According to the Q2 2022 NFT Survey, NFT industry in Singapore is expected to grow by 51.2% on an annual basis to reach US$1879.3 million in 2022.
The NFT industry is expected to grow steadily over the forecast period, recording a CAGR of 36.9% during 2022-2028. The NFT Spend Value in the country will increase from US$1879.3 million in 2022 to reach US$11180.2 million by 2028.
The NFT industry in Singapore has become more vast and diverse over the last 12 months. Brands across verticals use NFTs to revolutionize their respective industry, from music to gaming and even fashion. With more and more brands incorporating NFT projects to bolster their product offering, the NFT trend is expected to grow in the country from the short to medium-term perspective.
Notably, 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.
Several brands and businesses are currently using NFTs for a wired range of purposes. From using it as a part of marketing strategy to drive brand awareness to raise funds for non-profit organizations, NFTs are serving various use cases. From the short to medium-term perspective, the publisher expects the NFT technology to take over the role of intermediaries such as Apple Music, Spotify, and record labels in the distribution of music.
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 a growth of 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.
In the growing NFT popularity and market, cryptocurrency exchanges are entering into strategic collaborations with research centers to conduct NFT exhibitions in Singapore. For instance,
With the hype around NFTs, print media has spent much time writing about the NFTs in Singapore. However, the growing market and the popularity of the digital asset meant that even print media entered the space to capitalize on the growing trend. For instance,
This report provides in-depth, data-centric analysis of NFT Market in Singapore and below is the summary of key market segments:
The NFT industry is expected to grow steadily over the forecast period, recording a CAGR of 36.9% during 2022-2028. The NFT Spend Value in the country will increase from US$1879.3 million in 2022 to reach US$11180.2 million by 2028.
The NFT industry in Singapore has become more vast and diverse over the last 12 months. Brands across verticals use NFTs to revolutionize their respective industry, from music to gaming and even fashion. With more and more brands incorporating NFT projects to bolster their product offering, the NFT trend is expected to grow in the country from the short to medium-term perspective.
Notably, 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.
Several brands and businesses are currently using NFTs for a wired range of purposes. From using it as a part of marketing strategy to drive brand awareness to raise funds for non-profit organizations, NFTs are serving various use cases. From the short to medium-term perspective, the publisher expects the NFT technology to take over the role of intermediaries such as Apple Music, Spotify, and record labels in the distribution of music.
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 a growth of 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. In addition to these NFT marketplaces, many print media firms have also entered the NFT space, driving the industry's growth over the last 12 months in the country.
Cryptocurrency exchanges are entering into strategic partnerships with the research center to conduct NFT exhibitions in Singapore
In the growing NFT popularity and market, cryptocurrency exchanges are entering into strategic collaborations with research centers to conduct NFT exhibitions in Singapore. For instance,
- In November 2021, Coinhako, a cryptocurrency exchange in Singapore, announced that the firm entered into a strategic partnership with research center Appetite to conduct the first NFT exhibition in the country. The NFT exhibition was titled Right Click + Save, referring to everyone’s skepticism regarding NFTs - why to buy when one can right click and save press. The first NFT exhibition in Singapore looked into the evolution of NFT and digital art through seminal works by creators, including Beeple, Refik Anadol, and Andy Warhol.
Print media capitalizing on the growing NFT trend in Singapore
With the hype around NFTs, print media has spent much time writing about the NFTs in Singapore. However, the growing market and the popularity of the digital asset meant that even print media entered the space to capitalize on the growing trend. For instance,
- In August 2021, Vogue Singapore announced that the firm is releasing a collection of 40,000 NFTs in mystery boxes on Binance. Each of the mystery boxes was priced at US$20 and contained one of the ten different artwork that depicted an astronaut exploring the famous city. The NFT collection launched by Vogue Singapore was sold out completely within 24 hours, making the NFT collection one of the fastest sold out Binance mystery box sales.
- Similarly, The Straits Times also entered into the NFT space and raised US$15,000 in charity proceeds from the NFT collection. Esquire Singapore, another print media firm, ventured into the NFT space in strategic partnership with The Dematerialized. The firm released an NFT sneaker collection Singaporean artist Tobyato designed. Notably, the NFT sneaker collection and their physical replicas in the country were also sold out.
