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

Japan 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 Japan is expected to grow by 53.0% on an annual basis to reach US$1361.5 million in 2022.

The NFT industry is expected to grow steadily over the forecast period, recording a CAGR of 38.7% during 2022-2028. The NFT Spend Value in the country will increase from US$1361.5 million in 2022 to reach US$8807.2 million by 2028.

NFTs, a new breed of crypto-assets that represent digital items, from images and videos to clothing for avatars, have started gaining popularity over the last four to eight quarters globally. NFTs are data sets in a digital ledger that prove ownership and help the investor gain post sale of these unique digital assets. These NFTs are not exactly new, with the first NFTs being launched in the mid-2010s. On the other hand, the latest figures create a dilemma of whether the bubble will burst or not since weekly NFT sales have plummeted around the globe.

With the hype increasing globally among the business players, artists, and entertainers, Japan also entered the new trend to create a new digital economy. Consequently, consultation providers on crypto assets and blockchains witnessed increasing demand from various artists, publishers, and Japan. For instance, Tokyo-based startup Gracone, earned significant through its consulting service in the country.

Though Japan is still in the early phase of its development, businesses and organizations have partnered with NFT and blockchain platforms to launch innovative products. Notably, the thriving NFT market has attracted Coincheck Inc., a major cryptocurrency exchange operator in Japan, to introduce its NFT marketplace in March 2021.

Importantly, many people in Japan are suspicious of cryptocurrencies and NFTs. Also, many Japanese people are interested in but do not know what to do with them. HEXA, a new NFT platform, came into being in Japan, helping people buy and sell NFTs in Japanese yen without holding any cryptocurrency wallets. Users can also use the platform without paying any transaction or gas fees, while they can set royalty and unlockable content like OpenSea.

Despite the growing interest of Japanese creators and businesses in the market, NFTs still face hurdles in the country. Since the technical know-how of people is essential for installing and managing cryptocurrency wallet services required to operate these NFTs, the market is facing various headwinds to grow. Improving the usability for general users is a challenge in the current NFT market scenario in Japan. Along with this, the legal issue also surrounds NFT ownership in the country.

Amidst such uncertainties, TechInsight360 anticipates that NFTs will be a game-changer in the long run since Japan has successful pop culture, anime, and manga, which has the potential to take the trend forward over the next four to eight quarters in the country.

NFT platforms are bringing Japanese Artists and Creators together on a Single Platform

With the shifting of the world from the physical to digital, various artists and creators are sharing their rich culture with the world in the form of NFTs. Therefore, NFT platforms are taking the initiative to bring these artists and creators on a single platform to attract more customers over the long run in Japan. For instance,
• In April 2022, a new NFT marketplace, Primes, was developed by Angela Global Co. Ltd. to bring together Japanese content in a single platform and convert it to NFTs to protect the work of Japanese creators. Since Japan has a very rich culture, this new platform chose the Japanese content to launch as NFTs in the Primes marketplace.
• Based out of Taiwan, this platform is not restricted to the Japanese marketplace but also to the United States, Oceania, Asia, and the Middle East. Primes are a new economic zone allowing users worldwide to discover collect and innovative NFTs, thus generating revenue.

Japanese entertainment conglomerate and video game companies are foraying into the NFT space vying for the growing market

Post the success of the first Ethereum NFT in Japan, and the industry saw a substantial rise during the start of 2021; the boom was carried well, with artists and celebrities purchasing NFTs of their own. As a result, various businesses and organizations plunged into the high-growth market to earn profit over the longer run. For instance,
• In September 2021, Japanese entertainment conglomerate and video game company Square Enix announced to enter the NFT space with NFT-centered projects, including blockchain-based video games and collectibles.
• Square Enix launched NFT digital trading cards in Japan, which are based on the anime and video game franchise ""Shi-San-Sei Million Arthur"" along with developer Double Jump. Tokyo/MCH+. This was the water testing strategy of the company, which was successful as all the cards were sold

Scope

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

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

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

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

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

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

• Japan 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.