According to the Q2 2022 NFT Survey, the NFT industry is expected to grow by 51.0% on an annual basis to reach US$46157.4 million in 2022 on global scale.
The NFT industry is expected to grow steadily over the forecast period, recording a CAGR of 37.1% during 2022-2028. The NFT Spend Value in the country will increase from US$46157.4 million in 2022 to reach US$278475.3 million by 2028.
The NFT market witnessed significant growth recently. The NFT market is booming since NFTs are an innovation that establishes property rights in the digital zone for the first time, and this uniqueness is driving the value of NFTs. The increasing impact of celebrities on NFT adoption, the modernising of the gaming business, and the modest but steady rise in demand for digital artworks are all major elements propelling the pace of NFT growth. Moreover, as NFT startups continue innovating and developing differentiated NFT products, it will further accelerate their global growth.
The United Kingdom NFT industry is also getting support from the government. Notably, the government's support for developing the NFT industry is a testament to the high growth potential of the NFT market in the United Kingdom. The NFT space has gained traction from major institutions, including public and private. As the industry continues to record strong growth on the back of rising interest among the general public toward digital assets, government institutions globally have their perception of NFTs.
In the United Kingdom, the government has adopted a forward-looking approach by announcing the plans to create an NFT as it seeks to lead the way in crypto. In April 2022, the United Kingdom Finance Minister asked the Royal Mint to create and issue the NFT by the summer. In addition, the government announced steps to bring digital assets under more regulatory scrutiny. The publisher expects that the forward-looking approach adopted by the government in the United Kingdom will drive the next growth phase for the NFT industry in the country.
The non-fungible token (NFT) market in Latin America has undergone strong expansion over the last few years. In addition, the adoption by visual artists and some well-known names in the music industry is supporting the growth of the NFT industry in Brazil and Mexico. NFT marketplaces are looking to tap into the high-growth market potential. Consequently, firms are entering into strategic partnerships with Brazilian football players, who have millions of fans across the country and globally, seeking to drive their growth in the NFT market.
The emergence of NFTs has created a space for digital artists in the Asia Pacific region and offered them a more prudent way to reach the inaccessible audience. The NFT market has allowed artists previously working with brands and agencies to find a more independent option, creating endless possibilities for them. In India, many artists have sold their work on different NFT platforms, thus creating a new source of revenue. Several major Chinese companies have jumped on the NFT bandwagon. These include internet tech giants, blockchain startups, retail brands, and art auction houses.
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.
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.
This report provides in-depth, data-centric analysis of NFT Market 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 37.1% during 2022-2028. The NFT Spend Value in the country will increase from US$46157.4 million in 2022 to reach US$278475.3 million by 2028.
The NFT market witnessed significant growth recently. The NFT market is booming since NFTs are an innovation that establishes property rights in the digital zone for the first time, and this uniqueness is driving the value of NFTs. The increasing impact of celebrities on NFT adoption, the modernising of the gaming business, and the modest but steady rise in demand for digital artworks are all major elements propelling the pace of NFT growth. Moreover, as NFT startups continue innovating and developing differentiated NFT products, it will further accelerate their global growth.
The United Kingdom NFT industry is also getting support from the government. Notably, the government's support for developing the NFT industry is a testament to the high growth potential of the NFT market in the United Kingdom. The NFT space has gained traction from major institutions, including public and private. As the industry continues to record strong growth on the back of rising interest among the general public toward digital assets, government institutions globally have their perception of NFTs.
In the United Kingdom, the government has adopted a forward-looking approach by announcing the plans to create an NFT as it seeks to lead the way in crypto. In April 2022, the United Kingdom Finance Minister asked the Royal Mint to create and issue the NFT by the summer. In addition, the government announced steps to bring digital assets under more regulatory scrutiny. The publisher expects that the forward-looking approach adopted by the government in the United Kingdom will drive the next growth phase for the NFT industry in the country.
The non-fungible token (NFT) market in Latin America has undergone strong expansion over the last few years. In addition, the adoption by visual artists and some well-known names in the music industry is supporting the growth of the NFT industry in Brazil and Mexico. NFT marketplaces are looking to tap into the high-growth market potential. Consequently, firms are entering into strategic partnerships with Brazilian football players, who have millions of fans across the country and globally, seeking to drive their growth in the NFT market.
