NFT Adoption Market Analysis Report from Blockchain App Factory

Non-fungible tokens (or NFTs) are digital tokens that represent digital and real-world assets on the blockchain that have been changing things for the better in various industries worldwide. It relies on transparency and censorship resistance ensured by intermediary-less smart contracts powered by immutable layer-1 and layer-2 blockchain networks.

NFTs have formed a new-age ecosystem that connects creators, fans, collectors, investors, brands, entrepreneurs, and governments and lets them interact with one another via digital assets. The NFT market in 2023 has been resurgent post the prolonged bearish trend. This NFT adoption market analysis report from Blockchain App Factory emphasizes the trends we can witness in the current NFT space.

Overview of NFT Adoption Levels in the Current Day

How has the Market Grown in 2023?

The NFT market has seen humongous growth in 2023, with a market capitalization exceeding 2.7 billion dollars standing as a testament.

The NFT market crossing the billion-dollar mark was seen during a phase when people became very obsessed with these digital assets.

The NFT ecosystem consists of a multitude of applications like marketplaces, launchpads, games, metaverses, aggregators, and more.

Prominent Players in the NFT Space

Our NFT adoption report reveals these entities as the prominent players in the NFT space at the current time:

72%

72% of all NFT sales occur on the Ethereum network.
65%

65% of the population is aware of the concept of NFTs.
45%

45% of people are optimistic about investing in NFTs.
23%

23% of the NFT community is interested in owning artwork-based NFTs.
42%

42% of all NFT projects are based in the United States.
34%

34% is the expected annual rate of growth for the NFT market till 2030.

How Much the World Has Adopted NFTs?

The global NFT market’s growth has been catapulted by people from everywhere in the world adopting NFTs into their daily lives. Our NFT adoption report sheds insights on NFT adoption rates across various countries that show us the reason why NFTs have become immensely popular.

The Philippines
32%

Thailand
27%

Malaysia
24%

United Arab Emirates
23%

Vietnam
17%

Nigeria
14%

Brazil
12%

Hong Kong
11%

South Africa
8%

Singapore
7%

Canada
6%

Australia
5%

USA
3%

UK
3%

Japan
2%

Such outcomes from our reports suggest that NFT adoption has been accelerated in developing countries rather than developed countries. The countries with the highest new NFT projects have seen the highest NFT adoption rates.

Sector-wise NFT Adoption Trends

ArtThe art market has witnessed phenomenal growth with NFT adoption, which has encouraged creators to explore the digital option to earn reasonably with added royalties. Our research shows that over 23% wish to own artwork NFTs.

MusicThe music industry has gone to great heights post the introduction of NFTs, letting music artists and fans connect and collaborate better. According to our report, nearly 19% of people plan to purchase NFTs based on music.

PhotosPhotography has emerged to become a profiting industry in recent years, and with NFTs, the prospects only strengthen. Our NFT market resource analysis report highlights that over 13% want to own NFTs representing photographs.

Digital CollectiblesThe rise of NFTs has redefined how collectibles became digitized, as more businesses wish to sell their premium products as collectible NFTs. The report conveys that nearly 12% want to buy collectible NFTs of various kinds.

Sports MemorabiliaCurrently, many sports teams have been releasing memorabilia of various forms as NFTs to connect better with their fans. Our NFT adoption report shows that 11% of people plan to purchase NFT assets based on sports memorabilia.

Video Game AssetsThe gaming industry has advanced to incredible heights following the rise of NFT usage, with P2E games emerging popular. Our statistical report tells us that nearly 11% of people want to own video game assets backed by NFTs.

Virtual LandVirtual land on metaverses has become an investment option in the NFT space due to the immense benefits they offer. According to our latest report on NFT adoption, almost 10% of people want to own virtual land NFT assets.

Event TicketsAlthough event ticketing is not a very popular NFT niche, it is backed up by a wide range of utilities one could imagine. Our report on NFT market adoption analysis shows that nearly 9% of people wished to buy NFT event tickets.

How Do People Perceive and React to NFT Adoption?

The Web2-based digital business model has taken a new turn with the arrival of Web3-based NFTs that have earned global recognition in recent years. By studying how people perceive NFTs and the values they bring, we can learn valuable lessons for the future.

81%

81% of the surveyed people defined NFTs correctly as digital tokens representing real-world assets.
44%

44% of respondents said NFTs were worth investing in, while 41% of those said NFTs are great investments.
68%

68% of all gaming-related trades involved NFT assets used inside video gaming environments.
23%

23% of millennials (Gen-Z population) like to purchase and collect NFTs as a hobby.

Our research stated that artworks and music are popular types of NFTs, followed by photographs and digital collectibles.

Reasons NFTs are Adopted So Rapidly

Rising Crypto Popularity

Growing NFT Creator Community

Celebrity Buzz

Authenticity Verification

Ownership Verification

Transparency

Lower Entry Barriers

Exclusive Content

NFT Market Adoption Trends Based on Demographics

Agewise Trends

32%

32% of people aged 18 - 24 were either interested in NFTs or have bought NFTs.
19%

19% of respondents aged 25 - 34 were planning to purchase or have already bought NFTs.
11%

11% of people aged 35 – 54 were involved in the NFT space as followers or NFT holders.
5%

5% of respondents aged 55+ were either planning to buy NFTs or already held NFTs.

Genderwise Trends

75%

75% of the current NFT community consists of male population.
25%

25% of the current NFT community consists of female population.

Income Wise Trends

37%

37% of NFT holders have incomes less than $50,000.
37%

37% of NFT holders have incomes between $50,000 and $150,000.
26%

26% of NFT holders have incomes of more than $150,000.

Conclusion

In conclusion, our NFT market adoption analysis report shows a grand emergence of popularity for NFTs among people, irrespective of whether they hold one or not. With a sales volume exceeding 60 billion dollars, the market outlook is more promising than ever as we progress toward the future. NFTs offer a transparent and secure means for representing various items backed by immutable blockchains, which has been a pioneering reason behind increased adoption levels. The arrival of globally renowned creators and brands even intensifies the need for people to try out NFTs for once. But once they enter the space, they will be so intrigued that they will not leave.

About Blockchain App Factory’s NFT Adoption Market Analysis Report

The NFT adoption market analysis report from Blockchain App Factory offers extensive details on how NFT adoption has occurred all over the world in recent times. This report is a result of vigorous data collection and research using multiple methods to arrive at results. We utilized numerous global reports talking about NFT adoption and market trends and interpreted vital information to identify the parameters we mentioned in the report. We derived data based on demographics, nations, and other facets and used advanced data analysis methods to gain valuable insights about NFT adoption in today’s world.