June 19, 2024


DUBLIN–( BUSINESS WIRE )–The “Global NFT Market Intelligence and Future Growth Dynamics Databook – 50+ KPIs on NFT investments by leading assets, currency, sales channels – Q2 2022” report has been added to the researchandmarkets.com Gift.

Globally, the global NFT industry is expected to grow by 51.0% on an annual basis to reach US$46157.4 million in 2022.
The NFT industry is expected to grow steadily over the forecast period, registering a CAGR of 37.1% during 2022-2028. The value of NFT spending in the country will increase from US$46157.4 million in 2022 to US$278475.3 million by 2028.
The NFT market has seen significant growth recently. The NFT market is booming because NFTs are an innovation that establishes property rights in the digital realm for the first time, and this exclusivity is increasing the value of NFTs.
The growing influence of celebrities on NFT adoption, the modernization of the gaming business, and a modest but steady increase in demand for digital artworks are all key elements driving the pace of NFT growth. Additionally, as NFT startups continue to innovate and develop various NFT products, this will further accelerate their global growth.
The United Kingdom NFT industry is also receiving support from the government. In particular, the government’s support to develop the NFT industry is evidence of the high growth potential of the NFT market in the United Kingdom. The NFT sector has gained traction from major institutions including public and private. As the industry continues to record strong growth due to the increasing interest of the general public towards digital assets, government institutions globally have their own perception about NFTs.
In the United Kingdom, the government has taken a visionary approach by announcing plans to create NFTs as it wants to become a leader in crypto. In April 2022, the Finance Minister of the United Kingdom asked the Royal Mint to create and release NFTs by summer. Additionally, the government announced steps to bring digital assets under greater regulatory scrutiny. The publisher hopes that the visionary 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 experienced strong expansion over the past few years. Additionally, the adoption of visual artists and some well-known names in the music industry is helping the growth of the NFT industry in Brazil and Mexico. NFT marketplaces are looking to tap the potential of the high-growth market. As a result, companies are forming strategic partnerships with Brazilian football players, who have millions of fans across the country and globally, to fuel their growth in the NFT market.
The emergence of NFTs has created space for digital artists in the Asia Pacific region and provided them with a more discreet way to reach otherwise inaccessible audiences. The NFT market has allowed artists who previously worked with brands and agencies to find more independent alternatives, creating endless possibilities for them.
In India, many artists have sold their work on various NFT platforms, 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.
There has been a rise in NFT-related activities in the Middle East and Africa region, especially the UAE. In 2022, Art Dubai – the MENA region’s largest contemporary art fair – welcomed a digital collection of nearly 100 international and local art dealers and 17 platforms and galleries dedicated to displaying and selling NFTs. While more and more countries are seeking to impose strict regulatory measures on NFTs, there has been a significant increase in the buying, selling, and creation of NFTs in the UAE.
Several innovative NFT marketplaces have also emerged in the country, making it relatively easy for the general public to buy, sell, and trade NFTs. From NFT-based startups to cryptocurrency exchanges, many players are entering the Middle East and Africa NFT market; The presence of multiple NFT marketplaces has also supported the increase in NFT trading transaction value and volume, with this trend expected to accelerate further globally.
Factors increasing the popularity of NFTs among the general public include the tech-savvy nature of consumers and the country’s high smartphone and internet penetration rates.
The publisher expects this trend to continue over the next four to eight quarters as more and more players, including governments, enter the NFT space. Subsequently, the popularity of NFTs among the general public will increase, which will support the overall market growth in the short to medium term perspective.
scope
NFT Market Size and Forecast by Leading Assets, 2019-2028
NFT Market Size and Forecast of Major NFT Collectable Assets, 2019-2028
NFT Market Size and Forecast by Currency, 2019-2028
NFT Market Size and Forecast by Sales Channels, 2019-2028
User Statistics, 2019-2028
For more information on this report go here
researchandmarkets.com
Laura Wood, Senior Press Manager
[email protected]
Call 1-917-300-0470 for EST office hours
For US/CAN call toll free 1-800-526-8630
Call +353-1-416-8900 for GMT office hours
researchandmarkets.com
Laura Wood, Senior Press Manager
[email protected]
Call 1-917-300-0470 for EST office hours
For US/CAN call toll free 1-800-526-8630
Call +353-1-416-8900 for GMT office hours

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Source: cryptosaurus.tech

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