The emergence of NFTs has created a space for digital artists in the Asia Pacific region and offered them a more prudent way to reach the inaccessible audience. The NFT market has allowed artists previously working with brands and agencies to find a more independent option, creating endless possibilities for them. In India, many artists have sold their work on different NFT platforms, thus creating a new source of revenue. Several major Chinese companies have jumped on the NFT bandwagon. These include internet tech giants, blockchain startups, retail brands, and art auction houses.
In the Middle East and Africa region, particularly in the UAE, there has been an uptake in NFT-related activities. In 2022, Art Dubai - the largest contemporary art fair in the MENA region - welcomed nearly 100 international and local art dealers and a digital collection of 17 platforms and galleries dedicated to showcasing and selling NFTs. While more and more countries are seeking to impose strict regulatory measures on NFTs, there has been a notable surge in the buying, selling, and creation of the NFTs in the UAE. Several innovative NFT marketplaces have also emerged in the country, which has made it relatively simpler for the general public to buy, sell, and trade in NFTs. From NFT-based startups to cryptocurrency exchanges, several players are entering the Middle East and Africa NFT market; the presence of several NFT marketplaces has also supported the rise in NFT trading transaction value and volume, the trend expected to gain further momentum globally
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.
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.
This is a bundled offering, combining 20 reports, covering global insights along with data centric analysis at global and country level:
1. Global NFT Market Insight Brief
2. Global NFT Market Intelligence and Future Growth Dynamics Databook
3. Argentina NFT Market Intelligence and Future Growth Dynamics Databook
4. Australia NFT Market Intelligence and Future Growth Dynamics Databook
5. Brazil NFT Market Intelligence and Future Growth Dynamics Databook
6. Canada NFT Market Intelligence and Future Growth Dynamics Databook
7. China NFT Market Intelligence and Future Growth Dynamics Databook
8. France NFT Market Intelligence and Future Growth Dynamics Databook
9. Germany NFT Market Intelligence and Future Growth Dynamics Databook
10. India NFT Market Intelligence and Future Growth Dynamics Databook
11. Indonesia NFT Market Intelligence and Future Growth Dynamics Databook
12. Italy NFT Market Intelligence and Future Growth Dynamics Databook
13. Mexico NFT Market Intelligence and Future Growth Dynamics Databook
14. Philippines NFT Market Intelligence and Future Growth Dynamics Databook
15. Russia NFT Market Intelligence and Future Growth Dynamics Databook
16. South Africa NFT Market Intelligence and Future Growth Dynamics Databook
17. Thailand NFT Market Intelligence and Future Growth Dynamics Databook
18. United Arab Emirates NFT Market Intelligence and Future Growth Dynamics Databook
19. United Kingdom NFT Market Intelligence and Future Growth Dynamics Databook
20. United States NFT Market Intelligence and Future Growth Dynamics Databook
Scope
This report provides in-depth, data-centric analysis of NFT Market and below is the summary of key market segments:
NFT Market Size and Forecast by Key Assets, 2019-2028
- Collectibles and Art
- Real Estate
- Sports
- Gaming
- Utility
- Fashion & Luxury
- Other
NFT Market Size and Forecast by Key NFT Collectible Assets, 2019-2028
- Digital Art
- Music & Sound Clip
- Videos
- Memes & Gif
- Other
NFT Market Size and Forecast by Currency, 2019-2028
- Ethereum
- Solana
- Avalanche
- Polygon
- BSC
- Flow
- Wax
- Ronin
- Other
NFT Market Size and Forecast by Sales Channels, 2019-2028
- Primary
- Secondary
User Statistics, 2019-2028
Reasons to buy
- With the most comprehensive study on this industry, including 4 geographies.
- Based on data and analysis, develop strategies with a global perspective.
