Asia Pacific NFT Market Intelligence and Future Growth

by James · December 20, 2022

Dublin, Dec. 20, 2022 (GLOBE NEWSWIRE) — The “Asia Pacific 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 Asia Pacific is expected to grow at a CAGR of 54.8% to reach USD 22606.7 million in 2022.

The NFT industry is expected to grow steadily over the forecast period, registering a CAGR of 40.1% during 2022-2028. The NFT use value in the country will increase from USD 22606.7 million in 2022 to reach USD 154365.2 million by 2028.

In the Asia Pacific region, non-fungible tokens (NFTs) were the buzzword 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 NFT continues to grow in China, many of the largest internet companies have launched their own NFT trading platforms, which either act as an exchange or marketplace where Chinese consumers can buy and sell various digital assets. With the increasing number of investors looking to get involved in the Chinese NFT market, there are more opportunities.

In China, NFT purchases are made directly through RMB, using traditional non-encryption methods, 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 due to a number of regulations from the Chinese government. However, the government expects to launch a pilot market for digital art trading 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 careful way to reach the inaccessible audience. The NFT market has enabled artists who previously worked with brands and agencies to find a more independent alternative, creating endless opportunities for them.

In India, many artists have sold their works on various NFT platforms, thus creating a new source of income. The NFT ecosystem attracts people from all walks of life. Almost all talent management agencies and entertainment companies have looked to the NFT space to find new revenue streams while better connecting with fans.

By 2021, India’s most famous stars like Rajnikanth, Amitabh Bachchan and Salman Khan had already launched NFTs. In the cricket fraternity, Sunil Gavaskar, Rishabh Pant and Yuvraj Singh have also become part of the growing NFT ecosystem in India.

Companies using NFTs as marketing tools to expand their business into 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 got a chance to enjoy an off-road experience to drive the Thar.

Similarly, MakeMyTrip, one of the leading travel focused firms, launched virtual holiday NFTs themed on the best destination in India. Each of the NFTs of the firm was valued at INR 14,999.

MG Motor India also plans to launch 1,110 NFTs at a starting price of INR 500. These NFTs are expected to have four themes: art of collaboration, community and diversity, car-as-a-platform and collectibles. Through these NFTs, the firm allows MG Motor fans to own a part of the company.

The NFTs are constantly gaining momentum and popularity in Indonesia

Similarly, in Indonesia, artists are increasingly entering the NFT space as they continuously seek new ways to grow and utilize 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 its 2021 exhibition.

This Art Moments Jakarta event brought together a community of more than 64 local and international artists, curators and galleries. Authorities have also shown interest in investigating the existence of blockchain technology.

The issuer expects a more robust set of regulatory guidelines for the NFT sector in Indonesia in the short to medium term.

In the booming NFT trends in the country, influencers and celebrities have started creating their NFT projects as they try to monetize their work and create new streams of income.

Syahrini, an Indonesian singer and socialite, is one of the celebrities in the country who created the NFT project and gained great popularity globally. Under Princess Syahrini, she created and launched the NFT collection on the Binance NFT marketplace. The NFT collection 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 into a strategic partnership with Tokau, the Japanese art firm with NFT experience. The NFT collection was launched on the BakerySwap NFT marketplace. Influencers and celebrities don’t just create their own NFT collections. But they also actively promote various NFT projects.

NFT adoption in Singapore has become increasingly crowded with multiple players

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.

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%. 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.

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, enter the NFT sector. It will then drive the popularity of NFTs among the general public, thus supporting the overall market growth in the short to medium term.

Key topics covered:

This is a comprehensive offer, which combines 13 reports, covering regional insight together 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. China 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 Asset, 2019-2028