NFT - Nigeria | Statista Market Forecast

Revenue in the NFT market is projected to reach US$1.64m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 11.98% resulting in a projected total amount of US$2.58m by 2028.
The average revenue per user in the NFT market amounts to US$3.70 in 2024.
From a global comparison perspective it is shown that the highest revenue is reached United States (US$1.12bn in 2024).
In the NFT market, the number of users is expected to amount to 477.10k users by 2028.
User penetration will be 0.20% in 2024 and is expected to hit 0.19% by 2028.

Definition:

Non-fungible token (NFT) is a unique identifier that represents ownership of real-world or digital assets, such as art, music, collectibles, in-game items, and even real estate. These tokens are cryptographically secured in a blockchain (Ethereum, Solana, Avalanche, etc.), and the cryptocurrency of the underlying blockchain is used for NFT transactions.

NFT marketplaces require digital onboarding of their clients and do not have physical branches to provide consultations and services to their customers. Nevertheless, it is not mandatory for their potential clients to have a smartphone to open an account. The marketplaces usually charge a fee for their services, and these platforms can be accessed via a desktop website.

Within our market scope, we focus only on NFT marketplaces that provide either exclusively B2C or both B2B and B2C services; those that work solely with B2B clients are excluded from the market.

Additional Information:

NFTs are predominantly traded and exchanged in NFT marketplaces, some of the keyplayers are Opensea, Rarible, Axie Marketplace and Foundation.

NFT marketplaces
Metaverse NFTs

Cryptocurrencies
Trading platforms that only with B2B services
Decentralized finance
Web 3.0

The NFT (non-fungible token) market has experienced explosive growth in recent years. One current trend in the NFT market is the increasing popularity of digital art, music, and other digital assets being sold as unique, one-of-a-kind NFTs. Additionally, the market has seen a rise in celebrity and athlete NFTs, as well as the emergence of NFT-based gaming and virtual real estate.
Several factors have contributed to the growth of the NFT market. Firstly, the increasing adoption of blockchain technology has made it easier to verify ownership and authenticity of digital assets. Secondly, the COVID-19 pandemic has led to a surge in online activity and a shift towards virtual experiences, creating a demand for unique digital assets. Lastly, the rise of decentralized finance (DeFi) and crypto investing has driven interest in NFTs as a potential investment opportunity.
The NFT market is expected to continue growing in the coming years. This growth is likely to be driven by a combination of increasing mainstream adoption, as more people become aware of NFTs and their potential applications, and the continued emergence of new use cases for the technology. However, there are also risks and challenges associated with the market, such as concerns around environmental impact and the potential for speculative bubbles to form. As such, the market is likely to experience both ups and downs in the coming years as it matures and evolves.

Data coverage:

The data encompasses B2C enterprises. Figures are based on transaction values / revenues / assets under management and user data of relevant services and products offered within the FinTech market.

Modeling approach / Market size:

Market sizes are determined through a combined top-down and bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of key players, industry reports, third-party reports, publicly available databases, and survey results from primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, population, internet penetration, smartphone penetration, credit card penetration, and online banking penetration. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Digital market, in a PDF format.