- 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
This is a bundled offering, combining 20 reports, covering global insights along with data centric analysis at global and country level:1.Global NFT Market Insight Brief
2.Global NFT Market Intelligence and Future Growth Dynamics Databook
3.Argentina NFT Market Intelligence and Future Growth Dynamics Databook
4.Australia NFT Market Intelligence and Future Growth Dynamics Databook
5.Brazil NFT Market Intelligence and Future Growth Dynamics Databook
6.Canada NFT Market Intelligence and Future Growth Dynamics Databook
7.China NFT Market Intelligence and Future Growth Dynamics Databook
8.France NFT Market Intelligence and Future Growth Dynamics Databook
9.Germany NFT Market Intelligence and Future Growth Dynamics Databook
10.India NFT Market Intelligence and Future Growth Dynamics Databook
11.Indonesia NFT Market Intelligence and Future Growth Dynamics Databook
12.Italy NFT Market Intelligence and Future Growth Dynamics Databook
13.Mexico NFT Market Intelligence and Future Growth Dynamics Databook
14.Philippines NFT Market Intelligence and Future Growth Dynamics Databook
15.Russia NFT Market Intelligence and Future Growth Dynamics Databook
16.South Africa NFT Market Intelligence and Future Growth Dynamics Databook
17.Thailand NFT Market Intelligence and Future Growth Dynamics Databook
18.United Arab Emirates NFT Market Intelligence and Future Growth Dynamics Databook
19.United Kingdom NFT Market Intelligence and Future Growth Dynamics Databook
20.United States NFT Market Intelligence and Future Growth Dynamics Databook
All the regional and country sections above follow the following table of contents covering 45 charts and 40 tables for each country/region:
1 About this Report
1.1 Summary
1.2 Methodology
1.3 NFT Definitions
1.4 Disclaimer
2 NFT Market Size and Future Growth Dynamics by Key Performance Indicators
2.1 NFT - Total Sales Spend Value Trend Analysis, 2019 - 2028
2.2 NFT - Total Sales Spend Volume Trend Analysis, 2019 - 2028
2.3 NFT - Average Value Per Transaction Trend Analysis, 2019 - 2028
3 NFT Market Size and Forecast by Key Assets
3.1 NFT Market Share by Key Assets (%), 2021 Vs. 2028
3.2 NFT Collectibles and Art Trend Analysis, 2019 - 2028
3.3 NFT Real Estate Trend Analysis, 2019 - 2028
3.4 NFT Sports Trend Analysis, 2019 - 2028
3.5 NFT Gaming Trend Analysis, 2019 - 2028
3.6 NFT Utility Trend Analysis, 2019 - 2028
3.7 NFT Fashion and Luxury Trend Analysis, 2019 - 2028
3.8 NFT Other Assets Trend Analysis, 2019 - 2028
4 NFT Collectibles and Art Market Size and Forecast by Key Assets
4.1 NFT Collectibles and Art Market Share by Key Assets (%), 2021 Vs. 2028
4.2 NFT Collectibles and Art - Digital Art Spend Value Trend Analysis, 2019 - 2028
4.3 NFT Collectibles and Art - Music & Sound Clip Spend Value Trend Analysis, 2019 - 2028
4.4 NFT Collectibles and Art - Videos Spend Value Trend Analysis, 2019 - 2028
4.5 NFT Collectibles and Art - Memes & GIF Spend Value Trend Analysis, 2019 - 2028
4.6 NFT Collectibles and Art - Other Assets Spend Value Trend Analysis, 2019 - 2028
5 NFT Market Size and Forecast by Currency
5.1 NFT Market Share by Currency (%), 2021 Vs. 2028
5.2 NFT Currency Ethereum - Spend Value Trend Analysis, 2019 - 2028
5.3 NFT Currency Solana - Spend Value Trend Analysis, 2019 - 2028
5.4 NFT Currency Avalanche - Spend Value Trend Analysis, 2019 - 2028
5.5 NFT Currency Polygon - Spend Value Trend Analysis, 2019 - 2028
