Australia NFT Market Intelligence and Future Growth Dynamics Databook – 50+ KPIs on NFT Investments by Key Assets, Currency, Sales Channels - Q2 2022

Australia NFT Market Intelligence and Future Growth Dynamics Databook – 50+ KPIs on NFT Investments by Key Assets, Currency, Sales Channels - Q2 2022

Report Description

According to TechInsight360’s Q2 2022 NFT Survey, NFT industry in Australia 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, recording a CAGR of 33.8% during 2022-2028. The NFT Spend Value in the country will increase from US$659.5 million in 2022 to reach US$3459.1 million by 2028.

The Australian cryptocurrency market surged significantly in 2021. According to TechInsight360's Q1 2022 Global NFT Market Survey, more than one in ten Australians hold some form of digital currency. This growing popularity in the Australian cryptocurrency market has also propelled the growth of the Non-Fungible Tokens (NFTs) industry in 2021. Public interest in NFTs, a unique digital asset like a special release album or artwork created with the technology that underpins cryptocurrencies, surged in 2021.

In Australia, there are more NFT buyers than sellers. This trend is in line with the global NFT market, where more demand than supply. According to TechInsight360, in any given month of 2021, there were approximately 30% more buyers than sellers. This shows that people in increasing numbers are collecting NFTs globally, as well as in Australia.

In the global market, this gap decreased to a modest 4% between buyers and sellers in March 2022. However, in Australia, there are approximately 800 digital crypto artists and an estimated 6,000 to 10,000 NFT collectors, the number which is rising quarter on quarter. As the interest in NFTs among the general public continues to grow, TechInsight360 expects more new collectors to be on-board, with increased spending from existing collectors

Brands and retailers across different industries are looking to tap into the growing craze for NFTs. As a result of this, global gaming retailers are entering into strategic partnerships with Australian blockchain startups to launch the NFT marketplace. For instance,
• In February 2022, GameStop, one of the leading gaming retailers globally, announced that the firm had entered into a strategic collaboration with Australian blockchain startup, Immutable, to launch the NFT marketplace. Notably, Immutable is expected to help GameStop by developing an NFT marketplace on its carbon-neutral platform, Immutable X.
• GameStop announced that the firm is also planning to create a fund of up to US$100 million with Immutable, which will be distributed to developers for creating NFTs for its marketplace. TechInsight360 expects the US$100 million to fund to further reduce the demand and supply gap in the Australian and global NFT market, which will also drive higher transaction value and volume.

TechInsight360 expects more such strategic partnerships in Australia over the next three to four years, thereby supporting the growth of the overall NFT industry from the short to medium-term perspective. Beauty brands are launching NFT collectibles to build deeper relationships with customers in Australia

In Australia, brands across industry verticals are entering the NFT space by launching their collections. Notably, beauty brands in the country are using NFTs to build deeper relationships with customers, thereby driving their growth and revenue. For instance,
• In November 2021, Sunny Skin, the Australian beauty brand, announced that the firm had launched its first NFT collection in the metaverse. The NFT collection, Aussie Angles, based around iconic Australian animals, was launched on the Openseas.io NFT open marketplace.
• Notably, the firm launched the NFT collection as part of its brand strategy, through which the firm aims to build deeper relationships with customers in Australia. Its inaugural digital character, Kali the Koala, is linked to the firm's SPF50+ product and is designed to appeal to Gen Z and millennial women who understand and prioritize skincare.

As the interest in NFT continues to grow among the public in the country, TechInsight360 expects more such beauty brands in Australia to launch NFT collections to boost their growth from the short to medium-term perspective. NFT marketplaces are launching new products to further gain market share in Australia

As the NFT industry continues to record strong growth in Australia, NFT marketplaces are developing and launching innovative products to gain market share in the country. For instance,
• In November 2021, NFT STARS announced the firm is planning to launch an innovative product, NFT Radio, which the firm claims to be a big breakthrough in the music industry. Notably, the NFT Radio is a radio station that streams unique content 24 x 7 and sells all audio content as NFTs.
• The radio station powered by blockchain and NFT technologies aims to address the various issues musicians and creators face in the country. Notably, the platform consists of two parts – a radio station that streams the unique content and an audio marketplace where listeners can purchase NFT tracks.
Notably, NFT Radio is not the first product aimed at musicians and fans in Australia. Startups have launched innovative platforms before. For instance,
• In August 2021, Serenade, a local music startup in Australia, announced the launch of an eco-friendly NFT platform, which aims to simplify the crypto 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 differentiating factors is that Serenade allows Australians to purchase NFTs using debit and credit cards.
With the competition among NFT marketplaces intensifying, TechInsight360 expects more such innovative product launches which use blockchain and NFT technologies over the next four to eight quarters in Australia.


Scope

This report provides in-depth, data-centric analysis of NFT Market in Australia and below is the summary of key market segments:

Australia NFT Market Size and Future Growth Dynamics by Key Performance Indicators, 2019-2028

• Australia NFT Market Size and Forecast by Key Assets, 2019-2028
Collectibles and Art
Real Estate
Sports
Gaming
Utility
Fashion & Luxury
Other

• Australia NFT Market Size and Forecast by Key NFT Collectible Assets, 2019-2028
Digital Art
Music & Sound Clip
Videos
Memes & Gif
Other

• Australia NFT Market Size and Forecast by Currency, 2019-2028
Ethereum
Solana
Avalanche
Polygon
BSC
Flow
Wax
Ronin
Other

• Australia NFT Market Size and Forecast by Sales Channels, 2019-2028
Primary
Secondary

• Australia 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.