According to the Q2 2022 NFT Survey, NFT industry in South Korea is expected to grow by 47.3% on an annual basis to reach US$938.6 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$938.6 million in 2022 to reach US$4902.2 million by 2028.
South Korea has long been known as a trend-setter and leader in technological research. This is now getting translated into the blockchain realm as the non-fungible token (NFT) adoption grows exponentially in South Korea. The country has been ranked among the top 10 nations on Global Innovation Index by the World Intellectual Property Organization. Big tech firms such as LG and Samsung and gaming giant Krafton are driving innovation in the country.
These firms are now entering the growing NFT space by dropping new collectibles to customers. Moreover, these firms are also launching separate divisions of their firms that are dedicated to developing NFTs. Notably, there are several reasons behind these firms introducing NFTs to retail customers and the general public in South Korea. NFTs have found various use cases that quickly translate into growing popularity among South Koreans, from raising brand awareness to creating better customer engagement.
Among the reasons why the adoption of NFTs has surged significantly over the last two years in South Korea is that there is no tax on digital assets. The tax on cryptocurrencies has been put off until 2023, which is expected to be pushed back again by the new President-elect, Yoon Seok-yeol. Moreover, while the Financial Services Commission (FSC) is working to implement new rules, none are currently in place for the NFT market. This has kept the market open for innovative marketplaces to emerge from cryptocurrency exchanges like Bithumb and Upbit and from gaming giants like Krafton looking to benefit from NFTs.
In South Korea, many firms across different industry verticals are developing and issuing NFTs. The NFT trend has gained widespread momentum among South Korean companies using digital assets for various purposes. From using NFTs to drive brand awareness to create better customer engagement, NFT utilization has grown substantially over the last 12 months.
Among the other reasons that have driven the growth of the NFT market in South Korea is that the country does not impose taxes on the trading of NFTs and cryptocurrencies. This lack of taxes on digital assets has propelled market growth as more and more people have entered the space of buying and selling NFTs.In South Korea, everyone is getting into the NFT sector, whether their business is crypto-related or not. NFTs have increasingly become a marketing tool for firms looking to appeal to the younger demographics, from mobile carriers to manufacturers. For instance,
Innovative and emerging technologies are having a significant impact on businesses across industries. Because of the global pandemic, marketing channels such as social commerce and metaverse have diversified. Consequently, the importance of tech-based content has greatly increased. As a result, big names in the industry are entering the NFT space to remain competitive as traditional marketing agencies face a significant decrease in demand. For instance,
This report provides in-depth, data-centric analysis of NFT Market in South Korea 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$938.6 million in 2022 to reach US$4902.2 million by 2028.
South Korea has long been known as a trend-setter and leader in technological research. This is now getting translated into the blockchain realm as the non-fungible token (NFT) adoption grows exponentially in South Korea. The country has been ranked among the top 10 nations on Global Innovation Index by the World Intellectual Property Organization. Big tech firms such as LG and Samsung and gaming giant Krafton are driving innovation in the country.
These firms are now entering the growing NFT space by dropping new collectibles to customers. Moreover, these firms are also launching separate divisions of their firms that are dedicated to developing NFTs. Notably, there are several reasons behind these firms introducing NFTs to retail customers and the general public in South Korea. NFTs have found various use cases that quickly translate into growing popularity among South Koreans, from raising brand awareness to creating better customer engagement.
Among the reasons why the adoption of NFTs has surged significantly over the last two years in South Korea is that there is no tax on digital assets. The tax on cryptocurrencies has been put off until 2023, which is expected to be pushed back again by the new President-elect, Yoon Seok-yeol. Moreover, while the Financial Services Commission (FSC) is working to implement new rules, none are currently in place for the NFT market. This has kept the market open for innovative marketplaces to emerge from cryptocurrency exchanges like Bithumb and Upbit and from gaming giants like Krafton looking to benefit from NFTs.
