind-the-scenes footage and other visual assets.

One of the differentiating factors is that Serenade allows Australians to purchase NFTs using debit and credit cards.

As competition between NFT marketplaces increases, the publisher expects more such innovative product launches using blockchain and NFT technologies over the next four to eight quarters in Australia.

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scope

Australia NFT market size and future growth dynamics by key performance indicators, 2019-2028

Australia NFT Market Size and Forecast by Key Asset, 2019-2028

• Collectables and art

• Property

• Sport

• Gaming

• Benefit

• Fashion and luxury

• Other

Australia NFT Market Size and Forecast by NFT Key Collection Objects, 2019-2028

• Digital art

• Music and sound clips

• Videos

• Memes and Gifs

• Other

Australia NFT Market Size and Forecast by Currency, 2019-2028

• Ethereum

• Solana

• Avalanche

• Polygon

• BSC

• Flow

• Wax

• Ronin

• Other

Australia NFT Market Size and Forecast by Sales Channel, 2019-2028

Australia’s user statistics, 2019–2028

For more information on this report, visit https://www.researchandmarkets.com/r/nlcoff

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