According to the Q2 2022 NFT Survey, NFT industry in Australia is expected to grow by 46.2% on an annual basis to reach US$659.5 million in 2022.
The NFT industry is expected to grow steadily over the forecast period, recording a CAGR of 33.8% during 2022-2028. The NFT Spend Value in the country will increase from US$659.5 million in 2022 to reach US$3459.1 million by 2028.
The Australian cryptocurrency market surged significantly in 2021. According to the Q1 2022 Global NFT Market Survey, more than one in ten Australians hold some form of digital currency. This growing popularity in the Australian cryptocurrency market has also propelled the growth of the Non-Fungible Tokens (NFTs) industry in 2021. Public interest in NFTs, a unique digital asset like a special release album or artwork created with the technology that underpins cryptocurrencies, surged in 2021.
In Australia, there are more NFT buyers than sellers. This trend is in line with the global NFT market, where more demand than supply. According to the publisher, in any given month of 2021, there were approximately 30% more buyers than sellers. This shows that people in increasing numbers are collecting NFTs globally, as well as in Australia.
In the global market, this gap decreased to a modest 4% between buyers and sellers in March 2022. However, in Australia, there are approximately 800 digital crypto artists and an estimated 6,000 to 10,000 NFT collectors, the number which is rising quarter on quarter. As the interest in NFTs among the general public continues to grow, the publisher expects more new collectors to be on-board, with increased spending from existing collectors.
Brands and retailers across different industries are looking to tap into the growing craze for NFTs. As a result of this, global gaming retailers are entering into strategic partnerships with Australian blockchain startups to launch the NFT marketplace. For instance,
The publisher expects more such strategic partnerships in Australia over the next three to four years, thereby supporting the growth of the overall NFT industry from the short to medium-term perspective.
In Australia, brands across industry verticals are entering the NFT space by launching their collections. Notably, beauty brands in the country are using NFTs to build deeper relationships with customers, thereby driving their growth and revenue. For instance,
As the interest in NFT continues to grow among the public in the country, the publisher expects more such beauty brands in Australia to launch NFT collections to boost their growth from the short to medium-term perspective.
As the NFT industry continues to record strong growth in Australia, NFT marketplaces are developing and launching innovative products to gain market share in the country. For instance,
This report provides in-depth, data-centric analysis of NFT Market in Australia 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 33.8% during 2022-2028. The NFT Spend Value in the country will increase from US$659.5 million in 2022 to reach US$3459.1 million by 2028.
The Australian cryptocurrency market surged significantly in 2021. According to the Q1 2022 Global NFT Market Survey, more than one in ten Australians hold some form of digital currency. This growing popularity in the Australian cryptocurrency market has also propelled the growth of the Non-Fungible Tokens (NFTs) industry in 2021. Public interest in NFTs, a unique digital asset like a special release album or artwork created with the technology that underpins cryptocurrencies, surged in 2021.
In Australia, there are more NFT buyers than sellers. This trend is in line with the global NFT market, where more demand than supply. According to the publisher, in any given month of 2021, there were approximately 30% more buyers than sellers. This shows that people in increasing numbers are collecting NFTs globally, as well as in Australia.
In the global market, this gap decreased to a modest 4% between buyers and sellers in March 2022. However, in Australia, there are approximately 800 digital crypto artists and an estimated 6,000 to 10,000 NFT collectors, the number which is rising quarter on quarter. As the interest in NFTs among the general public continues to grow, the publisher expects more new collectors to be on-board, with increased spending from existing collectors.
Brands and retailers across different industries are looking to tap into the growing craze for NFTs. As a result of this, global gaming retailers are entering into strategic partnerships with Australian blockchain startups to launch the NFT marketplace. For instance,
- In February 2022, GameStop, one of the leading gaming retailers globally, announced that the firm had entered into a strategic collaboration with Australian blockchain startup, Immutable, to launch the NFT marketplace. Notably, Immutable is expected to help GameStop by developing an NFT marketplace on its carbon-neutral platform, Immutable X.
