According to the Q2 2022 NFT Survey, NFT industry in Indonesia is expected to grow by 50.8% on an annual basis to reach US$2367.6 million in 2022.
The NFT industry is expected to grow steadily over the forecast period, recording a CAGR of 35.8% during 2022-2028. The NFT Spend Value in the country will increase from US$2367.6 million in 2022 to reach US$13394.7 million by 2028.
The digital economy is going in the direction of Web3.0, Metaverse, and Decentralized Autonomous Organizations (DAO). As a result, artists from all walks of life use the growing momentum to enter this free-for-all creative space. Over the last 12 months, NFTs have allowed creators to have complete control over their content and have pushed interaction significantly with their communities.
In Indonesia, artists are increasingly entering the NFT space as they continuously seek new ways to grow and leverage their talent. Notably, Art Moments Jakarta, one of the early adopters in the NFT space, has fully supported the Indonesian digital economy by taking a hybrid live-online approach to the exhibition in 2021. This event from Art Moments Jakarta brought together a community of more than 64 local and international artists, curators, and galleries.
With the NFTs gaining constant momentum and popularity in Indonesia, authorities have also shown interest in examining the existence of blockchain technology. The publisher expects a more robust set of regulatory guidelines for the NFT sector in Indonesia from the short to medium-term perspective.
The adoption of cryptocurrencies, NFTs, and blockchain is expected to become more widespread over Indonesia's next two to three years. While digital literacy will also rise with NFT investment and usage, it is imperative to familiarize the general public with blockchain-based services and NFTs, given that Indonesians are relatively new to the technology.
In the booming NFT trends in the country, influencers and celebrities have started creating their NFT projects as they seek to monetize their work and create new revenue streams. For instance,
Globally, brands and businesses have found several innovative NFTs use cases. From using NFTs as a promotional tool to create brand awareness to using the digital assets to raise funds for some noble cause. In Indonesia, similar trends are visible wherein cryptocurrency exchanges are organizing NFT fundraising campaigns to fight against the global pandemic. For instance,
Innovation in blockchain technology has been driving the growth of the NFT industry in Indonesia. Notably, startups are using the emerging Blockchain 5.0 technology to launch an NFT marketplace in the country. For instance,
This report provides in-depth, data-centric analysis of NFT Market in Indonesia 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 35.8% during 2022-2028. The NFT Spend Value in the country will increase from US$2367.6 million in 2022 to reach US$13394.7 million by 2028.
The digital economy is going in the direction of Web3.0, Metaverse, and Decentralized Autonomous Organizations (DAO). As a result, artists from all walks of life use the growing momentum to enter this free-for-all creative space. Over the last 12 months, NFTs have allowed creators to have complete control over their content and have pushed interaction significantly with their communities.
In Indonesia, artists are increasingly entering the NFT space as they continuously seek new ways to grow and leverage their talent. Notably, Art Moments Jakarta, one of the early adopters in the NFT space, has fully supported the Indonesian digital economy by taking a hybrid live-online approach to the exhibition in 2021. This event from Art Moments Jakarta brought together a community of more than 64 local and international artists, curators, and galleries.
With the NFTs gaining constant momentum and popularity in Indonesia, authorities have also shown interest in examining the existence of blockchain technology. The publisher expects a more robust set of regulatory guidelines for the NFT sector in Indonesia from the short to medium-term perspective.
Familiarizing the general public with blockchain-based services and NFTs is expected to drive market growth in Indonesia
The adoption of cryptocurrencies, NFTs, and blockchain is expected to become more widespread over Indonesia's next two to three years. While digital literacy will also rise with NFT investment and usage, it is imperative to familiarize the general public with blockchain-based services and NFTs, given that Indonesians are relatively new to the technology.
Influencers and celebrities have started creating their NFT projects in Indonesia
In the booming NFT trends in the country, influencers and celebrities have started creating their NFT projects as they seek to monetize their work and create new revenue streams. For instance,
- Syahrini, an Indonesian singer and socialite, is one of the celebrities in the country who created the NFT project and gained widespread popularity globally. Under Princess Syahrini, she created and launched the NFT collection on the Binance NFT marketplace. The NFT collection was sold out within eight hours of its launch on the Binance NFT marketplace.
