Market Insights Financial Digital Assets

NFT - Nigeria

Nigeria

The NFT market in Nigeria is projected to generate a revenue of ₦US$19.9m in 2024.
This revenue is expected to grow at an annual rate of -4.07% (CAGR 2024-2025), resulting in a projected total amount of ₦US$19.1m by 2025.
The average revenue per user in the NFT market is estimated to be ₦US$57.1 in 2024.
When compared globally, it is evident that United States leads in terms of revenue, with an estimated amount of ₦US$119,800.0k in 2024.
Looking ahead, the number of users in the NFT market is expected to reach 349.70k users by 2025.
This indicates a user penetration rate of 0.15% in 2024, which is projected to increase to 0.15% by 2025.
Nigeria's NFT market is experiencing a surge in demand as local artists and creators embrace the digital art revolution.

Key regions: France, Singapore, Japan, China, United States

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Analyst Opinion

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.

Methodology

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.