- GameStop announced that the firm is also planning to create a fund of up to US$100 million with Immutable, which will be distributed to developers for creating NFTs for its marketplace. The publisher expects the US$100 million to fund to further reduce the demand and supply gap in the Australian and global NFT market, which will also drive higher transaction value and volume
The publisher expects more such strategic partnerships in Australia over the next three to four years, thereby supporting the growth of the overall NFT industry from the short to medium-term perspective.
Beauty brands are launching NFT collectibles to build deeper relationships with customers in Australia
In Australia, brands across industry verticals are entering the NFT space by launching their collections. Notably, beauty brands in the country are using NFTs to build deeper relationships with customers, thereby driving their growth and revenue. For instance,
- In November 2021, Sunny Skin, the Australian beauty brand, announced that the firm had launched its first NFT collection in the metaverse. The NFT collection, Aussie Angles, based around iconic Australian animals, was launched on the Openseas.io NFT open marketplace.
- Notably, the firm launched the NFT collection as part of its brand strategy, through which the firm aims to build deeper relationships with customers in Australia. Its inaugural digital character, Kali the Koala, is linked to the firm's SPF50+ product and is designed to appeal to Gen Z and millennial women who understand and prioritize skincare.
As the interest in NFT continues to grow among the public in the country, the publisher expects more such beauty brands in Australia to launch NFT collections to boost their growth from the short to medium-term perspective.
NFT marketplaces are launching new products to further gain market share in Australia
As the NFT industry continues to record strong growth in Australia, NFT marketplaces are developing and launching innovative products to gain market share in the country. For instance,
- In November 2021, NFT STARS announced the firm is planning to launch an innovative product, NFT Radio, which the firm claims to be a big breakthrough in the music industry. Notably, the NFT Radio is a radio station that streams unique content 24 x 7 and sells all audio content as NFTs.
- The radio station powered by blockchain and NFT technologies aims to address the various issues musicians and creators face in the country. Notably, the platform consists of two parts - a radio station that streams the unique content and an audio marketplace where listeners can purchase NFT tracks.
- In August 2021, Serenade, a local music startup in Australia, announced the launch of an eco-friendly NFT platform, which aims to simplify the crypto industry for artists and music fans. The platform allows artists to sell everything from unreleased to new music, behind-the-scenes footage, and other visual assets.
- One of the differentiating factors is that Serenade allows Australians to purchase NFTs using debit and credit cards.
Scope
This report provides in-depth, data-centric analysis of NFT Market in Australia and below is the summary of key market segments:
Australia NFT Market Size and Future Growth Dynamics by Key Performance Indicators, 2019-2028
Australia NFT Market Size and Forecast by Key Assets, 2019-2028
- Collectibles and Art
- Real Estate
- Sports
- Gaming
- Utility
- Fashion & Luxury
