According to the Q2 2022 NFT Survey, NFT industry in China is expected to grow by 69.5% on an annual basis to reach US$4882.5 million in 2022.
The NFT industry is expected to grow steadily over the forecast period, recording a CAGR of 49.6% during 2022-2028. The NFT Spend Value in the country will increase from US$4882.5 million in 2022 to reach US$48332.2 million by 2028.
In 2021, non-fungible tokens (NFTs) were the most popular word, and the popularity is expected to continue in 2022. The NFT industry is also growing with new projects and players in China. This shows the significant growth potential of the Chinese NFT industry, suggesting that many opportunities are untouched or unexplored. As the popularity of the NFT continues to grow in China, many of the largest internet companies have launched their own NFT trading platforms, which either function as an exchange or marketplace where Chinese consumers can buy and sell different types of digital assets. With the rising number of investors looking to get involved in the Chinese NFT market, there are more opportunities.
Instead of using the term NFT, China uses the term “digital collectibles” to describe non-fungible tokens because of the government’s opposition to cryptocurrencies. Despite the Chinese government’s concerns surrounding cryptocurrencies, the government is not planning to hinder the growing NFT market as long as it does not lead crypto traders away from conventional finance methods.
At present, most of the NFT transactions in the country are decoupled from cryptocurrencies. In China, NFT purchases are taking place directly through RMB, using traditional non-crypto means, 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 because of a series of regulations from the Chinese government. However, a pilot digital art trading market is expected to be launched by the government in 2022.
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. Moreover, the ban on cryptocurrencies from the Chinese government has also supported the popularity of NFTs among consumers over the last 12 months.
The publisher expects the trend to continue over the next four to eight quarters as more and more players, including the government, are entering the NFT sector. This will subsequently drive the popularity of NFTs among the general public, thereby supporting the overall market growth from the short to medium-term perspective.
Over the last 12 months, several major Chinese companies have jumped on the NFT bandwagon. These include internet tech giants, blockchain startups, retail brands, and art auction houses. For instance,
As the popularity of the NFT continues to grow among the general public in China, firms across industry verticals are seeking to develop and launch innovative NFT projects in the country. For instance,
This report provides in-depth, data-centric analysis of NFT Market in China 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 49.6% during 2022-2028. The NFT Spend Value in the country will increase from US$4882.5 million in 2022 to reach US$48332.2 million by 2028.
In 2021, non-fungible tokens (NFTs) were the most popular word, and the popularity is expected to continue in 2022. The NFT industry is also growing with new projects and players in China. This shows the significant growth potential of the Chinese NFT industry, suggesting that many opportunities are untouched or unexplored. As the popularity of the NFT continues to grow in China, many of the largest internet companies have launched their own NFT trading platforms, which either function as an exchange or marketplace where Chinese consumers can buy and sell different types of digital assets. With the rising number of investors looking to get involved in the Chinese NFT market, there are more opportunities.
Instead of using the term NFT, China uses the term “digital collectibles” to describe non-fungible tokens because of the government’s opposition to cryptocurrencies. Despite the Chinese government’s concerns surrounding cryptocurrencies, the government is not planning to hinder the growing NFT market as long as it does not lead crypto traders away from conventional finance methods.
At present, most of the NFT transactions in the country are decoupled from cryptocurrencies. In China, NFT purchases are taking place directly through RMB, using traditional non-crypto means, 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 because of a series of regulations from the Chinese government. However, a pilot digital art trading market is expected to be launched by the government in 2022.
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. Moreover, the ban on cryptocurrencies from the Chinese government has also supported the popularity of NFTs among consumers over the last 12 months.
The publisher expects the trend to continue over the next four to eight quarters as more and more players, including the government, are entering the NFT sector. This will subsequently drive the popularity of NFTs among the general public, thereby supporting the overall market growth from the short to medium-term perspective.
Leading players in the Chinese NFT market
Over the last 12 months, several major Chinese companies have jumped on the NFT bandwagon. These include internet tech giants, blockchain startups, retail brands, and art auction houses. For instance,
- In June 2021, Alipay announced the launch of 8,000 limited-edition NFTs in the country, based on two pieces of ancient artwork from the Dunhuang Caves.
- In August 2021, Tencent, one of the leading social media firms in the country, announced the launch of its NFT purchase and collection platform, Huanhe.
