Australia NFT Market Intelligence and Future Growth Dynamics Report 2022: A $3.45 Billion Market by 2028 – Beauty Brands are Launching NFT Collectibles to Build Deeper Relationships with Customers – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Australia 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 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 the 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 the publisher, 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, the publisher 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.
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. The publisher 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
The publisher 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.
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, the publisher 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.
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.
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, the publisher expects more such innovative product launches which use blockchain and NFT technologies over the next four to eight quarters in Australia.
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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
- Fashion & Luxury
Australia NFT Market Size and Forecast by Key NFT Collectible Assets, 2019-2028
- Digital Art
- Music & Sound Clip
- Memes & Gif
Australia NFT Market Size and Forecast by Currency, 2019-2028
Australia NFT Market Size and Forecast by Sales Channels, 2019-2028
Australia User Statistics, 2019-2028
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