Dublin–(business wire)– “Australian NFT Market Intelligence and Future Growth Dynamics Databook – 50+ KPIs for NFT Investments by Key Assets, Currencies and Distribution Channels – Q2 2022” report added of ResearchAndMarkets.com Recruitment.
Australia’s NFT industry is expected to grow by 46.2% on an annual basis to reach US$659.5 million in 2022.
The NFT industry is expected to grow steadily over the forecast period, registering a CAGR of 33.8% from 2022 to 2028. Her NFT spending in the country will grow from $659.5 million in 2022 to $349.5 million by 2028.
The Australian cryptocurrency market surged significantly in 2021. According to the Q1 2022 Global NFT Market Survey, more than 1 in 10 Australians own some form of digital currency. This growing popularity in the Australian cryptocurrency market has also fueled the growth of the Non-Fungible Token (NFT) industry in 2021. Public interest in NFTs, unique digital assets such as special release albums and artwork created with the technology behind cryptocurrencies, will skyrocket in 2021.
In Australia, there are more NFT buyers than sellers. This trend is consistent with the global NFT market, where demand is higher than supply. There were about 30% more buyers than sellers in any given month in 2021, according to the publisher. This shows that more and more people are collecting his NFTs not only in Australia but around the world.
In the global market, this gap narrowed to just 4% between buyers and sellers in March 2022. However, Australia has about 800 digital crypto artists and an estimated 6,000 to 10,000 of his NFT collectors, with numbers increasing quarterly. As interest in his NFTs continues to grow among the general public, the publisher expects spending from existing collectors to increase and more new collectors to join.
Brands and retailers in various industries are looking to capitalize on the growing enthusiasm for NFTs. As a result, global game retailers are forming strategic partnerships with Australian blockchain startups to launch NFT marketplaces.
In February 2022, GameStop, one of the world’s leading game retailers, announced that it had formed a strategic partnership with Australian blockchain startup Immutable to launch an NFT Marketplace. In particular, Immutable is expected to help GameStop by developing his NFT marketplace on its carbon-neutral platform, Immutable X.
GameStop also announced that it plans to create a fund of up to $100 million on Immutable. This will be distributed to developers who create his NFTs for the company’s market. The publisher expects him to raise US$100 million in funding to further close the supply and demand gap in his NFT market in Australia and globally.This also increases the value and volume of transactions
Publishers expect more such strategic partnerships in Australia over the next three to four years, which will support the growth of the NFT industry as a whole in the short to medium term.
Beauty brand launches NFT Collectibles to build deeper relationships with Australian customers
In Australia, brands from various industries are entering the NFT space by launching collections. In particular, beauty brands in the country are using NFTs to build deeper relationships with their customers, thereby driving growth and revenue.
In November 2021, Australian beauty brand Sunny Skin announced that the company launched its first NFT collection in the Metaverse. His NFT collection, Aussie Angles, based on Australia’s iconic animals, has been launched on the Openseas.io NFT open marketplace.
In particular, the company launched the NFT collection as part of its brand strategy, through which it aims to build deeper relationships with its Australian customers. Its first digital her character, Koala Kali, is linked to her SPF50+ products from the company and is designed to appeal to her Gen Z and millennial women who understand and prioritize skincare. increase.
As interest in NFTs continues to grow among the Australian public, the publisher expects more such beauty brands in Australia to launch NFT collections to boost growth in the short to medium term. doing.
NFT Marketplace launches new products to gain more market share in Australia
As the NFT industry continues to grow strongly in Australia, NFT Marketplace develops and launches innovative products to capture market share in the country.
In November 2021, NFT STARS announced plans to launch an innovative product, the NFT Radio. This is what the company claims is a major breakthrough in the music industry. In particular, NFT Radio is a radio station that streams his own content 24/7 and sells all his audio content as NFT.
Radio stations powered by blockchain and NFT technology aim to address various issues faced by musicians and creators in the country. In particular, the platform consists of two parts: a radio station that streams unique content and her audio marketplace, where listeners can purchase her NFT tracks.
Notably, NFT Radio is not the first product aimed at Australian musicians and fans. The startup has previously launched an innovative platform.
In August 2021, local Australian music startup Serenade announced the launch of its eco-friendly NFT platform. It aims to simplify the cryptocurrency industry for artists and music fans. The platform allows artists to sell everything from unreleased to new music, behind-the-scenes footage, and other visual assets.
One of the differentiators is that Serenade allows Australians to purchase NFTs using debit and credit cards.
As competition among NFT marketplaces intensifies, publishers expect more innovative product launches using blockchain and NFT technology in Australia over the next four to eight quarters.
Reason to buy
-
Develop country-level strategies based on data and analysis.
-
Identify investment opportunities in growth segments.
-
Outperform the competition by incorporating predictive data, not just market trends.
-
Use relationships and valuable insights between key data sets to improve your strategy.
-
It is well suited to provide accurate, high-quality data and analysis to support internal and external presentations.
range
Australian NFT Market Size and Future Growth Dynamics by Key Performance Indicators, 2019-2028
Australian NFT Market Size and Forecast by Major Assets, 2019-2028
-
Goods and art
-
real estate
-
sports
-
game
-
utility
-
fashion & luxury
-
other
Australian NFT Market Size and Forecast by Major NFT Collecting Assets 2019-2028
-
digital art
-
music and sound clips
-
movie
-
memes and gifs
-
other
Australian NFT Market Size and Forecast by Currency, 2019-2028
-
ethereum
-
Solana
-
avalanche
-
polygon
-
BSCMore
-
flow
-
wax
-
Ronin
-
other
Australian NFT Market Size and Forecast by Distribution Channel, 2019-2028
Australian User Statistics, 2019-2028
Learn more about this report here https://www.researchandmarkets.com/r/d7c2ei