- Luna Maya, another prominent figure in the Indonesian entertainment industry, created an NFT project. Luna Maya entered a strategic collaboration with Tokau, the Japanese art firm with NFT creation experience. The NFT collection was launched on the BakerySwap NFT marketplace.
- Actor Brandon Salim, renowned Indonesian chef Arnold Poernomo, and influencer known as Jejouw promoted one of the most successful NFT projects in the country, Karafuru, which also went global. As of April 2022, the NFT project had a trading volume of 37,200 Ether.
Cryptocurrency exchanges are organizing NFT fundraising campaigns to fight the Covid-19 pandemic in Indonesia
Globally, brands and businesses have found several innovative NFTs use cases. From using NFTs as a promotional tool to create brand awareness to using the digital assets to raise funds for some noble cause. In Indonesia, similar trends are visible wherein cryptocurrency exchanges are organizing NFT fundraising campaigns to fight against the global pandemic. For instance,
- Tokocrypto, one of the leading cryptocurrency exchanges in the country, partnered with Aldi Haryopratomo - the ex-CEO of GoPay, Evan Tan - the NFT collector, and William Tan - NFT creator for Art Blocks NFT, and Chef Arnold Poernomo to organize the NFT fundraising campaign in Indonesia.
Startups are using emerging Blockchain 5.0 technology to launch the NFT marketplace in Indonesia
Innovation in blockchain technology has been driving the growth of the NFT industry in Indonesia. Notably, startups are using the emerging Blockchain 5.0 technology to launch an NFT marketplace in the country. For instance,
- In March 2022, Relictum Pro, the digital world of applications, announced the launch of Relictum NFT in Indonesia. Notably, Relictum NFT is a public marketplace where users can choose any token format. The marketplace is developed and launched on the emerging Blockchain 5.0 Relictum Pro technology. Relictum has also introduced a stable coin - USDR - which is expected to rival USDT in support of global commerce, according to the firm.
Scope
This report provides in-depth, data-centric analysis of NFT Market in Indonesia and below is the summary of key market segments:
Indonesia NFT Market Size and Future Growth Dynamics by Key Performance Indicators, 2019-2028
Indonesia NFT Market Size and Forecast by Key Assets, 2019-2028
- Collectibles and Art
- Real Estate
- Sports
- Gaming
- Utility
- Fashion & Luxury
- Other
Indonesia NFT Market Size and Forecast by Key NFT Collectible Assets, 2019-2028
- Digital Art
- Music & Sound Clip
- Videos
- Memes & Gif
- Other
Indonesia NFT Market Size and Forecast by Currency, 2019-2028
- Ethereum
- Solana
- Avalanche
- Polygon
- BSC
- Flow
- Wax
- Ronin
- Other
Indonesia NFT Market Size and Forecast by Sales Channels, 2019-2028
- Primary
- Secondary
Indonesia 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 Indonesia NFT Market Size and Future Growth Dynamics by Key Performance Indicators
2.1 Indonesia NFT - Total Sales Spend Value Trend Analysis, 2019 - 2028
2.2 Indonesia NFT - Total Sales Spend Volume Trend Analysis, 2019 - 2028
2.3 Indonesia NFT - Average Value Per Transaction Trend Analysis, 2019 - 2028