Scope
This report provides in-depth, data-centric analysis of NFT Market in Singapore and below is the summary of key market segments:
Singapore NFT Market Size and Future Growth Dynamics by Key Performance Indicators, 2019-2028
Singapore NFT Market Size and Forecast by Key Assets, 2019-2028
- Collectibles and Art
- Real Estate
- Sports
- Gaming
- Utility
- Fashion & Luxury
- Other
Singapore NFT Market Size and Forecast by Key NFT Collectible Assets, 2019-2028
- Digital Art
- Music & Sound Clip
- Videos
- Memes & Gif
- Other
Singapore NFT Market Size and Forecast by Currency, 2019-2028
- Ethereum
- Solana
- Avalanche
- Polygon
- BSC
- Flow
- Wax
- Ronin
- Other
Singapore NFT Market Size and Forecast by Sales Channels, 2019-2028
- Primary
- Secondary
Singapore User Statistics, 2019-2028
Reasons to buy
- Based on data and analysis, develop country-level strategies.
- Identify investment opportunities in growth segments.
- Exceed competition by incorporating forecast data as well as market trends.
- Use the relationships between major data sets with valuable insights to improve strategy.
- Appropriate for providing accurate, high-quality data and analysis to support internal and external presentations.
Table of Contents
1 About this Report1.1 Summary
1.2 Methodology
1.3 NFT Definitions
1.4 Disclaimer
2 Singapore NFT Market Size and Future Growth Dynamics by Key Performance Indicators
2.1 Singapore NFT - Total Sales Spend Value Trend Analysis, 2019 - 2028
2.2 Singapore NFT - Total Sales Spend Volume Trend Analysis, 2019 - 2028
2.3 Singapore NFT - Average Value Per Transaction Trend Analysis, 2019 - 2028
3 Singapore NFT Key Market Insight and Innovation
3.1 Consumer Behavior
3.2 Competitive Landscape and Growth Strategies
3.3 Regulation Trends
4 Singapore NFT Market Size and Forecast by Key Assets
4.1 Singapore NFT Market Share by Key Assets (%), 2021 Vs. 2028
4.2 Singapore NFT Collectibles and Art Trend Analysis, 2019 - 2028
4.3 Singapore NFT Real Estate Trend Analysis, 2019 - 2028
4.4 Singapore NFT Sports Trend Analysis, 2019 - 2028
4.5 Singapore NFT Gaming Trend Analysis, 2019 - 2028
4.6 Singapore NFT Utility Trend Analysis, 2019 - 2028
4.7 Singapore NFT Fashion and Luxury Trend Analysis, 2019 - 2028
4.8 Singapore NFT Other Assets Trend Analysis, 2019 - 2028
5 Singapore NFT Collectibles and Art Market Size and Forecast by Key Assets
5.1 Singapore NFT Collectibles and Art Market Share by Key Assets (%), 2021 Vs. 2028
5.2 Singapore NFT Collectibles and Art - Digital Art Spend Value Trend Analysis, 2019 - 2028
5.3 Singapore NFT Collectibles and Art - Music & Sound Clip Spend Value Trend Analysis, 2019 - 2028
5.4 Singapore NFT Collectibles and Art - Videos Spend Value Trend Analysis, 2019 - 2028
5.5 Singapore NFT Collectibles and Art - Memes & GIF Spend Value Trend Analysis, 2019 - 2028
5.6 Singapore NFT Collectibles and Art - Other Assets Spend Value Trend Analysis, 2019 - 2028
6 Singapore NFT Market Size and Forecast by Currency
6.1 Singapore NFT Market Share by Currency (%), 2021 Vs. 2028
6.2 Singapore NFT Currency Ethereum - Spend Value Trend Analysis, 2019 - 2028
6.3 Singapore NFT Currency Solana - Spend Value Trend Analysis, 2019 - 2028
6.4 Singapore NFT Currency Avalanche - Spend Value Trend Analysis, 2019 - 2028
6.5 Singapore NFT Currency Polygon - Spend Value Trend Analysis, 2019 - 2028
6.6 Singapore NFT Currency BSC - Spend Value Trend Analysis, 2019 - 2028
6.7 Singapore NFT Currency Flow - Spend Value Trend Analysis, 2019 - 2028
6.8 Singapore NFT Currency WAX - Spend Value Trend Analysis, 2019 - 2028
6.9 Singapore NFT Currency Ronin - Spend Value Trend Analysis, 2019 - 2028
6.10 Singapore NFT Other Currencies - Spend Value Trend Analysis, 2019 - 2028