- Other
Australia NFT Market Size and Forecast by Key NFT Collectible Assets, 2019-2028
- Digital Art
- Music & Sound Clip
- Videos
- Memes & Gif
- Other
Australia NFT Market Size and Forecast by Currency, 2019-2028
- Ethereum
- Solana
- Avalanche
- Polygon
- BSC
- Flow
- Wax
- Ronin
- Other
Australia NFT Market Size and Forecast by Sales Channels, 2019-2028
- Primary
- Secondary
Australia 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 Australia NFT Market Size and Future Growth Dynamics by Key Performance Indicators
2.1 Australia NFT - Total Sales Spend Value Trend Analysis, 2019 - 2028
2.2 Australia NFT - Total Sales Spend Volume Trend Analysis, 2019 - 2028
2.3 Australia NFT - Average Value Per Transaction Trend Analysis, 2019 - 2028
3 Australia NFT Key Market Insight and Innovation
3.1 Consumer Behavior
3.2 Competitive Landscape and Growth Strategies
3.3 Regulation Trends
4 Australia NFT Market Size and Forecast by Key Assets
4.1 Australia NFT Market Share by Key Assets (%), 2021 Vs. 2028
4.2 Australia NFT Collectibles and Art Trend Analysis, 2019 - 2028
4.3 Australia NFT Real Estate Trend Analysis, 2019 - 2028
4.4 Australia NFT Sports Trend Analysis, 2019 - 2028
4.5 Australia NFT Gaming Trend Analysis, 2019 - 2028
4.6 Australia NFT Utility Trend Analysis, 2019 - 2028
4.7 Australia NFT Fashion and Luxury Trend Analysis, 2019 - 2028
4.8 Australia NFT Other Assets Trend Analysis, 2019 - 2028
5 Australia NFT Collectibles and Art Market Size and Forecast by Key Assets
5.1 Australia NFT Collectibles and Art Market Share by Key Assets (%), 2021 Vs. 2028
5.2 Australia NFT Collectibles and Art - Digital Art Spend Value Trend Analysis, 2019 - 2028
5.3 Australia NFT Collectibles and Art - Music & Sound Clip Spend Value Trend Analysis, 2019 - 2028
5.4 Australia NFT Collectibles and Art - Videos Spend Value Trend Analysis, 2019 - 2028
5.5 Australia NFT Collectibles and Art - Memes & GIF Spend Value Trend Analysis, 2019 - 2028
5.6 Australia NFT Collectibles and Art - Other Assets Spend Value Trend Analysis, 2019 - 2028
6 Australia NFT Market Size and Forecast by Currency
6.1 Australia NFT Market Share by Currency (%), 2021 Vs. 2028
6.2 Australia NFT Currency Ethereum - Spend Value Trend Analysis, 2019 - 2028
6.3 Australia NFT Currency Solana - Spend Value Trend Analysis, 2019 - 2028
6.4 Australia NFT Currency Avalanche - Spend Value Trend Analysis, 2019 - 2028
6.5 Australia NFT Currency Polygon - Spend Value Trend Analysis, 2019 - 2028
6.6 Australia NFT Currency BSC - Spend Value Trend Analysis, 2019 - 2028
6.7 Australia NFT Currency Flow - Spend Value Trend Analysis, 2019 - 2028
6.8 Australia NFT Currency WAX - Spend Value Trend Analysis, 2019 - 2028
6.9 Australia NFT Currency Ronin - Spend Value Trend Analysis, 2019 - 2028
6.10 Australia NFT Other Currencies - Spend Value Trend Analysis, 2019 - 2028
7 Australia NFT Market Size and Forecast by Key Sales Channels
7.1 Australia NFT Market Share by Key Sales Channels (%), 2021 Vs. 2028
7.2 Australia NFT Primary Market - Spend Value Trend Analysis, 2019 - 2028
7.3 Australia NFT Secondary Market - Spend Value Trend Analysis, 2019 - 2028
8 Australia User Statistics of Internet and Population, 2019 - 2028
8.1 Australia Internet Users Trend Analysis, 2019 - 2028
8.2 Australia Internet Penetration Rate, 2019 - 2028
8.3 Australia Adult Population Trend Analysis, 2019 - 2028
9 Further Reading
9.1 About the Publisher
List of FiguresFigure 1: Methodology Framework
