According to the Q2 2022 NFT Survey, NFT industry in Asia Pacific is expected to grow by 54.8% on an annual basis to reach US$22606.7 million in 2022.
The NFT industry is expected to grow steadily over the forecast period, recording a CAGR of 40.1% during 2022-2028. The NFT Spend Value in the country will increase from US$22606.7 million in 2022 to reach US$154365.2 million by 2028.
In the Asia Pacific region, non-fungible tokens (NFTs) were the most popular word, and the popularity is expected to continue. The significant growth potential of the NFT industry suggests that many opportunities are untouched or unexplored. 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.
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 digital assets. With the rising number of investors looking to get involved in the Chinese NFT market, more opportunities exist.
In China, NFT purchases take 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, the government expects to launch a pilot digital art trading market in 2022.
The emergence of NFTs has created a space for digital artists in India 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. The NFT ecosystem is attracting people from all walks of life. Almost every talent management agency and entertainment company has been looking at the NFT space to find new revenue streams while connecting with the fans better.
In 2021, India's most celebrated stars such as Rajnikanth, Amitabh Bachchan, and Salman Khan had already launched NFTs. In the cricketing fraternity, Sunil Gavaskar, Rishabh Pant, and Yuvraj Singh have also become part of the growing NFT ecosystem in India.
Businesses using NFTs as marketing tools to expand their operations to the digital world are expected to grow further in India over the next four to eight quarters. Few firms have already ventured into the space. For instance,
Similarly, 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. 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.
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,
The NFT adoption in Singapore is still in its early infancy. The adoption has recorded steady and is expected to grow significantly over three to four years. However, the growing awareness about NFTs among Singaporeans is expected to drive the adoption rate significantly from the short to medium-term perspective.
The Singaporean NFT market has become increasingly crowded with several players over the last 12 months. Some of the leading players driving the market growth include OpenSea and Mintable. The homegrown NFT marketplace, Mintable, allows creators to mint and list their work on the platform without review. OpenSea, one of the leading NFT platforms, recorded strong growth in transaction volumes in Q1 2021. The transaction volumes in Q1 2021 reached US$82 million, representing 14,000% growth. During the same period, Raribles, another NFT platform, experienced a growth of 634%, amounting to US$24.2 million worth of transactions.
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 40.1% during 2022-2028. The NFT Spend Value in the country will increase from US$22606.7 million in 2022 to reach US$154365.2 million by 2028.
In the Asia Pacific region, non-fungible tokens (NFTs) were the most popular word, and the popularity is expected to continue. The significant growth potential of the NFT industry suggests that many opportunities are untouched or unexplored. 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.
NFT continues to grow in China
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 digital assets. With the rising number of investors looking to get involved in the Chinese NFT market, more opportunities exist.
In China, NFT purchases take 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, the government expects to launch a pilot digital art trading market in 2022.
Emergence of NFTs has created a space for digital artists in India
The emergence of NFTs has created a space for digital artists in India 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. The NFT ecosystem is attracting people from all walks of life. Almost every talent management agency and entertainment company has been looking at the NFT space to find new revenue streams while connecting with the fans better.
In 2021, India's most celebrated stars such as Rajnikanth, Amitabh Bachchan, and Salman Khan had already launched NFTs. In the cricketing fraternity, Sunil Gavaskar, Rishabh Pant, and Yuvraj Singh have also become part of the growing NFT ecosystem in India.
Businesses using NFTs as marketing tools to expand their operations to the digital world are expected to grow further in India over the next four to eight quarters. Few firms have already ventured into the space. For instance,
- Mahindra & Mahindra, one of the leading car manufacturers in India, experimented with NFT marketing. The firm auctioned four Thar-themed NFTs, each priced at INR 2.6 million. The auction winner received a chance to enjoy an off-road experience to drive the Thar.
- Similarly, MakeMyTrip, one of the leading travel-focused firms, launched virtual vacation NFTs themed on the best travel destination in India. Each of the NFTs from the firm was valued at INR 14,999.
- MG Motor India also has plans to launch 1,110 NFTs at a starting price of INR 500. These NFTs are expected to have four themes: collaborative art, community and diversity, car-as-a-platform, and collectibles. Through these NFTs, the firm allows MG Motor fans to own a piece of the company.
The NFTs gaining constant momentum and popularity in Indonesia
Similarly, 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. 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.
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. Influencers and celebrities are not just creating their own NFT collections. But they are also actively promoting various NFT projects.
NFT adoption in Singapore has become increasingly crowded with several players
The NFT adoption in Singapore is still in its early infancy. The adoption has recorded steady and is expected to grow significantly over three to four years. However, the growing awareness about NFTs among Singaporeans is expected to drive the adoption rate significantly from the short to medium-term perspective.
The Singaporean NFT market has become increasingly crowded with several players over the last 12 months. Some of the leading players driving the market growth include OpenSea and Mintable. The homegrown NFT marketplace, Mintable, allows creators to mint and list their work on the platform without review. OpenSea, one of the leading NFT platforms, recorded strong growth in transaction volumes in Q1 2021. The transaction volumes in Q1 2021 reached US$82 million, representing 14,000% growth. During the same period, Raribles, another NFT platform, experienced a growth of 634%, amounting to US$24.2 million worth of transactions.
- FomosArt is yet another platform that is specifically an art-based NFT marketplace. Rarible and Rario are among the other leading NFT marketplace that is driving the growth of the industry in Singapore and globally.
This is a bundled offering, combining 13 reports, covering regional insights along with data centric analysis at regional and country level:
1. Asia Pacific NFT Insight Market Brief
2. Asia Pacific NFT Market Intelligence and Future Growth Dynamics Databook
3. Australia NFT Market Intelligence and Future Growth Dynamics Databook
4. Chine NFT Market Intelligence and Future Growth Dynamics Databook
5. India NFT Market Intelligence and Future Growth Dynamics Databook
6. Indonesia NFT Market Intelligence and Future Growth Dynamics Databook
7. Japan NFT Market Intelligence and Future Growth Dynamics Databook
8. Malaysia NFT Market Intelligence and Future Growth Dynamics Databook
9. South Korea NFT Market Intelligence and Future Growth Dynamics Databook
10. Philippines NFT Market Intelligence and Future Growth Dynamics Databook
11. Singapore NFT Market Intelligence and Future Growth Dynamics Databook
12. Thailand NFT Market Intelligence and Future Growth Dynamics Databook
13. Vietnam 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 13 reports, covering regional insights along with data centric analysis at regional and country level:1.Asia Pacific NFT Insight Market Brief
2.Asia Pacific NFT Market Intelligence and Future Growth Dynamics Databook
3.Australia NFT Market Intelligence and Future Growth Dynamics Databook
4.Chine NFT Market Intelligence and Future Growth Dynamics Databook
5.India NFT Market Intelligence and Future Growth Dynamics Databook
6.Indonesia NFT Market Intelligence and Future Growth Dynamics Databook
7.Japan NFT Market Intelligence and Future Growth Dynamics Databook
8.Malaysia NFT Market Intelligence and Future Growth Dynamics Databook
9.South Korea NFT Market Intelligence and Future Growth Dynamics Databook
10.Philippines NFT Market Intelligence and Future Growth Dynamics Databook
11.Singapore NFT Market Intelligence and Future Growth Dynamics Databook
12.Thailand NFT Market Intelligence and Future Growth Dynamics Databook
13.Vietnam 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