7 Singapore NFT Market Size and Forecast by Key Sales Channels
7.1 Singapore NFT Market Share by Key Sales Channels (%), 2021 Vs. 2028
7.2 Singapore NFT Primary Market - Spend Value Trend Analysis, 2019 - 2028
7.3 Singapore NFT Secondary Market - Spend Value Trend Analysis, 2019 - 2028
8 Singapore User Statistics of Internet and Population, 2019 - 2028
8.1 Singapore Internet Users Trend Analysis, 2019 - 2028
8.2 Singapore Internet Penetration Rate, 2019 - 2028
8.3 Singapore Adult Population Trend Analysis, 2019 - 2028
9 Further Reading
9.1 About the Publisher
List of FiguresFigure 1: Methodology Framework
Figure 2: Singapore NFT - Total Sales Spend Value (US$ Million), 2019 - 2028
Figure 3: Singapore NFT - Total Sales Spend Volume (Thousands), 2019 - 2028
Figure 4: Singapore NFT - Average Value Per Transaction (US$), 2019 - 2028
Figure 5: Singapore NFT Market Share by Key Assets (%), 2021 Vs. 2028
Figure 6: Singapore NFT Collectibles and Art - Spend Value (US$ Million), 2019 - 2028
Figure 7: Singapore NFT Collectibles and Art - Spend Volume (Thousands), 2019 - 2028
Figure 8: Singapore NFT Collectibles and Art - Average Value Per Transaction (US$), 2019 - 2028
Figure 9: Singapore NFT Real Estate - Spend Value (US$ Million), 2019 - 2028
Figure 10: Singapore NFT Real Estate - Spend Volume (Thousands), 2019 - 2028
Figure 11: Singapore NFT Real Estate - Average Value Per Transaction (US$), 2019 - 2028
Figure 12: Singapore NFT Sports - Spend Value (US$ Million), 2019 - 2028
Figure 13: Singapore NFT Sports - Spend Volume (Thousands), 2019 - 2028
Figure 14: Singapore NFT Sports - Average Value Per Transaction (US$), 2019 - 2028
Figure 15: Singapore NFT Gaming - Spend Value (US$ Million), 2019 - 2028
Figure 16: Singapore NFT Gaming - Spend Volume (Thousands), 2019 - 2028
Figure 17: Singapore NFT Gaming - Average Value Per Transaction (US$), 2019 - 2028
Figure 18: Singapore NFT Utility - Spend Value (US$ Million), 2019 - 2028
Figure 19: Singapore NFT Utility - Spend Volume (Thousands), 2019 - 2028
Figure 20: Singapore NFT Utility - Average Value Per Transaction (US$), 2019 - 2028
Figure 21: Singapore NFT Fashion and Luxury - Spend Value (US$ Million), 2019 - 2028
Figure 22: Singapore NFT Fashion and Luxury - Spend Volume (Thousands), 2019 - 2028
Figure 23: Singapore NFT Fashion and Luxury - Average Value Per Transaction (US$), 2019 - 2028
Figure 24: Singapore NFT Other Assets - Spend Value (US$ Million), 2019 - 2028
Figure 25: Singapore NFT Other Assets - Spend Volume (Thousands), 2019 - 2028
Figure 26: Singapore NFT Other Assets - Average Value Per Transaction (US$), 2019 - 2028
Figure 27: Singapore NFT Collectibles and Art Market Share by Key Assets (%), 2021 Vs. 2028
Figure 28: Singapore NFT Collectibles and Art - Digital Art Spend Value (US$ Million), 2019 - 2028
Figure 29: Singapore NFT Collectibles and Art - Music & Sound Clip Spend Value (US$ Million), 2019 - 2028
Figure 30: Singapore NFT Collectibles and Art - Videos Spend Value (US$ Million), 2019 - 2028
Figure 31: Singapore NFT Collectibles and Art - Memes & GIF Spend Value (US$ Million), 2019 - 2028
Figure 32: Singapore NFT Collectibles and Art - Other Assets Spend Value (US$ Million), 2019 - 2028
Figure 33: Singapore NFT Market Share by Currency (%), 2021 Vs. 2028
Figure 34: Singapore NFT Currency Ethereum - Spend Value (US$ Million), 2019 - 2028
Figure 35: Singapore NFT Currency Solana - Spend Value (US$ Million), 2019 - 2028
Figure 36: Singapore NFT Currency Avalanche - Spend Value (US$ Million), 2019 - 2028
Figure 37: Singapore NFT Currency Polygon - Spend Value (US$ Million), 2019 - 2028
Figure 38: Singapore NFT Currency BSC - Spend Value (US$ Million), 2019 - 2028
Figure 39: Singapore NFT Currency Flow - Spend Value (US$ Million), 2019 - 2028
