Asia Pacific NFT Market Intelligence and Future Growth Dynamics Report 2022: 50+ KPIs on Investments by Key Assets, Currency, Sales Channels 2019-2028 - ResearchAndMarkets.com
By Business Wire
NFT industry in Asia Pacific is expected to grow by 54.8% on an annual basis to reach US$22606.7 million in 2022.
The NFT industry is expected to grow steadily over the forecast period, recording a CAGR of 40.1% during 2022-2028. The NFT Spend Value in the country will increase from US$22606.7 million in 2022 to reach US$154365.2 million by 2028.
In the Asia Pacific region, non-fungible tokens (NFTs) were the most popular word, and the popularity is expected to continue. The significant growth potential of the NFT industry suggests that many opportunities are untouched or unexplored. Among the factors that have driven the popularity of NFTs among the general public include the tech-savvy nature of consumers and the country's high smartphone and internet penetration rate.
NFT continues to grow in China
As the popularity of the NFT continues to grow in China, many of the largest internet companies have launched their own NFT trading platforms, which either function as an exchange or marketplace where Chinese consumers can buy and sell different digital assets. With the rising number of investors looking to get involved in the Chinese NFT market, more opportunities exist.
In China, NFT purchases take place directly through RMB, using traditional non-crypto means, such as Alipay, WeChat Pay, and bank cards for payment processing. The creators of NFTs in the country have not yet opened a secondary market for trading such tokens because of a series of regulations from the Chinese government. However, the government expects to launch a pilot digital art trading market in 2022.
Emergence of NFTs has created a space for digital artists in India
The emergence of NFTs has created a space for digital artists in India and offered them a more prudent way to reach the inaccessible audience. The NFT market has allowed artists previously working with brands and agencies to find a more independent option, creating endless possibilities for them.
In India, many artists have sold their work on different NFT platforms, thus creating a new source of revenue. The NFT ecosystem is attracting people from all walks of life. Almost every talent management agency and entertainment company has been looking at the NFT space to find new revenue streams while connecting with the fans better.
In 2021, India's most celebrated stars such as Rajnikanth, Amitabh Bachchan, and Salman Khan had already launched NFTs. In the cricketing fraternity, Sunil Gavaskar, Rishabh Pant, and Yuvraj Singh have also become part of the growing NFT ecosystem in India.
Businesses using NFTs as marketing tools to expand their operations to the digital world are expected to grow further in India over the next four to eight quarters. Few firms have already ventured into the space.
Mahindra & Mahindra, one of the leading car manufacturers in India, experimented with NFT marketing. The firm auctioned four Thar-themed NFTs, each priced at INR 2.6 million. The auction winner received a chance to enjoy an off-road experience to drive the Thar.
Similarly, MakeMyTrip, one of the leading travel-focused firms, launched virtual vacation NFTs themed on the best travel destination in India. Each of the NFTs from the firm was valued at INR 14,999.
MG Motor India also has plans to launch 1,110 NFTs at a starting price of INR 500. These NFTs are expected to have four themes: collaborative art, community and diversity, car-as-a-platform, and collectibles. Through these NFTs, the firm allows MG Motor fans to own a piece of the company.
The NFTs gaining constant momentum and popularity in Indonesia
Similarly, in Indonesia, artists are increasingly entering the NFT space as they continuously seek new ways to grow and leverage their talent. Notably, Art Moments Jakarta, one of the early adopters in the NFT space, has fully supported the Indonesian digital economy by taking a hybrid live-online approach to the exhibition in 2021.
This event from Art Moments Jakarta brought together a community of more than 64 local and international artists, curators, and galleries. Authorities have also shown interest in examining the existence of blockchain technology.
The publisher expects a more robust set of regulatory guidelines for the NFT sector in Indonesia from the short to medium-term perspective.
In the booming NFT trends in the country, influencers and celebrities have started creating their NFT projects as they seek to monetize their work and create new revenue streams.
Syahrini, an Indonesian singer and socialite, is one of the celebrities in the country who created the NFT project and gained widespread popularity globally. Under Princess Syahrini, she created and launched the NFT collection on the Binance NFT marketplace. The NFT collection was sold out within eight hours of its launch on the Binance NFT marketplace.
Luna Maya, another prominent figure in the Indonesian entertainment industry, created an NFT project. Luna Maya entered a strategic collaboration with Tokau, the Japanese art firm with NFT creation experience. The NFT collection was launched on the BakerySwap NFT marketplace. Influencers and celebrities are not just creating their own NFT collections. But they are also actively promoting various NFT projects.
NFT adoption in Singapore has become increasingly crowded with several players
The NFT adoption in Singapore is still in its early infancy. The adoption has recorded steady and is expected to grow significantly over three to four years. However, the growing awareness about NFTs among Singaporeans is expected to drive the adoption rate significantly from the short to medium-term perspective.
The Singaporean NFT market has become increasingly crowded with several players over the last 12 months. Some of the leading players driving the market growth include OpenSea and Mintable. The homegrown NFT marketplace, Mintable, allows creators to mint 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. The transaction volumes in Q1 2021 reached US$82 million, representing 14,000% growth. During the same period, Raribles, another NFT platform, experienced a growth of 634%, amounting to US$24.2 million worth of transactions.
FomosArt is yet another platform that is specifically an art-based NFT marketplace. Rarible and Rario are among the other leading NFT marketplace that is driving the growth of the industry in Singapore and globally.
The publisher expects the trend to continue in the Asia Pacific region over the next four to eight quarters as more and more players, including the government, are entering the NFT sector. It will subsequently drive the popularity of NFTs among the general public, thereby supporting the overall market growth from the short to medium-term perspective.
Key Topics Covered:
This is a bundled offering, combining 13 reports, covering regional insights along with data centric analysis at regional and country level:
1.Asia Pacific NFT Insight Market Brief
2.Asia Pacific NFT Market Intelligence and Future Growth Dynamics Databook
3.Australia NFT Market Intelligence and Future Growth Dynamics Databook
4.Chine NFT Market Intelligence and Future Growth Dynamics Databook
5.India NFT Market Intelligence and Future Growth Dynamics Databook
6.Indonesia NFT Market Intelligence and Future Growth Dynamics Databook
7.Japan NFT Market Intelligence and Future Growth Dynamics Databook
8.Malaysia NFT Market Intelligence and Future Growth Dynamics Databook
9.South Korea NFT Market Intelligence and Future Growth Dynamics Databook
10.Philippines NFT Market Intelligence and Future Growth Dynamics Databook
11.Singapore NFT Market Intelligence and Future Growth Dynamics Databook
12.Thailand NFT Market Intelligence and Future Growth Dynamics Databook
13.Vietnam NFT Market Intelligence and Future Growth Dynamics Databook
NFT Market Size and Forecast by Key Assets, 2019-2028
- Collectibles and Art
- Real Estate
- Fashion & Luxury
NFT Market Size and Forecast by Key NFT Collectible Assets, 2019-2028
- Digital Art
- Music & Sound Clip
- Memes & Gif
NFT Market Size and Forecast by Currency, 2019-2028
NFT Market Size and Forecast by Sales Channels, 2019-2028
User Statistics, 2019-2028
For more information about this report visit https://www.researchandmarkets.com/r/6zpm89Contacts
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First published on Thu, Dec 22, 2022
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