3 Indonesia NFT Key Market Insight and Innovation
3.1 Consumer Behavior
3.2 Competitive Landscape and Growth Strategies
3.3 Regulation Trends
4 Indonesia NFT Market Size and Forecast by Key Assets
4.1 Indonesia NFT Market Share by Key Assets (%), 2021 Vs. 2028
4.2 Indonesia NFT Collectibles and Art Trend Analysis, 2019 - 2028
4.3 Indonesia NFT Real Estate Trend Analysis, 2019 - 2028
4.4 Indonesia NFT Sports Trend Analysis, 2019 - 2028
4.5 Indonesia NFT Gaming Trend Analysis, 2019 - 2028
4.6 Indonesia NFT Utility Trend Analysis, 2019 - 2028
4.7 Indonesia NFT Fashion and Luxury Trend Analysis, 2019 - 2028
4.8 Indonesia NFT Other Assets Trend Analysis, 2019 - 2028
5 Indonesia NFT Collectibles and Art Market Size and Forecast by Key Assets
5.1 Indonesia NFT Collectibles and Art Market Share by Key Assets (%), 2021 Vs. 2028
5.2 Indonesia NFT Collectibles and Art - Digital Art Spend Value Trend Analysis, 2019 - 2028
5.3 Indonesia NFT Collectibles and Art - Music & Sound Clip Spend Value Trend Analysis, 2019 - 2028
5.4 Indonesia NFT Collectibles and Art - Videos Spend Value Trend Analysis, 2019 - 2028
5.5 Indonesia NFT Collectibles and Art - Memes & GIF Spend Value Trend Analysis, 2019 - 2028
5.6 Indonesia NFT Collectibles and Art - Other Assets Spend Value Trend Analysis, 2019 - 2028
6 Indonesia NFT Market Size and Forecast by Currency
6.1 Indonesia NFT Market Share by Currency (%), 2021 Vs. 2028
6.2 Indonesia NFT Currency Ethereum - Spend Value Trend Analysis, 2019 - 2028
6.3 Indonesia NFT Currency Solana - Spend Value Trend Analysis, 2019 - 2028
6.4 Indonesia NFT Currency Avalanche - Spend Value Trend Analysis, 2019 - 2028
6.5 Indonesia NFT Currency Polygon - Spend Value Trend Analysis, 2019 - 2028
6.6 Indonesia NFT Currency BSC - Spend Value Trend Analysis, 2019 - 2028
6.7 Indonesia NFT Currency Flow - Spend Value Trend Analysis, 2019 - 2028
6.8 Indonesia NFT Currency WAX - Spend Value Trend Analysis, 2019 - 2028
6.9 Indonesia NFT Currency Ronin - Spend Value Trend Analysis, 2019 - 2028
6.10 Indonesia NFT Other Currencies - Spend Value Trend Analysis, 2019 - 2028
7 Indonesia NFT Market Size and Forecast by Key Sales Channels
7.1 Indonesia NFT Market Share by Key Sales Channels (%), 2021 Vs. 2028
7.2 Indonesia NFT Primary Market - Spend Value Trend Analysis, 2019 - 2028
7.3 Indonesia NFT Secondary Market - Spend Value Trend Analysis, 2019 - 2028
8 Indonesia User Statistics of Internet and Population, 2019 - 2028
8.1 Indonesia Internet Users Trend Analysis, 2019 - 2028
8.2 Indonesia Internet Penetration Rate, 2019 - 2028
8.3 Indonesia Adult Population Trend Analysis, 2019 - 2028
9 Further Reading
9.1 About the Publisher
List of FiguresFigure 1: Methodology Framework
Figure 2: Indonesia NFT - Total Sales Spend Value (US$ Million), 2019 - 2028
Figure 3: Indonesia NFT - Total Sales Spend Volume (Thousands), 2019 - 2028
Figure 4: Indonesia NFT - Average Value Per Transaction (US$), 2019 - 2028
Figure 5: Indonesia NFT Market Share by Key Assets (%), 2021 Vs. 2028
Figure 6: Indonesia NFT Collectibles and Art - Spend Value (US$ Million), 2019 - 2028
Figure 7: Indonesia NFT Collectibles and Art - Spend Volume (Thousands), 2019 - 2028
