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DUBLIN, January 6, 2023 /PRNewswire/ — The “Latin America NFT Market Intelligence Databook and Future Growth Dynamics: 50+ KPIs on NFT Investments by Key Assets, Currency, Sales Channels – Q2 2022” report has been added to researchandmarkets.com offering.
NFT industry in Latin America it is expected to grow 48.4% annually to reach US$5,871.1 million in 2022.
The NFT industry is expected to grow steadily during the forecast period, registering a CAGR of 34.8% during 2022-2028. The value of NFT spending in the country will increase from US$5,871.1 million in 2022 to reach US$31,994.3 million by 2028.
he does not-expendable token market (NFT) in Latin America It has undergone strong expansion in recent years. The presence of Brazilian athletes in the NFT markets has supported the widespread adoption of NFTs among the general public.
Furthermore, the adoption of NFTs in the art industry has also grown significantly in these countries. Adoption by visual artists and some well-known names in the music industry are supporting the growth of the NFT industry in Brazil.
With the NFT industry posting strong growth over the past four quarters in Brazil, NFT markets are looking to tap into the potential of the high-growth market. Consequently, companies are entering strategic alliances with Brazilian soccer players, who have millions of fans across the country and around the world, looking to fuel their growth in the NFT market.
As the popularity of NFTs continues to gain momentum globally, the publisher expects an increasing number of sports teams to collaborate and launch NFTs soon.
NFT markets in Brazil they are choosing an eco-friendly way to attract more artists to their platform, which will subsequently help fuel their growth.
Hic et Nunc, one of the main BrazilNFT-based NFT marketplaces for artists around the world mint works of art on the Tezos blockchain, which consumes only a fraction of the energy of its rival blockchains, such as Ethereal. In addition, the energy-efficient Tezos blockchain costs only 30 cents compared to the 200 US dollars to carry out a single transaction in the Ethereal block chain.
As the popularity of NFTs continues to grow globally, Brazilian startups and artists are creating NFT collections and raising millions of dollars selling them.
In March 2022Lumx Studios, one of the leading startups in Rio de Janeiro that develops experiences in the metaverse, announced that the firm had won R$2 million entering the NFT market with the 55Unity collection. To date, the 55Unity collection remains the largest collectibles project, with 3,000 tokens sold in 28 hours.
In September 2021Monica Rizzolli announced that the NFT generative art collection, Fragments of an Infinite Field, has sold for R$28.35 million in an auction.
The publisher expects similar trends to evolve in the Mexican NFT market over the next two to three years. Several brands have already started mixing NFTs into their marketing strategies with increasing frequency. This trend is expected to intensify in the country from a near to medium term perspective as awareness and adoption among customers continue to grow in Mexico more. The publisher therefore expects the increasing adoption of NFTs among brands to fuel future market growth in the country.
Music festivals are using NFTs as part of their marketing strategies in Mexico. Over the past 12 months, the popularity of NFTs has grown continuously. In the growing conversations about NFT in Mexicomusic festivals have started using NFTs as part of their marketing strategies.
In March 2022Tecate Pa’l Norte Beer, one of the largest music festivals in Mexico, announced the creation and sale of NFT. In particular, NFTs, created specifically for the event and packed with lifetime benefits for owners, were part of Cerveza Tecate’s marketing strategy.
Soccer leagues are launching NFT collectibles to generate a new revenue stream amid the impact of the pandemic on revenue
In April 2021Liga MX, the most important soccer league in the country, announced that it would launch the NFT collection at the start of the 21’/22′ season, which was scheduled to start at the end of August 2021. To launch its NFT collection, Liga MX entered into a strategic collaboration with Bondly, the NFT marketplace that auctioned off NFTs.
Notably, Liga MX is one of the first soccer leagues to launch NFT collectibles. Globally, several individual teams entered the NFT space and announced sales of their collectibles.
Soccer clubs are entering into strategic partnerships with NFT platforms to launch NFT collectibles
Various football clubs and players from around the world are entering the NFT space to launch their NFT collectibles. Similar trends are seen in Mexicoin which soccer clubs partner with global NFT platforms to launch their NFTs.
In February 2022Atlas Futbol Club announced that the club has established a strategic partnership with Sorare, the French NFT platform, which allows fans to exchange NFT cards of their favorite players.
NFTs are helping communities rebuild a neglected Mexican village
Due to its geographical location, Akumala small town in from Mexico Yucatan peninsula region, most government funds for development projects did not reach the village. This is the reason why most of the region and the population remained neglected for many years. However, things began to change when the owner of a local bakery, jennifer smithlaunched the Akumal Arts Festival in 2018.
In particular, the event attracted artists from all over the world who visited the region to decorate the city with beautiful images. The art festival caught the attention of the local authorities and a little development work is now taking place in the region. However, in 2022, thanks to NFTs, the Akumal Arts Festival is expected to help the Akumal community to rebuild the marginalized Mexican people.
In January 2022Hundreds of artists from all over the world gathered in Akumal for the festival under the auspices of Third Rail Art. These artists created murals, hosted various community-driven interaction programs, and held workshops during the Art Festival.
In April 2022, Third Rail Art released animated NFTs of some selected murals from the festival on its street art NFT platform. Dubbed the NFT-4-GOOD collection, 85% of the proceeds from the NFT are expected to go to the Akumal Cultural Foundation. These NFTs were designed by artists who created the original murals in association with Cryptic Gallery.
As the NFT market matures and develops in Mexico, the publisher expects more innovative NFT use cases to emerge in the next three to four years. This will continue to support market growth from a short to medium term perspective.
cryptocurrency Exchanges are turning popular Mexican games into a Solana-based NFT experience
Amid the growing number of use cases, fundraising via NFTs is the most common. Many organizations globally are using NFTs to raise funds for non-profit organizations. In particular, similar trends are observed in Mexicowhere cryptocurrency The trades turn the famous Mexican game into a Solana-based NFT experience.
In October 2021FTX, one of the main cryptocurrency exchanges, announced that the firm is turning the famous Mexican game Loteria into an NFT-focused game on Solana. Notably, the firm stated that project funds would benefit the non-profit organization. Non-profit organizations that will benefit from the project include the Hispanic Heritage Foundation, Red Marea Creciente and the Latino Community Foundation.
This is a bundled offering that combines 6 reports and covers regional insights along with data-focused analysis at the regional and country level:
1. Summary of information on the NFT market in Latin America
2. Latin America NFT Market Intelligence Databook and Future Growth Dynamics
3. Argentina NFT Market Intelligence and Future Growth Dynamics Databook
4. Brazil NFT Market Intelligence and Future Growth Dynamics Databook
5. Colombia NFT Market Intelligence and Future Growth Dynamics Databook
6. Mexico NFT Market Intelligence and Future Growth Dynamics Databook
Scope
This report provides an in-depth, data-focused analysis of the NFT Market, and below is the summary of the key market segments:
NFT Market Size and Forecast by Key Assets, 2019-2028
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Collectibles and Art
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Real estate
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Sports
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Gaming
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Utility
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fashion and luxury
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Other
NFT Market Size and Forecast by Key NFT Collectible Assets, 2019-2028
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Digital art
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music and sound clip
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Videos
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Memes and Gifs
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Other
NFT Market Size and Forecast by Currency, 2019-2028
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Ethereal
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Solarium
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avalanche
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Polygon
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BSC
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Flow
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Wax
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ronin
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Other
NFT Market Size and Forecast by Sales Channels, 2019-2028
User Statistics, 2019-2028
For more information on this report, visit https://www.researchandmarkets.com/r/knt3ge
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SOURCE Research and Markets
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