United States NFT Market Intelligence Report 2022: A $79.6 Billion Market by 2028 - NFT Marketplaces Such as Nifty Gateway are Entering into Strategic Partnerships to Develop Innovative Products

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Dec 20, 2022, 08:15 ET

DUBLIN, Dec. 20, 2022 /PRNewswire/ -- The "United States 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 United States is expected to grow by 49.5% on an annual basis to reach US$14453.2 million in 2022.

The NFT industry is expected to grow steadily over the forecast period, recording a CAGR of 35.1% during 2022-2028. The NFT Spend Value in the country will increase from US$14453.2 million in 2022 to reach US$79604.3 million by 2028.

Non-fungible tokens (NFT) have become increasingly mainstream over 12 months. This growth in the global NFT market has been largely led by the popularity of NFTs in the United States.

In 2021, a token representing a collage by Beeple, the United States-based digital artist, was sold for a record US$69 million at the Christie's auction. This, along with other popular collections, such as the Bored Ape Yacht Club, has constantly driven the popularity of the digital assets among the general public and celebrities, including Jimmy Fallon and Snoop Dogg. While the market recorded strong growth last year, the publisher expects the trend to continue in 2022 and beyond, from the short to medium-term perspective.

Over the last 12 months, the digital asset class has grown substantially in popularity in the United States. Moreover, as the awareness continued to increase, more and more Americans started to see NFTs as a safe investment. This shows that the awareness is increasing among the Americans, but more and more people are willing to invest in the asset class.

As the trend grows in the United States, the publisher also expects the NFT sector to record strong NFT transaction value and volume growth over the next three to four years. Consequently, the publisher expects the United States NFT industry to record strong growth from short- to medium-term perspectives.

Big brands entering the NFT space are driving the popularity among the general public in the United States .Over the last 12 months, several major brands across different industry verticals have entered the NFT market. Adidas, Nike, Coca-Cola, Louis Vuitton, McDonald's, and even Lamborghini have announced their presence in the NFT market. In addition to these, other big brands like designer eyewear firm Ray-Ban has announced their entry into the NFT space.

With all of these global brands entering the digital assets space, the NFT popularity has skyrocketed among the general public in the United States. The publisher expects more global brands to launch their NFT collectibles, which will further boost the popularity of NFTs among the general public in the country from the short to medium-term perspective.

Artists selling their work for millions of dollars have driven the growth and popularity of the NFT market in the United States

An increasing number of artists in the United States are turning to NFTs to create a new source of income. Los Angeles-based digital artist Sarah Zucker started selling NFTs of her work in 2019. By 2021, NFTs will become the major source of her income. From January 2021 to May 2021, Zucker sold NFTs worth US$274,000. Similar to Zucker, many of the artists in the country have turned NFTs into a major source of their income. Beeple's NFT, "Everydays: The First 5000 Days", was sold for more than US$69 million.

With artists raising millions of dollars in NFT sales, the market's popularity has surged substantially in the United States. This has been one of the key drivers of the growth of the NFT industry in the country. Additionally, celebrities such as NFL player Rob Gronkowski, musician Shawn Mendes, and executives like Elon Musk have all entered the NFT space. The presence of all these big and well-renowned names in the NFT market is driving the popularity of the digital asset class in the country.

NFT marketplaces are entering into strategic partnerships to develop innovative products in the United States

In April 2022, Nifty Gateway, the Gemini Trust Company LLC-owned premier marketplace for NFTs, announced that the firm had entered into a strategic partnership with Samsung to develop the first-ever smart TV NFT platform, which will allow exploring, trading, and purchasing digital art and collectibles.
Leveraging the technology of the two leaders in their respective industries, consumers will be able to seamlessly browse and interact with NFTs directly on their smart TVs. Moreover, consumers will also get access to over 6,000 pieces of NFTs from the top and emerging artists such as Daniel Arsham, Beeple, Pak, and more.

Several leading brands in the United States are jumping on the NFT bandwagon

In December 2021, Nike announced that the firm acquired RTFKT, a virtual shoe studio, as it seeks to enter the NFT space by launching a digital collection of sneakers. The firm plans to launch the digital sneakers within the Nikeland, a free, 3D space that the firm has created within the Roblox gaming platform.
Coca-Cola, another leading brand in the United States, has its presence in the NFT market. In May 2021, the firm sold NFT on the OpenSea NFT platform for more than US$575,000. Auctioned as a single loot box over 72 hours, the four multi-sensory, friendship-inspired NFTs placed Coca-Cola on the growing NFT landscape in the United States.

Scope

United States NFT Market Size and Future Growth Dynamics by Key Performance Indicators, 2019-2028

United States NFT Market Size and Forecast by Key Assets, 2019-2028