5.6 NFT Currency BSC - Spend Value Trend Analysis, 2019 - 2028
5.7 NFT Currency Flow - Spend Value Trend Analysis, 2019 - 2028
5.8 NFT Currency WAX - Spend Value Trend Analysis, 2019 - 2028
5.9 NFT Currency Ronin - Spend Value Trend Analysis, 2019 - 2028
5.10 NFT Other Currencies - Spend Value Trend Analysis, 2019 - 2028
6 NFT Market Size and Forecast by Key Sales Channels
6.1 NFT Market Share by Key Sales Channels (%), 2021 Vs. 2028
6.2 NFT Primary Market - Spend Value Trend Analysis, 2019 - 2028
6.3 NFT Secondary Market - Spend Value Trend Analysis, 2019 - 2028
7 Further Reading
7.1 About the Publisher
All country reports mentioned above will have the following tables:Figure 1: Methodology Framework
Figure 2: NFT - Total Sales Spend Value (US$ Million), 2019 - 2028
Figure 3: NFT - Total Sales Spend Volume (Thousands), 2019 - 2028
Figure 4: NFT - Average Value Per Transaction (US$), 2019 - 2028
Figure 5: NFT Market Share by Key Assets (%), 2021 Vs. 2028
Figure 6: NFT Collectibles and Art - Spend Value (US$ Million), 2019 - 2028
Figure 7: NFT Collectibles and Art - Spend Volume (Thousands), 2019 - 2028
Figure 8: NFT Collectibles and Art - Average Value Per Transaction (US$), 2019 - 2028
Figure 9: NFT Real Estate - Spend Value (US$ Million), 2019 - 2028
Figure 10: NFT Real Estate - Spend Volume (Thousands), 2019 - 2028
Figure 11: NFT Real Estate - Average Value Per Transaction (US$), 2019 - 2028
Figure 12: NFT Sports - Spend Value (US$ Million), 2019 - 2028
Figure 13: NFT Sports - Spend Volume (Thousands), 2019 - 2028
Figure 14: NFT Sports - Average Value Per Transaction (US$), 2019 - 2028
Figure 15: NFT Gaming - Spend Value (US$ Million), 2019 - 2028
Figure 16: NFT Gaming - Spend Volume (Thousands), 2019 - 2028
Figure 17: NFT Gaming - Average Value Per Transaction (US$), 2019 - 2028
Figure 18: NFT Utility - Spend Value (US$ Million), 2019 - 2028
Figure 19: NFT Utility - Spend Volume (Thousands), 2019 - 2028
Figure 20: NFT Utility - Average Value Per Transaction (US$), 2019 - 2028
Figure 21: NFT Fashion and Luxury - Spend Value (US$ Million), 2019 - 2028
Figure 22: NFT Fashion and Luxury - Spend Volume (Thousands), 2019 - 2028
Figure 23: NFT Fashion and Luxury - Average Value Per Transaction (US$), 2019 - 2028
Figure 24: NFT Other Assets - Spend Value (US$ Million), 2019 - 2028
Figure 25: NFT Other Assets - Spend Volume (Thousands), 2019 - 2028
Figure 26: NFT Other Assets - Average Value Per Transaction (US$), 2019 - 2028
Figure 27: NFT Collectibles and Art Market Share by Key Assets (%), 2021 Vs. 2028
Figure 28: NFT Collectibles and Art - Digital Art Spend Value (US$ Million), 2019 - 2028
Figure 29: NFT Collectibles and Art - Music & Sound Clip Spend Value (US$ Million), 2019 - 2028
Figure 30: NFT Collectibles and Art - Videos Spend Value (US$ Million), 2019 - 2028
Figure 31: NFT Collectibles and Art - Memes & GIF Spend Value (US$ Million), 2019 - 2028
Figure 32: NFT Collectibles and Art - Other Assets Spend Value (US$ Million), 2019 - 2028
Figure 33: NFT Market Share by Currency (%), 2021 Vs. 2028
Figure 34: NFT Currency Ethereum - Spend Value (US$ Million), 2019 - 2028
Figure 35: NFT Currency Solana - Spend Value (US$ Million), 2019 - 2028
Figure 36: NFT Currency Avalanche - Spend Value (US$ Million), 2019 - 2028
Figure 37: NFT Currency Polygon - Spend Value (US$ Million), 2019 - 2028
Figure 38: NFT Currency BSC - Spend Value (US$ Million), 2019 - 2028