Chinese media firms are launching NFT platforms and collections
As the popularity of the NFT continues to grow among the general public in China, firms across industry verticals are seeking to develop and launch innovative NFT projects in the country. For instance,
- In April 2022, People’s Daily, the official publication of the Chinese Communist Party (CCP), is planning to develop and launch an NFT collection featuring traditional and modern Chinese paintings.
- In March 2022, Mango TV, the state-owned media firm, announced that it is planning to launch an NFT platform. Notably, the digital collectibles are expected to be based on the firm’s current IP holdings. However, if the platform grows, Mango TV is expected to seek new IP partners for developing and launching a range of digital collectibles over the next four to eight quarters.
- In December 2021, Xinhua News Agency, the state-run media firm, also announced that it plans to launch digital collectibles in the form of NFT. The publisher expects more such media-focused firms to launch their NFT platforms and collections over the next four to eight quarters, as the interest in NFTs continues to grow among the general public in China.
Scope
This report provides in-depth, data-centric analysis of NFT Market in China and below is the summary of key market segments:
China NFT Market Size and Future Growth Dynamics by Key Performance Indicators, 2019-2028
China NFT Market Size and Forecast by Key Assets, 2019-2028
- Collectibles and Art
- Real Estate
- Sports
- Gaming
- Utility
- Fashion & Luxury
- Other
China NFT Market Size and Forecast by Key NFT Collectible Assets, 2019-2028
- Digital Art
- Music & Sound Clip
- Videos
- Memes & Gif
- Other
China NFT Market Size and Forecast by Currency, 2019-2028
- Ethereum
- Solana
- Avalanche
- Polygon
- BSC
- Flow
- Wax
- Ronin
- Other
China NFT Market Size and Forecast by Sales Channels, 2019-2028
- Primary
- Secondary
China 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 China NFT Market Size and Future Growth Dynamics by Key Performance Indicators
2.1 China NFT - Total Sales Spend Value Trend Analysis, 2019 - 2028
2.2 China NFT - Total Sales Spend Volume Trend Analysis, 2019 - 2028
2.3 China NFT - Average Value Per Transaction Trend Analysis, 2019 - 2028
3 China NFT Key Market Insight and Innovation
3.1 Consumer Behavior
3.2 Competitive Landscape and Growth Strategies
3.3 Regulation Trends
4 China NFT Market Size and Forecast by Key Assets
4.1 China NFT Market Share by Key Assets (%), 2021 Vs. 2028
4.2 China NFT Collectibles and Art Trend Analysis, 2019 - 2028
4.3 China NFT Real Estate Trend Analysis, 2019 - 2028
4.4 China NFT Sports Trend Analysis, 2019 - 2028
4.5 China NFT Gaming Trend Analysis, 2019 - 2028
4.6 China NFT Utility Trend Analysis, 2019 - 2028
4.7 China NFT Fashion and Luxury Trend Analysis, 2019 - 2028
4.8 China NFT Other Assets Trend Analysis, 2019 - 2028
5 China NFT Collectibles and Art Market Size and Forecast by Key Assets
5.1 China NFT Collectibles and Art Market Share by Key Assets (%), 2021 Vs. 2028
5.2 China NFT Collectibles and Art - Digital Art Spend Value Trend Analysis, 2019 - 2028
5.3 China NFT Collectibles and Art - Music & Sound Clip Spend Value Trend Analysis, 2019 - 2028
5.4 China NFT Collectibles and Art - Videos Spend Value Trend Analysis, 2019 - 2028
5.5 China NFT Collectibles and Art - Memes & GIF Spend Value Trend Analysis, 2019 - 2028
5.6 China NFT Collectibles and Art - Other Assets Spend Value Trend Analysis, 2019 - 2028
6 China NFT Market Size and Forecast by Currency
6.1 China NFT Market Share by Currency (%), 2021 Vs. 2028
6.2 China NFT Currency Ethereum - Spend Value Trend Analysis, 2019 - 2028
6.3 China NFT Currency Solana - Spend Value Trend Analysis, 2019 - 2028