Figure 8: Indonesia NFT Collectibles and Art - Average Value Per Transaction (US$), 2019 - 2028
Figure 9: Indonesia NFT Real Estate - Spend Value (US$ Million), 2019 - 2028
Figure 10: Indonesia NFT Real Estate - Spend Volume (Thousands), 2019 - 2028
Figure 11: Indonesia NFT Real Estate - Average Value Per Transaction (US$), 2019 - 2028
Figure 12: Indonesia NFT Sports - Spend Value (US$ Million), 2019 - 2028
Figure 13: Indonesia NFT Sports - Spend Volume (Thousands), 2019 - 2028
Figure 14: Indonesia NFT Sports - Average Value Per Transaction (US$), 2019 - 2028
Figure 15: Indonesia NFT Gaming - Spend Value (US$ Million), 2019 - 2028
Figure 16: Indonesia NFT Gaming - Spend Volume (Thousands), 2019 - 2028
Figure 17: Indonesia NFT Gaming - Average Value Per Transaction (US$), 2019 - 2028
Figure 18: Indonesia NFT Utility - Spend Value (US$ Million), 2019 - 2028
Figure 19: Indonesia NFT Utility - Spend Volume (Thousands), 2019 - 2028
Figure 20: Indonesia NFT Utility - Average Value Per Transaction (US$), 2019 - 2028
Figure 21: Indonesia NFT Fashion and Luxury - Spend Value (US$ Million), 2019 - 2028
Figure 22: Indonesia NFT Fashion and Luxury - Spend Volume (Thousands), 2019 - 2028
Figure 23: Indonesia NFT Fashion and Luxury - Average Value Per Transaction (US$), 2019 - 2028
Figure 24: Indonesia NFT Other Assets - Spend Value (US$ Million), 2019 - 2028
Figure 25: Indonesia NFT Other Assets - Spend Volume (Thousands), 2019 - 2028
Figure 26: Indonesia NFT Other Assets - Average Value Per Transaction (US$), 2019 - 2028
Figure 27: Indonesia NFT Collectibles and Art Market Share by Key Assets (%), 2021 Vs. 2028
Figure 28: Indonesia NFT Collectibles and Art - Digital Art Spend Value (US$ Million), 2019 - 2028
Figure 29: Indonesia NFT Collectibles and Art - Music & Sound Clip Spend Value (US$ Million), 2019 - 2028
Figure 30: Indonesia NFT Collectibles and Art - Videos Spend Value (US$ Million), 2019 - 2028
Figure 31: Indonesia NFT Collectibles and Art - Memes & GIF Spend Value (US$ Million), 2019 - 2028
Figure 32: Indonesia NFT Collectibles and Art - Other Assets Spend Value (US$ Million), 2019 - 2028
Figure 33: Indonesia NFT Market Share by Currency (%), 2021 Vs. 2028
Figure 34: Indonesia NFT Currency Ethereum - Spend Value (US$ Million), 2019 - 2028
Figure 35: Indonesia NFT Currency Solana - Spend Value (US$ Million), 2019 - 2028
Figure 36: Indonesia NFT Currency Avalanche - Spend Value (US$ Million), 2019 - 2028
Figure 37: Indonesia NFT Currency Polygon - Spend Value (US$ Million), 2019 - 2028
Figure 38: Indonesia NFT Currency BSC - Spend Value (US$ Million), 2019 - 2028
Figure 39: Indonesia NFT Currency Flow - Spend Value (US$ Million), 2019 - 2028
Figure 40: Indonesia NFT Currency WAX - Spend Value (US$ Million), 2019 - 2028
Figure 41: Indonesia NFT Currency Ronin - Spend Value (US$ Million), 2019 - 2028
Figure 42: Indonesia NFT Other Currencies - Spend Value (US$ Million), 2019 - 2028
Figure 43: Indonesia NFT Market Share by Key Sales Channels (%), 2021 Vs. 2028
Figure 44: Indonesia NFT Primary Market - Spend Value (US$ Million), 2019 - 2028
Figure 45: Indonesia NFT Secondary Market - Spend Value (US$ Million), 2019 - 2028
Figure 46: Indonesia Internet Users Trend Analysis (Million), 2019 - 2028
