NFT - India
India- The NFT market in India is projected to witness a significant growth in revenue, with an estimated amount of US$80.3m in 2024.
- This projection indicates a promising future for the NFT market in the country.
- Furthermore, it is expected that the revenue will continue to grow at a steady pace, with a compound annual growth rate (CAGR 2024-2025) of -3.49%.
- By the year 2025, the projected total revenue is expected to reach an impressive amount of US$77.5m.
- In terms of the average revenue per user, the NFT market in India is anticipated to generate approximately US$55.6 in 2024.
- This figure represents the average amount of revenue generated per user in the market.
- It is worth noting that this number reflects the average revenue per user in India specifically, and may vary in other countries.
- When considering a global comparison, it becomes evident that United States leads the way in terms of revenue generation in the NFT market.
- In 2024, United States is projected to achieve a staggering revenue of US$119.8m, surpassing other countries in this market segment.
- Looking ahead, the number of users in the NFT market in India is expected to grow steadily, reaching an estimated 1.45m users by 2025.
- This growth in user base indicates a rising interest and adoption of NFT markets among the Indian population.
- Furthermore, user penetration, which refers to the percentage of the total population that actively engages in the NFT market, is expected to increase from 0.10% in 2024 to 0.10% by 2025.
- This demonstrates a gradual increase in the number of individuals participating in the NFT market in India.
- Overall, the projected revenue and user growth in the NFT market in India showcase the potential for this market segment to thrive and contribute significantly to the country's economy.
- India's NFT market is booming, with a surge in digital art sales and a growing interest from both collectors and artists.
- Key regions:
- France,
- Singapore,
- Japan,
- China,
- United States
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.In-Scope
- NFT marketplaces
- Metaverse NFTs
Out-Of-Scope
- Cryptocurrencies
- Trading platforms that only with B2B services
- Decentralized finance
- Web 3.0
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