China NFT Market and Future Growth Dynamics 2022-2028: Chinese Media Firms Launching NFT Platforms and Collections – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “China NFT Market Intelligence and Future Growth Dynamics Databook – 50+ KPIs on NFT Investments by Key Assets, Currency, Sales Channels – Q2 2022” report has been added to ResearchAndMarkets.com’s offering.
The NFT industry in China is forecast to grow by 69.5% on an annual basis to reach US$4882.5 million in 2022.
The NFT industry is expected to grow steadily over the forecast period, recording a CAGR of 49.6% during 2022-2028. The NFT Spend Value in the country will increase from US$4882.5 million in 2022 to reach US$48332.2 million by 2028.
The NFT industry is also growing with new projects and players in China. This shows the significant growth potential of the Chinese NFT industry, suggesting that many opportunities are untouched or unexplored. 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 types of digital assets. With the rising number of investors looking to get involved in the Chinese NFT market, there are more opportunities.
Instead of using the term NFT, China uses the term “digital collectibles” to describe non-fungible tokens because of the government’s opposition to cryptocurrencies. Despite the Chinese government’s concerns surrounding cryptocurrencies, the government is not planning to hinder the growing NFT market as long as it does not lead crypto traders away from conventional finance methods.
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. Moreover, the ban on cryptocurrencies from the Chinese government has also supported the popularity of NFTs among consumers over the last 12 months.
The trends are expected to continue over the next four to eight quarters as more and more players, including the government, are entering the NFT sector. This will subsequently drive the popularity of NFTs among the general public, thereby supporting the overall market growth from the short to medium-term perspective.
Over the last 12 months, several major Chinese companies have jumped on the NFT bandwagon. These include internet tech giants, blockchain startups, retail brands, and art auction houses.
- In June 2021, Alipay announced the launch of 8,000 limited-edition NFTs in the country, based on two pieces of ancient artwork from the Dunhuang Caves.
- In August 2021, Tencent, one of the leading social media firms in the country, announced the launch of its NFT purchase and collection platform, Huanhe.
Chinese media firms are launching NFT platforms and collections
As the popularity of the NFT continues to grow among the general public in China, firms across industry verticals are seeking to develop and launch innovative NFT projects in the country.
- In March 2022, Mango TV, the state-owned media firm, announced that it is planning to launch an NFT platform. Notably, the digital collectibles are expected to be based on the firm’s current IP holdings. However, if the platform grows, Mango TV is expected to seek new IP partners for developing and launching a range of digital collectibles over the next four to eight quarters.
- In December 2021, Xinhua News Agency, the state-run media firm, also announced that it plans to launch digital collectibles in the form of NFT. The publisher expects more such media-focused firms to launch their NFT platforms and collections over the next four to eight quarters, as the interest in NFTs continues to grow among the general public in China.
This report provides in-depth, data-centric analysis of NFT Market in China and below is the summary of key market segments:
China NFT Market Size and Future Growth Dynamics by Key Performance Indicators, 2019-2028
China NFT Market Size and Forecast by Key Assets, 2019-2028
- Collectibles and Art
- Real Estate
- Fashion & Luxury
China NFT Market Size and Forecast by Key NFT Collectible Assets, 2019-2028
- Digital Art
- Music & Sound Clip
- Memes & Gif
China NFT Market Size and Forecast by Currency, 2019-2028
China NFT Market Size and Forecast by Sales Channels, 2019-2028
China User Statistics, 2019-2028
For more information about this report visit https://www.researchandmarkets.com/r/3j6flv
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