Figure 2: Australia NFT - Total Sales Spend Value (US$ Million), 2019 - 2028
Figure 3: Australia NFT - Total Sales Spend Volume (Thousands), 2019 - 2028
Figure 4: Australia NFT - Average Value Per Transaction (US$), 2019 - 2028
Figure 5: Australia NFT Market Share by Key Assets (%), 2021 Vs. 2028
Figure 6: Australia NFT Collectibles and Art - Spend Value (US$ Million), 2019 - 2028
Figure 7: Australia NFT Collectibles and Art - Spend Volume (Thousands), 2019 - 2028
Figure 8: Australia NFT Collectibles and Art - Average Value Per Transaction (US$), 2019 - 2028
Figure 9: Australia NFT Real Estate - Spend Value (US$ Million), 2019 - 2028
Figure 10: Australia NFT Real Estate - Spend Volume (Thousands), 2019 - 2028
Figure 11: Australia NFT Real Estate - Average Value Per Transaction (US$), 2019 - 2028
Figure 12: Australia NFT Sports - Spend Value (US$ Million), 2019 - 2028
Figure 13: Australia NFT Sports - Spend Volume (Thousands), 2019 - 2028
Figure 14: Australia NFT Sports - Average Value Per Transaction (US$), 2019 - 2028
Figure 15: Australia NFT Gaming - Spend Value (US$ Million), 2019 - 2028
Figure 16: Australia NFT Gaming - Spend Volume (Thousands), 2019 - 2028
Figure 17: Australia NFT Gaming - Average Value Per Transaction (US$), 2019 - 2028
Figure 18: Australia NFT Utility - Spend Value (US$ Million), 2019 - 2028
Figure 19: Australia NFT Utility - Spend Volume (Thousands), 2019 - 2028
Figure 20: Australia NFT Utility - Average Value Per Transaction (US$), 2019 - 2028
Figure 21: Australia NFT Fashion and Luxury - Spend Value (US$ Million), 2019 - 2028
Figure 22: Australia NFT Fashion and Luxury - Spend Volume (Thousands), 2019 - 2028
Figure 23: Australia NFT Fashion and Luxury - Average Value Per Transaction (US$), 2019 - 2028
Figure 24: Australia NFT Other Assets - Spend Value (US$ Million), 2019 - 2028
Figure 25: Australia NFT Other Assets - Spend Volume (Thousands), 2019 - 2028
Figure 26: Australia NFT Other Assets - Average Value Per Transaction (US$), 2019 - 2028
Figure 27: Australia NFT Collectibles and Art Market Share by Key Assets (%), 2021 Vs. 2028
Figure 28: Australia NFT Collectibles and Art - Digital Art Spend Value (US$ Million), 2019 - 2028
Figure 29: Australia NFT Collectibles and Art - Music & Sound Clip Spend Value (US$ Million), 2019 - 2028
Figure 30: Australia NFT Collectibles and Art - Videos Spend Value (US$ Million), 2019 - 2028
Figure 31: Australia NFT Collectibles and Art - Memes & GIF Spend Value (US$ Million), 2019 - 2028
Figure 32: Australia NFT Collectibles and Art - Other Assets Spend Value (US$ Million), 2019 - 2028
Figure 33: Australia NFT Market Share by Currency (%), 2021 Vs. 2028
Figure 34: Australia NFT Currency Ethereum - Spend Value (US$ Million), 2019 - 2028
Figure 35: Australia NFT Currency Solana - Spend Value (US$ Million), 2019 - 2028
Figure 36: Australia NFT Currency Avalanche - Spend Value (US$ Million), 2019 - 2028
Figure 37: Australia NFT Currency Polygon - Spend Value (US$ Million), 2019 - 2028
Figure 38: Australia NFT Currency BSC - Spend Value (US$ Million), 2019 - 2028
Figure 39: Australia NFT Currency Flow - Spend Value (US$ Million), 2019 - 2028
Figure 40: Australia NFT Currency WAX - Spend Value (US$ Million), 2019 - 2028
Figure 41: Australia NFT Currency Ronin - Spend Value (US$ Million), 2019 - 2028
Figure 42: Australia NFT Other Currencies - Spend Value (US$ Million), 2019 - 2028
Figure 43: Australia NFT Market Share by Key Sales Channels (%), 2021 Vs. 2028