Figure 40: Singapore NFT Currency WAX - Spend Value (US$ Million), 2019 - 2028
Figure 41: Singapore NFT Currency Ronin - Spend Value (US$ Million), 2019 - 2028
Figure 42: Singapore NFT Other Currencies - Spend Value (US$ Million), 2019 - 2028
Figure 43: Singapore NFT Market Share by Key Sales Channels (%), 2021 Vs. 2028
Figure 44: Singapore NFT Primary Market - Spend Value (US$ Million), 2019 - 2028
Figure 45: Singapore NFT Secondary Market - Spend Value (US$ Million), 2019 - 2028
Figure 46: Singapore Internet Users Trend Analysis (Million), 2019 - 2028
Figure 47: Singapore Internet Penetration Rate (%), 2019 - 2028
Figure 48: Singapore Adult Population Trend Analysis (Million), 2019 - 2028
List of TablesTable 1: Singapore NFT - Total Sales Spend Value (US$ Million), 2019 - 2028
Table 2: Singapore NFT - Total Sales Spend Volume (Thousands), 2019 - 2028
Table 3: Singapore NFT - Average Value Per Transaction (US$), 2019 - 2028
Table 4: Singapore NFT Collectibles and Art - Spend Value (US$ Million), 2019 - 2028
Table 5: Singapore NFT Collectibles and Art - Spend Volume (Thousands), 2019 - 2028
Table 6: Singapore NFT Collectibles and Art - Average Value Per Transaction (US$), 2019 - 2028
Table 7: Singapore NFT Real Estate - Spend Value (US$ Million), 2019 - 2028
Table 8: Singapore NFT Real Estate - Spend Volume (Thousands), 2019 - 2028
Table 9: Singapore NFT Real Estate - Average Value Per Transaction (US$), 2019 - 2028
Table 10: Singapore NFT Sports - Spend Value (US$ Million), 2019 - 2028
Table 11: Singapore NFT Sports - Spend Volume (Thousands), 2019 - 2028
Table 12: Singapore NFT Sports - Average Value Per Transaction (US$), 2019 - 2028
Table 13: Singapore NFT Gaming - Spend Value (US$ Million), 2019 - 2028
Table 14: Singapore NFT Gaming - Spend Volume (Thousands), 2019 - 2028
Table 15: Singapore NFT Gaming - Average Value Per Transaction (US$), 2019 - 2028
Table 16: Singapore NFT Utility - Spend Value (US$ Million), 2019 - 2028
Table 17: Singapore NFT Utility - Spend Volume (Thousands), 2019 - 2028
Table 18: Singapore NFT Utility - Average Value Per Transaction (US$), 2019 - 2028
Table 19: Singapore NFT Fashion and Luxury - Spend Value (US$ Million), 2019 - 2028
Table 20: Singapore NFT Fashion and Luxury - Spend Volume (Thousands), 2019 - 2028
Table 21: Singapore NFT Fashion and Luxury - Average Value Per Transaction (US$), 2019 - 2028
Table 22: Singapore NFT Other Assets - Spend Value (US$ Million), 2019 - 2028
Table 23: Singapore NFT Other Assets - Spend Volume (Thousands), 2019 - 2028
Table 24: Singapore NFT Other Assets - Average Value Per Transaction (US$), 2019 - 2028
Table 25: Singapore NFT Collectibles and Art - Digital Art Spend Value (US$ Million), 2019 - 2028
Table 26: Singapore NFT Collectibles and Art - Music & Sound Clip Spend Value (US$ Million), 2019 - 2028
Table 27: Singapore NFT Collectibles and Art - Videos Spend Value (US$ Million), 2019 - 2028
Table 28: Singapore NFT Collectibles and Art - Memes & GIF Spend Value (US$ Million), 2019 - 2028
Table 29: Singapore NFT Collectibles and Art - Other Assets Spend Value (US$ Million), 2019 - 2028
Table 30: Singapore NFT Currency Ethereum - Spend Value (US$ Million), 2019 - 2028
Table 31: Singapore NFT Currency Solana - Spend Value (US$ Million), 2019 - 2028
Table 32: Singapore NFT Currency Avalanche - Spend Value (US$ Million), 2019 - 2028
Table 33: Singapore NFT Currency Polygon - Spend Value (US$ Million), 2019 - 2028
Table 34: Singapore NFT Currency BSC - Spend Value (US$ Million), 2019 - 2028
Table 35: Singapore NFT Currency Flow - Spend Value (US$ Million), 2019 - 2028
Table 36: Singapore NFT Currency WAX - Spend Value (US$ Million), 2019 - 2028
Table 37: Singapore NFT Currency Ronin - Spend Value (US$ Million), 2019 - 2028
