DUBLIN–(BUSINESS WIRE)–The “Singapore 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 Singapore is expected to grow by 51.2% on an annual basis to reach US$1879.3 million in 2022.
The NFT industry is expected to grow steadily over the forecast period, recording a CAGR of 36.9% during 2022-2028. The NFT Spend Value in the country will increase from US$1879.3 million in 2022 to reach US$11180.2 million by 2028.
The NFT industry in Singapore has become more vast and diverse over the last 12 months. Brands across verticals use NFTs to revolutionize their respective industry, from music to gaming and even fashion. With more and more brands incorporating NFT projects to bolster their product offering, the NFT trend is expected to grow in the country from the short to medium-term perspective.
Notably, the NFT adoption in Singapore is still in its early infancy. The adoption has recorded steady and is expected to grow significantly over three to four years. However, the growing awareness about NFTs among Singaporeans is expected to drive the adoption rate significantly from the short to medium-term perspective.
Several brands and businesses are currently using NFTs for a wired range of purposes. From using it as a part of marketing strategy to drive brand awareness to raise funds for non-profit organizations, NFTs are serving various use cases. From the short to medium-term perspective, the publisher expects the NFT technology to take over the role of intermediaries such as Apple Music, Spotify, and record labels in the distribution of music.
The Singaporean NFT market has become increasingly crowded with several players over the last 12 months. Some of the leading players driving the market growth include OpenSea and Mintable. The homegrown NFT marketplace, Mintable, allows creators to mint and list their work on the platform without review. OpenSea, one of the leading NFT platforms, recorded strong growth in transaction volumes in Q1 2021. The transaction volumes in Q1 2021 reached US$82 million, representing a growth of 14,000% growth. During the same period, Raribles, another NFT platform, experienced a growth of 634%, amounting to US$24.2 million worth of transactions.
FomosArt is yet another platform that is specifically an art-based NFT marketplace. Rarible and Rario are among the other leading NFT marketplace that is driving the growth of the industry in Singapore and globally. In addition to these NFT marketplaces, many print media firms have also entered the NFT space, driving the industry’s growth over the last 12 months in the country.
Cryptocurrency exchanges are entering into strategic partnerships with the research center to conduct NFT exhibitions in Singapore
In the growing NFT popularity and market, cryptocurrency exchanges are entering into strategic collaborations with research centers to conduct NFT exhibitions in Singapore.
In November 2021, Coinhako, a cryptocurrency exchange in Singapore, announced that the firm entered into a strategic partnership with research center Appetite to conduct the first NFT exhibition in the country. The NFT exhibition was titled Right Click + Save, referring to everyone’s skepticism regarding NFTs – why to buy when one can right click and save press. The first NFT exhibition in Singapore looked into the evolution of NFT and digital art through seminal works by creators, including Beeple, Refik Anadol, and Andy Warhol.
Print media capitalizing on the growing NFT trend in Singapore
With the hype around NFTs, print media has spent much time writing about the NFTs in Singapore. However, the growing market and the popularity of the digital asset meant that even print media entered the space to capitalize on the growing trend.
In August 2021, Vogue Singapore announced that the firm is releasing a collection of 40,000 NFTs in mystery boxes on Binance. Each of the mystery boxes was priced at US$20 and contained one of the ten different artwork that depicted an astronaut exploring the famous city. The NFT collection launched by Vogue Singapore was sold out completely within 24 hours, making the NFT collection one of the fastest sold out Binance mystery box sales.
Similarly, The Straits Times also entered into the NFT space and raised US$15,000 in charity proceeds from the NFT collection. Esquire Singapore, another print media firm, ventured into the NFT space in strategic partnership with The Dematerialized. The firm released an NFT sneaker collection Singaporean artist Tobyato designed. Notably, the NFT sneaker collection and their physical replicas in the country were also sold out.
Scope
Singapore NFT Market Size and Future Growth Dynamics by Key Performance Indicators, 2019-2028
Singapore NFT Market Size and Forecast by Key Assets, 2019-2028
Singapore NFT Market Size and Forecast by Key NFT Collectible Assets, 2019-2028
Singapore NFT Market Size and Forecast by Currency, 2019-2028
Singapore NFT Market Size and Forecast by Sales Channels, 2019-2028
Singapore User Statistics, 2019-2028
For more information about this report visit https://www.researchandmarkets.com/r/gkz8y
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