DUBLIN–(BUSINESS WIRE)–the report “United States 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 the US is expected to grow by 49.5% YoY to reach USD 14,453.2 million in 2022.
The NFT industry is expected to grow steadily over the forecast period, registering a CAGR of 35.1% during 2022-2028. The NFT use value in the country will increase to USD 79,604.3 million by 2028.
Non-fungible tokens (NFT) have become increasingly mainstream over the past 12 months. This growth in the global NFT market has been largely led by the popularity of NFTs in the US.
In 2021, a token representing a collage by Beeple, the US-based digital artist, sold for a record $69 million at Christie’s auction. This, along with other popular collections, such as the Bored Ape Yacht Club, has continuously fueled the popularity of the digital assets among the general public and celebrities, including Jimmy Fallon and Snoop Dogg. While the market recorded strong growth last year, the publisher expects the trend to continue in 2022 and beyond, from the short to medium term.
Over the past 12 months, the digital asset class has grown significantly in popularity in the US. Also, as awareness continued to rise, more and more Americans began to see NFTs as a safe investment. This shows that awareness is increasing among Americans, but more and more people are willing to invest in the asset class.
As the trend grows in the US, the publisher also expects the NFT sector to record strong NFT transaction value and volume growth over the next three to four years. Consequently, the publisher expects the US NFT industry to register strong growth from short to medium-term perspectives.
Big brands entering the NFT space are driving its popularity among the general public in the US. Over the past 12 months, several major brands from various industry verticals have entered the NFT market. Adidas, Nike, Coca-Cola, Louis Vuitton, McDonald’s and even Lamborghini have announced their presence in the NFT market. In addition to these, other major brands such as designer eyewear company Ray-Ban have announced their entry into the NFT space.
With all these global brands entering the digital asset space, NFT popularity has skyrocketed among the general public in the US. The publisher expects more global brands to launch their NFT collectibles, which will further increase the popularity of NFTs among the general public in the country in the short to medium term.
Artists selling their work for millions of dollars have driven the growth and popularity of the NFT market in the US
A growing number of artists in the US are turning to NFTs to create a new source of income. Los Angeles-based digital artist Sarah Zucker began selling NFTs of her work in 2019. By 2021, NFTs will become her main source of income. From January 2021 to May 2021, Zucker sold $274,000 worth of NFTs. Like Zucker, many of the artists in the country have made NFTs a major source of income. Beeple’s NFT, “Everydays: The First 5000 Days”, sold for more than $69 million.
With artists raking in millions of dollars in NFT sales, the market’s popularity has grown considerably in the US. This has been one of the key drivers for the growth of the NFT industry in the country. In addition, celebrities such as NFL player Rob Gronkowski, musician Shawn Mendes and executives such as Elon Musk have all entered the NFT space. The presence of all these big and well-known names in the NFT market is driving the popularity of the digital asset class in the country.
NFT marketplaces enter into strategic partnerships to develop innovative products in the US
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In April 2022, Nifty Gateway, the Gemini Trust Company LLC-owned premier NFT marketplace, announced that the firm had entered into a strategic partnership with Samsung to develop the first-ever smart TV NFT platform, which will allow the exploration, trading and purchase of digital art and collectibles.
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Leveraging the technology of the two leaders in their respective industries, consumers will be able to seamlessly browse and interact with NFTs directly on their smart TVs. Moreover, consumers will also get access to over 6,000 NFTs from top and new artists such as Daniel Arsham, Beeple, Pak and more.
Several leading brands in the US are jumping on the NFT bandwagon
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In December 2021, Nike announced that the firm acquired RTFKT, a virtual shoe studio, as it attempts to enter the NFT space by launching a digital collection of sneakers. The company plans to launch the digital sneakers in Nikeland, a free 3D space the company has created within the Roblox gaming platform.
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Coca-Cola, another leading brand in the US, has its presence in the NFT market. In May 2021, the firm sold NFTs on the OpenSea NFT platform for more than US$575,000. Auctioned as a single loot box over 72 hours, the four multi-sensory, friendship-inspired NFTs positioned Coca-Cola on the growing NFT landscape in the US.
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United States NFT market size and future growth dynamics by key performance indicators, 2019-2028
US 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
US NFT Market Size and Forecast by NFT Key Collection Objects, 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
US 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
United States NFT Market Size and Forecast by Sales Channel, 2019-2028
US user statistics, 2019-2028
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