An increasing number of South Korean firms developing and issuing NFTs is driving the market growth
In South Korea, many firms across different industry verticals are developing and issuing NFTs. The NFT trend has gained widespread momentum among South Korean companies using digital assets for various purposes. From using NFTs to drive brand awareness to create better customer engagement, NFT utilization has grown substantially over the last 12 months.
Zero tax on digital assets has propelled the adoption of NFTs, thereby driving the market growth in South Korea
Among the other reasons that have driven the growth of the NFT market in South Korea is that the country does not impose taxes on the trading of NFTs and cryptocurrencies. This lack of taxes on digital assets has propelled market growth as more and more people have entered the space of buying and selling NFTs.In South Korea, everyone is getting into the NFT sector, whether their business is crypto-related or not. NFTs have increasingly become a marketing tool for firms looking to appeal to the younger demographics, from mobile carriers to manufacturers. For instance,
- In March 2022, Kia sold 60 NFTs it issued within 15 seconds of launch. The NFTs were inspired by the electric vehicle models. Each NFT was priced at 350 Klay, Kakao’s crypto coin. The firm launched the NFTs on Klip Drops, the NFT marketplace run by GroundX.
Big names enter the NFT space to remain competitive as traditional marketing agencies face a stiff decrease in demand
Innovative and emerging technologies are having a significant impact on businesses across industries. Because of the global pandemic, marketing channels such as social commerce and metaverse have diversified. Consequently, the importance of tech-based content has greatly increased. As a result, big names in the industry are entering the NFT space to remain competitive as traditional marketing agencies face a significant decrease in demand. For instance,
- In March 2022, Cheil Worldwide, a subsidiary of Samsung, announced that the firm was entering the NFT market. The marketing agency will not only mint NFTs but will also create an NFT marketplace, allowing users to trade digital assets. The firm is expected to partner with the entertainment industry and has plans to promote intellectual property from K-Drama, performances, music, exhibitions, and games as NFTs.
- Notably, Samsung has been one of the early adopters of the Web3 craze, which saw the firm making several deals and strategic partnerships in 2021. The firm also launched a metaverse, My House, and a virtual store on Decentraland. Samsung also partnered with Theta Network to give NFT from Theta Labs to South Korean consumers on the pre-orders of Samsung Galaxy S22 and Tablet S8.
Scope
This report provides in-depth, data-centric analysis of NFT Market in South Korea and below is the summary of key market segments:
South Korea NFT Market Size and Future Growth Dynamics by Key Performance Indicators, 2019-2028
South Korea NFT Market Size and Forecast by Key Assets, 2019-2028
- Collectibles and Art
- Real Estate
- Sports
- Gaming
- Utility
- Fashion & Luxury
- Other
South Korea NFT Market Size and Forecast by Key NFT Collectible Assets, 2019-2028
- Digital Art
- Music & Sound Clip
- Videos
- Memes & Gif
- Other
South Korea NFT Market Size and Forecast by Currency, 2019-2028
- Ethereum
- Solana
- Avalanche
- Polygon
- BSC
- Flow
- Wax
- Ronin