Figure 47: Indonesia Internet Penetration Rate (%), 2019 - 2028
Figure 48: Indonesia Adult Population Trend Analysis (Million), 2019 - 2028
List of TablesTable 1: Indonesia NFT - Total Sales Spend Value (US$ Million), 2019 - 2028
Table 2: Indonesia NFT - Total Sales Spend Volume (Thousands), 2019 - 2028
Table 3: Indonesia NFT - Average Value Per Transaction (US$), 2019 - 2028
Table 4: Indonesia NFT Collectibles and Art - Spend Value (US$ Million), 2019 - 2028
Table 5: Indonesia NFT Collectibles and Art - Spend Volume (Thousands), 2019 - 2028
Table 6: Indonesia NFT Collectibles and Art - Average Value Per Transaction (US$), 2019 - 2028
Table 7: Indonesia NFT Real Estate - Spend Value (US$ Million), 2019 - 2028
Table 8: Indonesia NFT Real Estate - Spend Volume (Thousands), 2019 - 2028
Table 9: Indonesia NFT Real Estate - Average Value Per Transaction (US$), 2019 - 2028
Table 10: Indonesia NFT Sports - Spend Value (US$ Million), 2019 - 2028
Table 11: Indonesia NFT Sports - Spend Volume (Thousands), 2019 - 2028
Table 12: Indonesia NFT Sports - Average Value Per Transaction (US$), 2019 - 2028
Table 13: Indonesia NFT Gaming - Spend Value (US$ Million), 2019 - 2028
Table 14: Indonesia NFT Gaming - Spend Volume (Thousands), 2019 - 2028
Table 15: Indonesia NFT Gaming - Average Value Per Transaction (US$), 2019 - 2028
Table 16: Indonesia NFT Utility - Spend Value (US$ Million), 2019 - 2028
Table 17: Indonesia NFT Utility - Spend Volume (Thousands), 2019 - 2028
Table 18: Indonesia NFT Utility - Average Value Per Transaction (US$), 2019 - 2028
Table 19: Indonesia NFT Fashion and Luxury - Spend Value (US$ Million), 2019 - 2028
Table 20: Indonesia NFT Fashion and Luxury - Spend Volume (Thousands), 2019 - 2028
Table 21: Indonesia NFT Fashion and Luxury - Average Value Per Transaction (US$), 2019 - 2028
Table 22: Indonesia NFT Other Assets - Spend Value (US$ Million), 2019 - 2028
Table 23: Indonesia NFT Other Assets - Spend Volume (Thousands), 2019 - 2028
Table 24: Indonesia NFT Other Assets - Average Value Per Transaction (US$), 2019 - 2028
Table 25: Indonesia NFT Collectibles and Art - Digital Art Spend Value (US$ Million), 2019 - 2028
Table 26: Indonesia NFT Collectibles and Art - Music & Sound Clip Spend Value (US$ Million), 2019 - 2028
Table 27: Indonesia NFT Collectibles and Art - Videos Spend Value (US$ Million), 2019 - 2028
Table 28: Indonesia NFT Collectibles and Art - Memes & GIF Spend Value (US$ Million), 2019 - 2028
Table 29: Indonesia NFT Collectibles and Art - Other Assets Spend Value (US$ Million), 2019 - 2028
Table 30: Indonesia NFT Currency Ethereum - Spend Value (US$ Million), 2019 - 2028
Table 31: Indonesia NFT Currency Solana - Spend Value (US$ Million), 2019 - 2028
Table 32: Indonesia NFT Currency Avalanche - Spend Value (US$ Million), 2019 - 2028
Table 33: Indonesia NFT Currency Polygon - Spend Value (US$ Million), 2019 - 2028
Table 34: Indonesia NFT Currency BSC - Spend Value (US$ Million), 2019 - 2028
Table 35: Indonesia NFT Currency Flow - Spend Value (US$ Million), 2019 - 2028
Table 36: Indonesia NFT Currency WAX - Spend Value (US$ Million), 2019 - 2028
Table 37: Indonesia NFT Currency Ronin - Spend Value (US$ Million), 2019 - 2028
