DUBLIN--(BUSINESS WIRE)--The "Brazil 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.
The NFT industry in Brazil is expected to grow by 48.4% on an annual basis to reach US$2967.6 million in 2022.
The NFT industry is expected to grow steadily over the forecast period, recording a CAGR of 34.8% during 2022-2028. The NFT Spend Value in the country will increase from US$2967.6 million in 2022 to reach US$16176.8 million by 2028.
The non-fungible token (NFT) market in Brazil has undergone strong expansion over the last year. The presence of Brazilian sports players on NFT marketplaces has supported the widespread adoption of NFTs among the general public. In addition to this, the adoption of NFT in the art industry has also grown significantly in the country. Adoption by visual artists and some well-known names in the music industry are supporting the growth of the NFT industry in Brazil.
The publisher expects the trend to continue from the short to medium-term perspective as more and more gamers become aware of NFT-based games in the country. Moreover, the rise of the traditional online gaming industry is also expected to drive the interest in NFT-based games over the next four to eight quarters in Brazil. Consequently, the publisher expects more NFT-based online gaming platforms to launch over the next four to eight quarters in the country, subsequently supporting the overall industry growth.
NFT marketplaces are partnering with Brazilian football legends to drive their growth in the country
With the NFT industry recording strong growth over the last four quarters in Brazil, NFT marketplaces are looking to tap into the high growth market potential. Consequently, firms are entering into strategic partnerships with Brazilian football players, who have millions of fans across the country and globally, seeking to drive their growth in the NFT market.
In July 2021, INFLUXO, a Rio-based NFT marketplace, announced that the firm had entered into a strategic collaboration with Ronaldinho. Under the partnership, the firm auctioned seven NFTs depicting Ronaldinho. Notably, the starting bid for the NFTs was placed at 20,000 USDT.
Similarly, in May 2021, SportsIcon, a sports-focused NFT platform, announced that the firm had entered into a strategic partnership with Brazilian soccer star Roberto Carlos. Under the collaboration, the firm brings the NFTs of the legendary FIFA World Cup winner to its platform.
As the competition among NFT platforms continues to grow in Brazil over the next two to three years, the publisher expects more NFT marketplaces in Brazil to sign exclusive partnership agreements with iconic sports players from the short to medium-term perspective.
Sports in Brazil see NFTs as a new source of revenue
Globally, many sports teams have launched their NFT collection to generate an additional revenue stream, as the popularity of NFTs among the general public continues to grow quarter on quarter.
In June 2021, the Brazilian Football Federation announced that it had entered into a multi-year contract with Turkish blockchain startup, Bitci, to launch NFTs and fan tokens on BitciChain's platform. With the national team having the most fans worldwide, the availability of NFTs and fans tokens on the Bitci platform will allow fans to feel more engaged and connected with the team.
As the popularity of NFTs continues to gain rapid momentum globally, the publisher expects an increasing number of sports teams to collaborate and launch NFTs from the short to medium-term perspective.
NFT marketplaces are choosing an eco-friendly way to drive their growth in Brazil. With artists and collectors getting alarmed by crypt art's ecological footprint, NFT marketplaces in Brazil are choosing an eco-friendly way to attract more artists to their platform, which will subsequently help them to drive their growth.
Hic et Nunc, one of the leading Brazil-based NFT marketplaces for artists globally, mints artwork on the Tezos blockchain, which consumes only a fraction of the energy of its rival blockchains, such as Ethereum. In addition to this, the energy-efficient Tezos blockchain costs only 30 cents compared to the US$200 for conducting a single transaction on the Ethereum blockchain.
As the popularity of NFTs continues to grow globally, Brazilian startups and artists are creating NFT collections and raising millions of dollars by selling them.
In March 2022, Lumx Studios, one of the leading startups from Rio de Janerio that develops experiences in the metaverse, announced that the firm had earned R$2million by entering the NFT market with the 55Unity collection. To date, the 55Unity collection remains to be the largest collectibles project, having sold 3,000 tokens in 28 hours.
In September 2021, Monica Rizzolli announced that the generative art NFT collection, Fragments of an infinite field, was sold for R$28.35 million in an auction. Notably, the generative art pieces are generated during the minting process; therefore, neither the artists nor the collectors can know what the final result of the work will look like.
Brazil NFT Market Size and Future Growth Dynamics by Key Performance Indicators, 2019-2028
Brazil NFT Market Size and Forecast by Key Assets, 2019-2028
- Collectibles and Art
- Real Estate
- Fashion & Luxury
Brazil NFT Market Size and Forecast by Key NFT Collectible Assets, 2019-2028
- Digital Art
- Music & Sound Clip
- Memes & Gif
Brazil NFT Market Size and Forecast by Currency, 2019-2028
Brazil NFT Market Size and Forecast by Sales Channels, 2019-2028
Brazil User Statistics, 2019-2028
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