Figure 44: Australia NFT Primary Market - Spend Value (US$ Million), 2019 - 2028
Figure 45: Australia NFT Secondary Market - Spend Value (US$ Million), 2019 - 2028
Figure 46: Australia Internet Users Trend Analysis (Million), 2019 - 2028
Figure 47: Australia Internet Penetration Rate (%), 2019 - 2028
Figure 48: Australia Adult Population Trend Analysis (Million), 2019 - 2028
List of TablesTable 1: Australia NFT - Total Sales Spend Value (US$ Million), 2019 - 2028
Table 2: Australia NFT - Total Sales Spend Volume (Thousands), 2019 - 2028
Table 3: Australia NFT - Average Value Per Transaction (US$), 2019 - 2028
Table 4: Australia NFT Collectibles and Art - Spend Value (US$ Million), 2019 - 2028
Table 5: Australia NFT Collectibles and Art - Spend Volume (Thousands), 2019 - 2028
Table 6: Australia NFT Collectibles and Art - Average Value Per Transaction (US$), 2019 - 2028
Table 7: Australia NFT Real Estate - Spend Value (US$ Million), 2019 - 2028
Table 8: Australia NFT Real Estate - Spend Volume (Thousands), 2019 - 2028
Table 9: Australia NFT Real Estate - Average Value Per Transaction (US$), 2019 - 2028
Table 10: Australia NFT Sports - Spend Value (US$ Million), 2019 - 2028
Table 11: Australia NFT Sports - Spend Volume (Thousands), 2019 - 2028
Table 12: Australia NFT Sports - Average Value Per Transaction (US$), 2019 - 2028
Table 13: Australia NFT Gaming - Spend Value (US$ Million), 2019 - 2028
Table 14: Australia NFT Gaming - Spend Volume (Thousands), 2019 - 2028
Table 15: Australia NFT Gaming - Average Value Per Transaction (US$), 2019 - 2028
Table 16: Australia NFT Utility - Spend Value (US$ Million), 2019 - 2028
Table 17: Australia NFT Utility - Spend Volume (Thousands), 2019 - 2028
Table 18: Australia NFT Utility - Average Value Per Transaction (US$), 2019 - 2028
Table 19: Australia NFT Fashion and Luxury - Spend Value (US$ Million), 2019 - 2028
Table 20: Australia NFT Fashion and Luxury - Spend Volume (Thousands), 2019 - 2028
Table 21: Australia NFT Fashion and Luxury - Average Value Per Transaction (US$), 2019 - 2028
Table 22: Australia NFT Other Assets - Spend Value (US$ Million), 2019 - 2028
Table 23: Australia NFT Other Assets - Spend Volume (Thousands), 2019 - 2028
Table 24: Australia NFT Other Assets - Average Value Per Transaction (US$), 2019 - 2028
Table 25: Australia NFT Collectibles and Art - Digital Art Spend Value (US$ Million), 2019 - 2028
Table 26: Australia NFT Collectibles and Art - Music & Sound Clip Spend Value (US$ Million), 2019 - 2028
Table 27: Australia NFT Collectibles and Art - Videos Spend Value (US$ Million), 2019 - 2028
Table 28: Australia NFT Collectibles and Art - Memes & GIF Spend Value (US$ Million), 2019 - 2028
Table 29: Australia NFT Collectibles and Art - Other Assets Spend Value (US$ Million), 2019 - 2028
Table 30: Australia NFT Currency Ethereum - Spend Value (US$ Million), 2019 - 2028
Table 31: Australia NFT Currency Solana - Spend Value (US$ Million), 2019 - 2028
Table 32: Australia NFT Currency Avalanche - Spend Value (US$ Million), 2019 - 2028
Table 33: Australia NFT Currency Polygon - Spend Value (US$ Million), 2019 - 2028
Table 34: Australia NFT Currency BSC - Spend Value (US$ Million), 2019 - 2028
Table 35: Australia NFT Currency Flow - Spend Value (US$ Million), 2019 - 2028
Table 36: Australia NFT Currency WAX - Spend Value (US$ Million), 2019 - 2028
Table 37: Australia NFT Currency Ronin - Spend Value (US$ Million), 2019 - 2028