- Other
South Korea NFT Market Size and Forecast by Sales Channels, 2019-2028
- Primary
- Secondary
South Korea 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 South Korea NFT Market Size and Future Growth Dynamics by Key Performance Indicators
2.1 South Korea NFT - Total Sales Spend Value Trend Analysis, 2019 - 2028
2.2 South Korea NFT - Total Sales Spend Volume Trend Analysis, 2019 - 2028
2.3 South Korea NFT - Average Value Per Transaction Trend Analysis, 2019 - 2028
3 South Korea NFT Key Market Insight and Innovation
3.1 Consumer Behavior
3.2 Competitive Landscape and Growth Strategies
3.3 Regulation Trends
4 South Korea NFT Market Size and Forecast by Key Assets
4.1 South Korea NFT Market Share by Key Assets (%), 2021 Vs. 2028
4.2 South Korea NFT Collectibles and Art Trend Analysis, 2019 - 2028
4.3 South Korea NFT Real Estate Trend Analysis, 2019 - 2028
4.4 South Korea NFT Sports Trend Analysis, 2019 - 2028
4.5 South Korea NFT Gaming Trend Analysis, 2019 - 2028
4.6 South Korea NFT Utility Trend Analysis, 2019 - 2028
4.7 South Korea NFT Fashion and Luxury Trend Analysis, 2019 - 2028
4.8 South Korea NFT Other Assets Trend Analysis, 2019 - 2028
5 South Korea NFT Collectibles and Art Market Size and Forecast by Key Assets
5.1 South Korea NFT Collectibles and Art Market Share by Key Assets (%), 2021 Vs. 2028
5.2 South Korea NFT Collectibles and Art - Digital Art Spend Value Trend Analysis, 2019 - 2028
5.3 South Korea NFT Collectibles and Art - Music & Sound Clip Spend Value Trend Analysis, 2019 - 2028
5.4 South Korea NFT Collectibles and Art - Videos Spend Value Trend Analysis, 2019 - 2028
5.5 South Korea NFT Collectibles and Art - Memes & GIF Spend Value Trend Analysis, 2019 - 2028
5.6 South Korea NFT Collectibles and Art - Other Assets Spend Value Trend Analysis, 2019 - 2028
6 South Korea NFT Market Size and Forecast by Currency
6.1 South Korea NFT Market Share by Currency (%), 2021 Vs. 2028
6.2 South Korea NFT Currency Ethereum - Spend Value Trend Analysis, 2019 - 2028
6.3 South Korea NFT Currency Solana - Spend Value Trend Analysis, 2019 - 2028
6.4 South Korea NFT Currency Avalanche - Spend Value Trend Analysis, 2019 - 2028
6.5 South Korea NFT Currency Polygon - Spend Value Trend Analysis, 2019 - 2028
6.6 South Korea NFT Currency BSC - Spend Value Trend Analysis, 2019 - 2028
6.7 South Korea NFT Currency Flow - Spend Value Trend Analysis, 2019 - 2028
6.8 South Korea NFT Currency WAX - Spend Value Trend Analysis, 2019 - 2028
6.9 South Korea NFT Currency Ronin - Spend Value Trend Analysis, 2019 - 2028
6.10 South Korea NFT Other Currencies - Spend Value Trend Analysis, 2019 - 2028
7 South Korea NFT Market Size and Forecast by Key Sales Channels
7.1 South Korea NFT Market Share by Key Sales Channels (%), 2021 Vs. 2028
7.2 South Korea NFT Primary Market - Spend Value Trend Analysis, 2019 - 2028
7.3 South Korea NFT Secondary Market - Spend Value Trend Analysis, 2019 - 2028
8 South Korea User Statistics of Internet and Population, 2019 - 2028
8.1 South Korea Internet Users Trend Analysis, 2019 - 2028
8.2 South Korea Internet Penetration Rate, 2019 - 2028
8.3 South Korea Adult Population Trend Analysis, 2019 - 2028
9 Further Reading
9.1 About the Publisher
List of FiguresFigure 1: Methodology Framework
Figure 2: South Korea NFT - Total Sales Spend Value (US$ Million), 2019 - 2028
Figure 3: South Korea NFT - Total Sales Spend Volume (Thousands), 2019 - 2028