6.4 China NFT Currency Avalanche - Spend Value Trend Analysis, 2019 - 2028
6.5 China NFT Currency Polygon - Spend Value Trend Analysis, 2019 - 2028
6.6 China NFT Currency BSC - Spend Value Trend Analysis, 2019 - 2028
6.7 China NFT Currency Flow - Spend Value Trend Analysis, 2019 - 2028
6.8 China NFT Currency WAX - Spend Value Trend Analysis, 2019 - 2028
6.9 China NFT Currency Ronin - Spend Value Trend Analysis, 2019 - 2028
6.10 China NFT Other Currencies - Spend Value Trend Analysis, 2019 - 2028
7 China NFT Market Size and Forecast by Key Sales Channels
7.1 China NFT Market Share by Key Sales Channels (%), 2021 Vs. 2028
7.2 China NFT Primary Market - Spend Value Trend Analysis, 2019 - 2028
7.3 China NFT Secondary Market - Spend Value Trend Analysis, 2019 - 2028
8 China User Statistics of Internet and Population, 2019 - 2028
8.1 China Internet Users Trend Analysis, 2019 - 2028
8.2 China Internet Penetration Rate, 2019 - 2028
8.3 China Adult Population Trend Analysis, 2019 - 2028
9 Further Reading
9.1 About the Publisher
List of FiguresFigure 1: Methodology Framework
Figure 2: China NFT - Total Sales Spend Value (US$ Million), 2019 - 2028
Figure 3: China NFT - Total Sales Spend Volume (Thousands), 2019 - 2028
Figure 4: China NFT - Average Value Per Transaction (US$), 2019 - 2028
Figure 5: China NFT Market Share by Key Assets (%), 2021 Vs. 2028
Figure 6: China NFT Collectibles and Art - Spend Value (US$ Million), 2019 - 2028
Figure 7: China NFT Collectibles and Art - Spend Volume (Thousands), 2019 - 2028
Figure 8: China NFT Collectibles and Art - Average Value Per Transaction (US$), 2019 - 2028
Figure 9: China NFT Real Estate - Spend Value (US$ Million), 2019 - 2028
Figure 10: China NFT Real Estate - Spend Volume (Thousands), 2019 - 2028
Figure 11: China NFT Real Estate - Average Value Per Transaction (US$), 2019 - 2028
Figure 12: China NFT Sports - Spend Value (US$ Million), 2019 - 2028
Figure 13: China NFT Sports - Spend Volume (Thousands), 2019 - 2028
Figure 14: China NFT Sports - Average Value Per Transaction (US$), 2019 - 2028
Figure 15: China NFT Gaming - Spend Value (US$ Million), 2019 - 2028
Figure 16: China NFT Gaming - Spend Volume (Thousands), 2019 - 2028
Figure 17: China NFT Gaming - Average Value Per Transaction (US$), 2019 - 2028
Figure 18: China NFT Utility - Spend Value (US$ Million), 2019 - 2028
Figure 19: China NFT Utility - Spend Volume (Thousands), 2019 - 2028
Figure 20: China NFT Utility - Average Value Per Transaction (US$), 2019 - 2028
Figure 21: China NFT Fashion and Luxury - Spend Value (US$ Million), 2019 - 2028
Figure 22: China NFT Fashion and Luxury - Spend Volume (Thousands), 2019 - 2028
Figure 23: China NFT Fashion and Luxury - Average Value Per Transaction (US$), 2019 - 2028
Figure 24: China NFT Other Assets - Spend Value (US$ Million), 2019 - 2028
Figure 25: China NFT Other Assets - Spend Volume (Thousands), 2019 - 2028
Figure 26: China NFT Other Assets - Average Value Per Transaction (US$), 2019 - 2028
Figure 27: China NFT Collectibles and Art Market Share by Key Assets (%), 2021 Vs. 2028
Figure 28: China NFT Collectibles and Art - Digital Art Spend Value (US$ Million), 2019 - 2028
Figure 29: China NFT Collectibles and Art - Music & Sound Clip Spend Value (US$ Million), 2019 - 2028
Figure 30: China NFT Collectibles and Art - Videos Spend Value (US$ Million), 2019 - 2028
Figure 31: China NFT Collectibles and Art - Memes & GIF Spend Value (US$ Million), 2019 - 2028
Figure 32: China NFT Collectibles and Art - Other Assets Spend Value (US$ Million), 2019 - 2028
Figure 33: China NFT Market Share by Currency (%), 2021 Vs. 2028
Figure 34: China NFT Currency Ethereum - Spend Value (US$ Million), 2019 - 2028
Figure 35: China NFT Currency Solana - Spend Value (US$ Million), 2019 - 2028
Figure 36: China NFT Currency Avalanche - Spend Value (US$ Million), 2019 - 2028
