Business | Dec 14

Japan’s NFT Market on the Rise, Expected to Reach $1.36 Billion in 2022

Dec 14 (blockzeit.com) - According to research, NFTs in Japan are on the rise. This explosion in growth has attracted businesses and organizations to partner with NFT and blockchain platforms to launch innovative products

The non-fungible token (NFT) industry in Japan is expected to grow by 53.0% annually to reach $1361.5 million in 2022, according to a new report. The report also predicts that the NFT industry will grow steadily over the forecast period, recording a compound annual growth rate of 38.7% from 2022 to 2028.

NFTs are a new type of crypto-asset that represent digital items, such as images and videos, or even clothing for avatars. These digital assets went into popularity over the last four to eight quarters globally.

NFTs allow investors to prove ownership of unique digital assets such as BAYC pictures and in-game items. While NFTs are not new, with the first ones being launched in the mid-2010s, the latest figures create a dilemma of whether the bubble will burst or not, as weekly NFT sales have plummeted around the globe. ...continue reading

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