Dublin, Dec. 07, 2022 (GLOBE NEWSWIRE) — The “Japan 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.
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, the publisher 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.
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.
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.
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Key Topics Covered:
1 About this Report
1.3 NFT Definitions
2 Japan NFT Market Size and Future Growth Dynamics by Key Performance Indicators
2.1 Japan NFT – Total Sales Spend Value Trend Analysis, 2019 – 2028
2.2 Japan NFT – Total Sales Spend Volume Trend Analysis, 2019 – 2028
2.3 Japan NFT – Average Value Per Transaction Trend Analysis, 2019 – 2028
3 Japan NFT Key Market Insight and Innovation
3.1 Consumer Behavior
3.2 Competitive Landscape and Growth Strategies
3.3 Regulation Trends
4 Japan NFT Market Size and Forecast by Key Assets
4.1 Japan NFT Market Share by Key Assets (%), 2021 Vs. 2028
4.2 Japan NFT Collectibles and Art Trend Analysis, 2019 – 2028
4.3 Japan NFT Real Estate Trend Analysis, 2019 – 2028
4.4 Japan NFT Sports Trend Analysis, 2019 – 2028
4.5 Japan NFT Gaming Trend Analysis, 2019 – 2028
4.6 Japan NFT Utility Trend Analysis, 2019 – 2028
4.7 Japan NFT Fashion and Luxury Trend Analysis, 2019 – 2028
4.8 Japan NFT Other Assets Trend Analysis, 2019 – 2028
5 Japan NFT Collectibles and Art Market Size and Forecast by Key Assets
5.1 Japan NFT Collectibles and Art Market Share by Key Assets (%), 2021 Vs. 2028
5.2 Japan NFT Collectibles and Art – Digital Art Spend Value Trend Analysis, 2019 – 2028
5.3 Japan NFT Collectibles and Art – Music & Sound Clip Spend Value Trend Analysis, 2019 – 2028
5.4 Japan NFT Collectibles and Art – Videos Spend Value Trend Analysis, 2019 – 2028
5.5 Japan NFT Collectibles and Art – Memes & GIF Spend Value Trend Analysis, 2019 – 2028
5.6 Japan NFT Collectibles and Art – Other Assets Spend Value Trend Analysis, 2019 – 2028
6 Japan NFT Market Size and Forecast by Currency
6.1 Japan NFT Market Share by Currency (%), 2021 Vs. 2028
6.2 Japan NFT Currency Ethereum – Spend Value Trend Analysis, 2019 – 2028
6.3 Japan NFT Currency Solana – Spend Value Trend Analysis, 2019 – 2028
6.4 Japan NFT Currency Avalanche – Spend Value Trend Analysis, 2019 – 2028
6.5 Japan NFT Currency Polygon – Spend Value Trend Analysis, 2019 – 2028
6.6 Japan NFT Currency BSC – Spend Value Trend Analysis, 2019 – 2028
6.7 Japan NFT Currency Flow – Spend Value Trend Analysis, 2019 – 2028
6.8 Japan NFT Currency WAX – Spend Value Trend Analysis, 2019 – 2028
6.9 Japan NFT Currency Ronin – Spend Value Trend Analysis, 2019 – 2028
6.10 Japan NFT Other Currencies – Spend Value Trend Analysis, 2019 – 2028
7 Japan NFT Market Size and Forecast by Key Sales Channels
7.1 Japan NFT Market Share by Key Sales Channels (%), 2021 Vs. 2028
7.2 Japan NFT Primary Market – Spend Value Trend Analysis, 2019 – 2028
7.3 Japan NFT Secondary Market – Spend Value Trend Analysis, 2019 – 2028
8 Japan User Statistics of Internet and Population, 2019 – 2028
8.1 Japan Internet Users Trend Analysis, 2019 – 2028
8.2 Japan Internet Penetration Rate, 2019 – 2028
8.3 Japan Adult Population Trend Analysis, 2019 – 2028
For more information about this report visit https://www.researchandmarkets.com/r/ge4fwp