India Registers as Largest Emerging Market for NFT Collectibles: Study
By IANSlife
New Delhi, August 25 (IANSlife): A recent study conducted by Market Decipher, a leading market research and consulting firm, has given good news to Topps India, the Indian subsidiary of the leading manufacturer of sports and non-sports themed trading cards.
According to the report published this month, India has grown to become the largest emerging market for collectibles, with growth in the technology and IT sector.
“India, the global IT powerhouse, is also emerging as a major NFT destination. With 11 NFT companies headquartered in India, it is only behind the US and Singapore. India’s NFT marketplaces account for 5.02 percent of the world total. India has huge market potential in all sectors of collectibles, including trading cards, figurines and jerseys,” the report said.
Topps India believes that the report is indicative of the growing interest among the Indian masses in collectibles, potentially auguring well for the growing sports memorabilia market in the country.
“Significant growth is expected in the collectibles industry in India, with a large population of key demographics invested in trading card collectibles. As a global brand, Topps has recognized that and plans are in the pipeline to capitalize on it,” Pravin Kalnawat , Head of Operations, Topps India said.
Another interesting point to note from the report is the fact that despite the presence of sports NFTs and digital collectibles, trading cards continue to dominate the market for sports memorabilia, which is part of the $412 billion collectibles industry.
According to the report by Market Decipher, the global sports memorabilia industry along with the trading cards is valued at USD 33 billion in 2022 and is expected to reach USD 227.2 billion by 2032, growing at a CAGR of 21.8 percent from 2022 to 2032. The core Sports Memorabilia- the market excluding NFT and trading cards was estimated at $12.2 billion in 2021 and growing at a rate of 15.6 percent from 2022 to 2032.
Although NFT is witnessing a much faster growth due only to its nascent industry nature and rapid adoption, the memorabilia industry is the all-time leading category in the sports collectibles sector. However, despite the growth of NFTs in recent decades, physical collectibles such as trading cards remain the most popular items. The Market Decipher report suggests that over 98 percent of sports collectors collect trading cards.
34-year-old Amit Doshi, who works as Business Unit Manager (UK and Africa II) at Meril Life Sciences and is one of the leading collectors of physical collectibles in India, explains why interest in trading cards persists in the digital age.
“Physical collectibles have a magical ability to teleport one as they transcend time and create a sense of nostalgia in the person who collects it,” says Amit. “The collectibles become a part of you,” he adds.
Quoting Abdul Kadir, one of the greatest collectors in the world, Amit said – “When you open your collection, you feel young. You go back in time, you become a child and you relive some of the best moments of your life .”
Another important statistic to note from the report is the fact that over 60 million collectors are involved in the buying/trading of sports memorabilia. Trading cards are believed to be a dominant segment with almost all collectors involved.
“Topps is known worldwide for its premium trading cards. With India potentially opening up its arm to physical collectibles, and trading cards leading the market, there is a huge opportunity for us to capture the Indian market and make ourselves a strength as a leader in the collectibles industry in the country,” said Pravin Kalnawat of
