Big names are entering the NFT space to stay competitive as traditional marketing agencies face a decline in demand

by James · January 9, 2023

DUBLIN, 9 January 2023 /PRNewswire/ — The report “South Korea 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.

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The NFT industry i South Korea expected to grow by 47.3% year-on-year to reach 938.6 million dollars 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 938.6 million dollars in 2022 to now 4902.2 million dollars by 2028.

South Korea has long been known as a trendsetter and leader in technological research. This now translates into the blockchain realm as non-fungible token (NFT) adoption is growing exponentially in South Korea. The country has been ranked among the top 10 nations on the Global Innovation Index by the World Intellectual Property Organization. Large technology companies such as LG and Samsung and gaming giant Krafton drive innovation in the country.

These firms are now entering the growing NFT space by releasing new collectibles to customers. Moreover, these firms are also launching separate divisions of their firms dedicated to developing NFTs. In particular, there are several reasons why these firms introduce NFTs to private clients and the general public i South Korea. NFTs have found various use cases that are quickly translating into increasing popularity among South Koreans, from increasing brand awareness to creating better customer engagement.

Among the reasons why the use of NFTs has increased significantly in the last two years South Korea is that there is no tax on digital assets. The tax on cryptocurrencies has been postponed until 2023, which is expected to be pushed back again by the new president. Yoon Seok-ooo.

Also, while the Financial Services Commission (FSC) is working to implement new rules, none are currently in place for the NFT market. This has kept the market open for innovative marketplaces to emerge from cryptocurrency exchanges like Bithumb and Upbit and from gaming giants like Krafton who want to take advantage of NFTs.

A growing number of South Korean firms developing and issuing NFTs is driving market growth

IN South Korea, many firms across various industry verticals are developing and issuing NFTs. The NFT trend has gained momentum among South Korean companies that use digital assets for various purposes. From using NFTs to increase brand awareness to creating better customer engagement, NFT utilization has grown significantly over the past 12 months.

Zero tax on digital assets has driven the use of NFTs, thereby driving market growth South Korea

Among the other reasons that have driven the growth of the NFT market in South Korea is that the country does not tax trading in NFTs and cryptocurrencies. This lack of taxes on digital assets has fueled market growth as more and more people have entered the field of buying and selling NFTs. South Koreaeveryone is entering the NFT sector, whether their business is crypto-related or not. NFTs have increasingly become a marketing tool for firms looking to appeal to the younger demographic, from mobile operators to manufacturers.

IN March 2022, Kia sold 60 NFTs it released within 15 seconds of launch. The NFTs were inspired by the electric car models. Each NFT was priced at 350 Klay, Kakao’s crypto coin. The firm launched the NFTs on Klip Drops, the NFT marketplace operated by GroundX.

Big names are entering the NFT space to stay competitive as traditional marketing agencies face a sharp decline in demand

Innovative and new technologies have a significant impact on businesses across industries. Due to the global pandemic, marketing channels such as social commerce and metaverse have diversified. Consequently, the importance of technology-based content has greatly increased. As a result, big names in the industry are entering the NFT space to remain competitive as traditional marketing agencies face a significant decline in demand.

IN March 2022, Cheil Worldwide, a subsidiary of Samsung, announced that the firm was entering the NFT market. The marketing agency will not only create NFTs, but will also create an NFT marketplace, which will allow users to trade digital assets. The firm is expected to collaborate with the entertainment industry and plans to promote intellectual property from K-Drama, performances, music, exhibitions and games as NFTs.

Notably, Samsung has been one of the early adopters of the Web3 craze, which prompted the firm to make several deals and strategic partnerships in 2021. The firm also launched a metaverse, My house, and a virtual store at Decentraland. Samsung also partnered with Theta Network to provide NFTs from Theta Labs to South Korean consumers on Samsung Galaxy S22 and Tablet S8 pre-orders.

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Key topics covered:

1 About this report
1.1 Summary
1.2 Methodology
1.3 NFT Definitions
1.4 Disclaimer

2 South Korea NFT market size and future growth dynamics by key indicators
2.1 South Korea NFT – Total Sales Consumption Value Analysis, 2019-2028
2.2 South Korea NFT – Total Sales Consumption Volume Analysis, 2019-2028
2.3 South Korea NFT – average value per transaction Trend analysis, 2019-2028

3 South Korea NFT Key Market Insight and Innovation
3.1 Consumer behaviour
3.2 Competitive landscape and growth strategies
3.3 Regulatory trends

4 South Korea NFT Market Size and Forecast by Key Asset
4.1 South Korea NFT Market Share by Key Asset (%), 2021 vs. 2028
4.2 South Korea NFT collectibles and art trend analysis, 2019-2028
4.3 South Korea NFT Property Trend Analysis, 2019-2028
4.4 South Korea NFT Sports Trend Analysis, 2019-2028
4.5 South Korea NFT Gaming Trend Analysis, 2019-2028
4.6 South Korea NFT Utility Trend Analysis, 2019-2028
4.7 South Korea NFT Fashion and Luxury Trend Analysis, 2019-2028
4.8 South Korea NFT Trend analysis for other assets, 2019–2028

5 South Korea NFT Collectibles and Art Market Size and Forecast by Key Asset
5.1 South Korea NFT collectibles and Art market share by key assets (%), 2021 vs. 2028
5.2 South Korea NFT Collectibles and Art – Digital Art Spend Value Trend Analysis, 2019-2028
5.3 South Korea NFT Collectibles and Art – Music and Audio Clips Value Trend Analysis, 2019-2028
5.4 South Korea NFT Collectibles and Art – Video Consumption Value Trend Analysis, 2019-2028
5.5 South Korea NFT Collectibles and Art – Memes and GIF Consumption Value Trend Analysis, 2019-2028
5.6 South Korea NFT Collectibles and Art – Other Assets Spend Value Trend Analysis, 2019-2028

6 South Korea NFT Market Size and Forecast by Currency
6.1 South Korea NFT Market Share by Currency (%), 2021 vs. 2028
6.2 South Korea NFT Currency Ethereum – Expenditure Value Trend Analysis, 2019-2028
6.3 South Korea NFT Currency Solana – Consumption Value Analysis, 2019-2028
6.4 South Korea NFT Currency Avalanche – Spend Value Trend Analysis, 2019–2028
6.5 South Korea NFT Currency Polygon – Consumption Value Trend Analysis, 2019-2028
6.6 South Korea NFT Currency BSC – Spend Value Trend Analysis, 2019-2028
6.7 South Korea NFT Currency Flow – Consumption Value Analysis, 2019-2028
6.8 South Korea NFT Currency WAX – Spend Value Trend Analysis, 2019-2028
6.9 South Korea NFT Currency Ronin – Spend Value Trend Analysis, 2019 – 2028
6.10 South Korea NFT Other Currencies – Consumption Value Trend Analysis, 2019-2028

7 South Korea NFT Market Size and Forecast by Key Sales Channels
7.1 South Korea NFT Market Share by Key Sales Channels (%), 2021 vs. 2028
7.2 South Korea NFT Primary Market – Consumption Value Analysis, 2019-2028
7.3 South Korea NFT Secondary Market – Spend Value Trend Analysis, 2019-2028

8 South Korea Internet User Statistics and Population, 2019–2028
8.1 South Korea Internet User Trends Analysis, 2019-2028
8.2 South Korea Internet Penetration Rate, 2019-2028
8.3 South Korea Adult Population Trend Analysis, 2019–2028

For more information on this report, visit https://www.researchandmarkets.com/r/7j9cyt

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