Figure 39: NFT Currency Flow - Spend Value (US$ Million), 2019 - 2028
Figure 40: NFT Currency WAX - Spend Value (US$ Million), 2019 - 2028
Figure 41: NFT Currency Ronin - Spend Value (US$ Million), 2019 - 2028
Figure 42: NFT Other Currencies - Spend Value (US$ Million), 2019 - 2028
Figure 43: NFT Market Share by Key Sales Channels (%), 2021 Vs. 2028
Figure 44: NFT Primary Market - Spend Value (US$ Million), 2019 - 2028
Figure 45: NFT Secondary Market - Spend Value (US$ Million), 2019 - 2028
All country reports mentioned above will have the following tables:Table 1: NFT - Total Sales Spend Value (US$ Million), 2019 - 2028
Table 2: NFT - Total Sales Spend Volume (Thousands), 2019 - 2028
Table 3: NFT - Average Value Per Transaction (US$), 2019 - 2028
Table 4: NFT Collectibles and Art - Spend Value (US$ Million), 2019 - 2028
Table 5: NFT Collectibles and Art - Spend Volume (Thousands), 2019 - 2028
Table 6: NFT Collectibles and Art - Average Value Per Transaction (US$), 2019 - 2028
Table 7: NFT Real Estate - Spend Value (US$ Million), 2019 - 2028
Table 8: NFT Real Estate - Spend Volume (Thousands), 2019 - 2028
Table 9: NFT Real Estate - Average Value Per Transaction (US$), 2019 - 2028
Table 10: NFT Sports - Spend Value (US$ Million), 2019 - 2028
Table 11: NFT Sports - Spend Volume (Thousands), 2019 - 2028
Table 12: NFT Sports - Average Value Per Transaction (US$), 2019 - 2028
Table 13: NFT Gaming - Spend Value (US$ Million), 2019 - 2028
Table 14: NFT Gaming - Spend Volume (Thousands), 2019 - 2028
Table 15: NFT Gaming - Average Value Per Transaction (US$), 2019 - 2028
Table 16: NFT Utility - Spend Value (US$ Million), 2019 - 2028
Table 17: NFT Utility - Spend Volume (Thousands), 2019 - 2028
Table 18: NFT Utility - Average Value Per Transaction (US$), 2019 - 2028
Table 19: NFT Fashion and Luxury - Spend Value (US$ Million), 2019 - 2028
Table 20: NFT Fashion and Luxury - Spend Volume (Thousands), 2019 - 2028
Table 21: NFT Fashion and Luxury - Average Value Per Transaction (US$), 2019 - 2028
Table 22: NFT Other Assets - Spend Value (US$ Million), 2019 - 2028
Table 23: NFT Other Assets - Spend Volume (Thousands), 2019 - 2028
Table 24: NFT Other Assets - Average Value Per Transaction (US$), 2019 - 2028
Table 25: NFT Collectibles and Art - Digital Art Spend Value (US$ Million), 2019 - 2028
Table 26: NFT Collectibles and Art - Music & Sound Clip Spend Value (US$ Million), 2019 - 2028
Table 27: NFT Collectibles and Art - Videos Spend Value (US$ Million), 2019 - 2028
Table 28: NFT Collectibles and Art - Memes & GIF Spend Value (US$ Million), 2019 - 2028
Table 29: NFT Collectibles and Art - Other Assets Spend Value (US$ Million), 2019 - 2028
Table 30: NFT Currency Ethereum - Spend Value (US$ Million), 2019 - 2028
Table 31: NFT Currency Solana - Spend Value (US$ Million), 2019 - 2028
Table 32: NFT Currency Avalanche - Spend Value (US$ Million), 2019 - 2028
Table 33: NFT Currency Polygon - Spend Value (US$ Million), 2019 - 2028
Table 34: NFT Currency BSC - Spend Value (US$ Million), 2019 - 2028
Table 35: NFT Currency Flow - Spend Value (US$ Million), 2019 - 2028
Table 36: NFT Currency WAX - Spend Value (US$ Million), 2019 - 2028
Table 37: NFT Currency Ronin - Spend Value (US$ Million), 2019 - 2028
Table 38: NFT Other Currencies - Spend Value (US$ Million), 2019 - 2028
Table 39: NFT Primary Market - Spend Value (US$ Million), 2019 - 2028
Table 40: NFT Secondary Market - Spend Value (US$ Million), 2019 - 2028