Figure 4: South Korea NFT - Average Value Per Transaction (US$), 2019 - 2028
Figure 5: South Korea NFT Market Share by Key Assets (%), 2021 Vs. 2028
Figure 6: South Korea NFT Collectibles and Art - Spend Value (US$ Million), 2019 - 2028
Figure 7: South Korea NFT Collectibles and Art - Spend Volume (Thousands), 2019 - 2028
Figure 8: South Korea NFT Collectibles and Art - Average Value Per Transaction (US$), 2019 - 2028
Figure 9: South Korea NFT Real Estate - Spend Value (US$ Million), 2019 - 2028
Figure 10: South Korea NFT Real Estate - Spend Volume (Thousands), 2019 - 2028
Figure 11: South Korea NFT Real Estate - Average Value Per Transaction (US$), 2019 - 2028
Figure 12: South Korea NFT Sports - Spend Value (US$ Million), 2019 - 2028
Figure 13: South Korea NFT Sports - Spend Volume (Thousands), 2019 - 2028
Figure 14: South Korea NFT Sports - Average Value Per Transaction (US$), 2019 - 2028
Figure 15: South Korea NFT Gaming - Spend Value (US$ Million), 2019 - 2028
Figure 16: South Korea NFT Gaming - Spend Volume (Thousands), 2019 - 2028
Figure 17: South Korea NFT Gaming - Average Value Per Transaction (US$), 2019 - 2028
Figure 18: South Korea NFT Utility - Spend Value (US$ Million), 2019 - 2028
Figure 19: South Korea NFT Utility - Spend Volume (Thousands), 2019 - 2028
Figure 20: South Korea NFT Utility - Average Value Per Transaction (US$), 2019 - 2028
Figure 21: South Korea NFT Fashion and Luxury - Spend Value (US$ Million), 2019 - 2028
Figure 22: South Korea NFT Fashion and Luxury - Spend Volume (Thousands), 2019 - 2028
Figure 23: South Korea NFT Fashion and Luxury - Average Value Per Transaction (US$), 2019 - 2028
Figure 24: South Korea NFT Other Assets - Spend Value (US$ Million), 2019 - 2028
Figure 25: South Korea NFT Other Assets - Spend Volume (Thousands), 2019 - 2028
Figure 26: South Korea NFT Other Assets - Average Value Per Transaction (US$), 2019 - 2028
Figure 27: South Korea NFT Collectibles and Art Market Share by Key Assets (%), 2021 Vs. 2028
Figure 28: South Korea NFT Collectibles and Art - Digital Art Spend Value (US$ Million), 2019 - 2028
Figure 29: South Korea NFT Collectibles and Art - Music & Sound Clip Spend Value (US$ Million), 2019 - 2028
Figure 30: South Korea NFT Collectibles and Art - Videos Spend Value (US$ Million), 2019 - 2028
Figure 31: South Korea NFT Collectibles and Art - Memes & GIF Spend Value (US$ Million), 2019 - 2028
Figure 32: South Korea NFT Collectibles and Art - Other Assets Spend Value (US$ Million), 2019 - 2028
Figure 33: South Korea NFT Market Share by Currency (%), 2021 Vs. 2028
Figure 34: South Korea NFT Currency Ethereum - Spend Value (US$ Million), 2019 - 2028
Figure 35: South Korea NFT Currency Solana - Spend Value (US$ Million), 2019 - 2028
Figure 36: South Korea NFT Currency Avalanche - Spend Value (US$ Million), 2019 - 2028
Figure 37: South Korea NFT Currency Polygon - Spend Value (US$ Million), 2019 - 2028
Figure 38: South Korea NFT Currency BSC - Spend Value (US$ Million), 2019 - 2028
Figure 39: South Korea NFT Currency Flow - Spend Value (US$ Million), 2019 - 2028
Figure 40: South Korea NFT Currency WAX - Spend Value (US$ Million), 2019 - 2028
Figure 41: South Korea NFT Currency Ronin - Spend Value (US$ Million), 2019 - 2028
Figure 42: South Korea NFT Other Currencies - Spend Value (US$ Million), 2019 - 2028
Figure 43: South Korea NFT Market Share by Key Sales Channels (%), 2021 Vs. 2028
Figure 44: South Korea NFT Primary Market - Spend Value (US$ Million), 2019 - 2028