Figure 37: China NFT Currency Polygon - Spend Value (US$ Million), 2019 - 2028
Figure 38: China NFT Currency BSC - Spend Value (US$ Million), 2019 - 2028
Figure 39: China NFT Currency Flow - Spend Value (US$ Million), 2019 - 2028
Figure 40: China NFT Currency WAX - Spend Value (US$ Million), 2019 - 2028
Figure 41: China NFT Currency Ronin - Spend Value (US$ Million), 2019 - 2028
Figure 42: China NFT Other Currencies - Spend Value (US$ Million), 2019 - 2028
Figure 43: China NFT Market Share by Key Sales Channels (%), 2021 Vs. 2028
Figure 44: China NFT Primary Market - Spend Value (US$ Million), 2019 - 2028
Figure 45: China NFT Secondary Market - Spend Value (US$ Million), 2019 - 2028
Figure 46: China Internet Users Trend Analysis (Million), 2019 - 2028
Figure 47: China Internet Penetration Rate (%), 2019 - 2028
Figure 48: China Adult Population Trend Analysis (Million), 2019 - 2028
List of TablesTable 1: China NFT - Total Sales Spend Value (US$ Million), 2019 - 2028
Table 2: China NFT - Total Sales Spend Volume (Thousands), 2019 - 2028
Table 3: China NFT - Average Value Per Transaction (US$), 2019 - 2028
Table 4: China NFT Collectibles and Art - Spend Value (US$ Million), 2019 - 2028
Table 5: China NFT Collectibles and Art - Spend Volume (Thousands), 2019 - 2028
Table 6: China NFT Collectibles and Art - Average Value Per Transaction (US$), 2019 - 2028
Table 7: China NFT Real Estate - Spend Value (US$ Million), 2019 - 2028
Table 8: China NFT Real Estate - Spend Volume (Thousands), 2019 - 2028
Table 9: China NFT Real Estate - Average Value Per Transaction (US$), 2019 - 2028
Table 10: China NFT Sports - Spend Value (US$ Million), 2019 - 2028
Table 11: China NFT Sports - Spend Volume (Thousands), 2019 - 2028
Table 12: China NFT Sports - Average Value Per Transaction (US$), 2019 - 2028
Table 13: China NFT Gaming - Spend Value (US$ Million), 2019 - 2028
Table 14: China NFT Gaming - Spend Volume (Thousands), 2019 - 2028
Table 15: China NFT Gaming - Average Value Per Transaction (US$), 2019 - 2028
Table 16: China NFT Utility - Spend Value (US$ Million), 2019 - 2028
Table 17: China NFT Utility - Spend Volume (Thousands), 2019 - 2028
Table 18: China NFT Utility - Average Value Per Transaction (US$), 2019 - 2028
Table 19: China NFT Fashion and Luxury - Spend Value (US$ Million), 2019 - 2028
Table 20: China NFT Fashion and Luxury - Spend Volume (Thousands), 2019 - 2028
Table 21: China NFT Fashion and Luxury - Average Value Per Transaction (US$), 2019 - 2028
Table 22: China NFT Other Assets - Spend Value (US$ Million), 2019 - 2028
Table 23: China NFT Other Assets - Spend Volume (Thousands), 2019 - 2028
Table 24: China NFT Other Assets - Average Value Per Transaction (US$), 2019 - 2028
Table 25: China NFT Collectibles and Art - Digital Art Spend Value (US$ Million), 2019 - 2028
Table 26: China NFT Collectibles and Art - Music & Sound Clip Spend Value (US$ Million), 2019 - 2028
Table 27: China NFT Collectibles and Art - Videos Spend Value (US$ Million), 2019 - 2028
Table 28: China NFT Collectibles and Art - Memes & GIF Spend Value (US$ Million), 2019 - 2028
Table 29: China NFT Collectibles and Art - Other Assets Spend Value (US$ Million), 2019 - 2028
Table 30: China NFT Currency Ethereum - Spend Value (US$ Million), 2019 - 2028
Table 31: China NFT Currency Solana - Spend Value (US$ Million), 2019 - 2028
Table 32: China NFT Currency Avalanche - Spend Value (US$ Million), 2019 - 2028
Table 33: China NFT Currency Polygon - Spend Value (US$ Million), 2019 - 2028
Table 34: China NFT Currency BSC - Spend Value (US$ Million), 2019 - 2028
Table 35: China NFT Currency Flow - Spend Value (US$ Million), 2019 - 2028
Table 36: China NFT Currency WAX - Spend Value (US$ Million), 2019 - 2028
Table 37: China NFT Currency Ronin - Spend Value (US$ Million), 2019 - 2028