Figure 45: South Korea NFT Secondary Market - Spend Value (US$ Million), 2019 - 2028
Figure 46: South Korea Internet Users Trend Analysis (Million), 2019 - 2028
Figure 47: South Korea Internet Penetration Rate (%), 2019 - 2028
Figure 48: South Korea Adult Population Trend Analysis (Million), 2019 - 2028
List of TablesTable 1: South Korea NFT - Total Sales Spend Value (US$ Million), 2019 - 2028
Table 2: South Korea NFT - Total Sales Spend Volume (Thousands), 2019 - 2028
Table 3: South Korea NFT - Average Value Per Transaction (US$), 2019 - 2028
Table 4: South Korea NFT Collectibles and Art - Spend Value (US$ Million), 2019 - 2028
Table 5: South Korea NFT Collectibles and Art - Spend Volume (Thousands), 2019 - 2028
Table 6: South Korea NFT Collectibles and Art - Average Value Per Transaction (US$), 2019 - 2028
Table 7: South Korea NFT Real Estate - Spend Value (US$ Million), 2019 - 2028
Table 8: South Korea NFT Real Estate - Spend Volume (Thousands), 2019 - 2028
Table 9: South Korea NFT Real Estate - Average Value Per Transaction (US$), 2019 - 2028
Table 10: South Korea NFT Sports - Spend Value (US$ Million), 2019 - 2028
Table 11: South Korea NFT Sports - Spend Volume (Thousands), 2019 - 2028
Table 12: South Korea NFT Sports - Average Value Per Transaction (US$), 2019 - 2028
Table 13: South Korea NFT Gaming - Spend Value (US$ Million), 2019 - 2028
Table 14: South Korea NFT Gaming - Spend Volume (Thousands), 2019 - 2028
Table 15: South Korea NFT Gaming - Average Value Per Transaction (US$), 2019 - 2028
Table 16: South Korea NFT Utility - Spend Value (US$ Million), 2019 - 2028
Table 17: South Korea NFT Utility - Spend Volume (Thousands), 2019 - 2028
Table 18: South Korea NFT Utility - Average Value Per Transaction (US$), 2019 - 2028
Table 19: South Korea NFT Fashion and Luxury - Spend Value (US$ Million), 2019 - 2028
Table 20: South Korea NFT Fashion and Luxury - Spend Volume (Thousands), 2019 - 2028
Table 21: South Korea NFT Fashion and Luxury - Average Value Per Transaction (US$), 2019 - 2028
Table 22: South Korea NFT Other Assets - Spend Value (US$ Million), 2019 - 2028
Table 23: South Korea NFT Other Assets - Spend Volume (Thousands), 2019 - 2028
Table 24: South Korea NFT Other Assets - Average Value Per Transaction (US$), 2019 - 2028
Table 25: South Korea NFT Collectibles and Art - Digital Art Spend Value (US$ Million), 2019 - 2028
Table 26: South Korea NFT Collectibles and Art - Music & Sound Clip Spend Value (US$ Million), 2019 - 2028
Table 27: South Korea NFT Collectibles and Art - Videos Spend Value (US$ Million), 2019 - 2028
Table 28: South Korea NFT Collectibles and Art - Memes & GIF Spend Value (US$ Million), 2019 - 2028
Table 29: South Korea NFT Collectibles and Art - Other Assets Spend Value (US$ Million), 2019 - 2028
Table 30: South Korea NFT Currency Ethereum - Spend Value (US$ Million), 2019 - 2028
Table 31: South Korea NFT Currency Solana - Spend Value (US$ Million), 2019 - 2028
Table 32: South Korea NFT Currency Avalanche - Spend Value (US$ Million), 2019 - 2028
Table 33: South Korea NFT Currency Polygon - Spend Value (US$ Million), 2019 - 2028
Table 34: South Korea NFT Currency BSC - Spend Value (US$ Million), 2019 - 2028
Table 35: South Korea NFT Currency Flow - Spend Value (US$ Million), 2019 - 2028
Table 36: South Korea NFT Currency WAX - Spend Value (US$ Million), 2019 - 2028
Table 37: South Korea NFT Currency Ronin - Spend Value (US$ Million), 2019 - 2028
