Dublin, Jan. 05, 2023 (GLOBE NEWSWIRE) — The report “Latin America NFT Market Intelligence and Future Growth Dynamics Databook – 50+ KPIs on NFT Investments by Key Assets, Currency, Sales Channels – Q2 2022” has been added to the report from ResearchAndMarkets.com offer.
The NFT industry in Latin America is expected to grow 48.4% on a yearly basis to reach US$5871.1 million in 2022.
The NFT industry is expected to grow steadily over the forecast period, registering a CAGR of 34.8% during the period 2022-2028. The value of NFT spending in the country will increase from US$5871.1 million in 2022 to reach US$31994.3 million by 2028.
The non-fungible token (NFT) market in Latin America has seen strong expansion over the past few years. The presence of Brazilian sportspeople in NFT marketplaces has fostered the widespread adoption of NFTs by the general public.
Moreover, the adoption of NFT in the art industry has also increased significantly in these countries. Adoption by visual artists and some well-known names in the music industry is supporting the growth of the NFT industry in Brazil.
As the NFT industry has seen strong growth over the past four quarters in Brazil, NFT marketplaces are looking to tap into the high-growth market potential. Hence, the companies are entering into strategic partnerships with Brazilian football players, who have millions of fans across the country and globally, seeking to boost their growth in the NFT market.
As the popularity of NFTs continues to grow globally, the publisher expects an increasing number of sports teams to collaborate and launch NFTs in the near future.
NFT marketplaces in Brazil are choosing an eco-friendly way to attract more artists to their platform, which will later help them drive growth.
Hic and Nunc, one of the leading Brazil-based NFT marketplaces for artists globally, makes artwork on the Tezos blockchain, which consumes only a fraction of the energy of its rival blockchains, such as ‘Ethereum. Additionally, the energy-efficient Tezos blockchain costs only 30 cents compared to the $200 to complete 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 selling them.
In March 2022, Lumx Studios, one of Rio de Janerio’s leading startups developing experiences in the metaverse, announced that the company had earned 2 million reais by entering the NFT market with the 55Unity collection. To date, the 55Unity collection remains the largest collectibles project, having sold 3,000 tokens in 28 hours.
In September 2021, Monica Rizzolli announced that the NFT generative art collection, Fragments of an Infinite Field, had sold for 28.35 million reais at an auction.
The publisher expects similar trends to develop in the Mexican NFT market within two to three years. Several brands have already started mixing NFT into their marketing strategies with increasing frequency. This trend is expected to intensify in the country in the short to medium term, as awareness and customer adoption continue to grow in Mexico. The publisher therefore expects the growing adoption of NFTs among brands to drive future market growth in the country.
Music festivals use NFTs as part of their marketing strategies in Mexico. Over the past 12 months, the popularity of NFT has grown steadily. In the growing discussion of NFTs in Mexico, music festivals have started using NFTs as part of their marketing strategies.
In March 2022, Cerveza Tecate Pa’l Norte, one of the biggest music festivals in Mexico, announced the creation and sale of NFT. Notably, NFTs, created specifically for the event and loaded with lifetime benefits for owners, were part of Cerveza Tecate’s marketing strategy.
Football leagues launch NFT collectibles to generate new revenue stream amid pandemic impact on revenue
In April 2021, Liga MX, the country’s top football league, announced that it would be launching the NFT Collection at the start of the 21’/22′ season, which was due 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 NFTs.
Notably, Liga MX is one of the first football leagues to release NFT collectibles. Globally, several individual teams entered the NFT space and announced the sale of their collectibles.
Football Clubs Enter into Strategic Partnerships with NFT Platforms to Launch NFT Collectibles
Several global football clubs and players are entering the NFT space to launch their NFT collectibles. Similar trends are visible in Mexico, where football clubs are partnering with global NFT platforms to launch their NFTs.
In February 2022, Atlas Futbol Club announced that the club had entered into a strategic partnership with Sorare, the French NFT platform, allowing fans to exchange their favorite players’ NFT cards.
NFTs help communities rebuild an underserved Mexican village
Due to its geographical location, Akumal, a small village in the Yucatan Peninsula region of Mexico, most government funding for development projects has not reached the village. This is why most of the region and the population remained underserved for many years. However, things started to change when a local bakery owner, Jennifer Smith, launched the Akumal Arts Festival in 2018.
Notably, 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 local authorities, and now small development works are taking place in the area. However, in 2022, through NFTs, the Akumal Arts Festival is expected to help the community of Akumal rebuild the underserved Mexican village.
In January 2022, hundreds of artists from around the world gathered in Akumal for the festival under the sponsorship of Third Rail Art. These artists created murals, organized various community-oriented interaction programs, and led workshops during the art festival.
In April 2022, Third Rail Art dropped animated NFTs of a few selected murals from the festival onto their street art NFT platform. Called the NFT-4-GOOD collection, 85% of NFT’s proceeds are expected to go to the Akumal Cultural Foundation. These NFTs were designed by artists who created the original murals in partnership with Cryptic Gallery.
As the NFT market matures and expands in Mexico, the publisher expects more innovative NFT use cases to emerge over the next three to four years. This will continue to support market growth in the short to medium term.
Cryptocurrency exchanges are turning popular Mexican games into a Solana-based NFT experience
Among the growing number of use cases, fundraising through NFTs is the most common. Many organizations around the world use NFTs to raise funds for nonprofits. Notably, similar trends are seen in Mexico, where cryptocurrency exchanges are turning the popular Mexican game into a Solana-based NFT experience.
In October 2021, FTX, one of the leading cryptocurrency exchanges, announced that the company was transforming the popular Mexican game Loteria into an NFT-centric game on Solana. Notably, the company said funds from the project would benefit the nonprofit organization. Nonprofit organizations that will benefit from the project include the Hispanic Heritage Foundation, the Rising Tide Network and the Latino Community Foundation.
This is a bundled offer, combining 6 reports, covering regional insights as well as data-centric analysis at regional and country level:
1. Latin America NFT Market Overview
2. Latin America NFT Market Intelligence Data Collection and Future Growth Dynamics
3. Argentina NFT Market Intelligence and Future Growth Dynamics Databook
4. Brazil NFT Market Intelligence Data Collection and Future Growth Dynamics
5. Colombia NFT Market Intelligence and Future Growth Dynamics Databook
6. Mexico NFT Market Intelligence Data Collection and Future Growth Dynamics
This report provides an in-depth and data-centric analysis of the NFT Market and below is the summary of key market segments:
NFT Market Size and Forecast by Key Assets, 2019-2028
Collectibles and Art
Fashion & Luxury
NFT Market Size and Forecast by Top NFT Collection Assets, 2019-2028
Music and sound extract
Memes and GIFs
NFT Market Size and Forecast by Currency, 2019-2028
NFT Market Size and Forecast by Sales Channels, 2019-2028
User statistics, 2019-2028
For more information about this report visit https://www.researchandmarkets.com/r/3p79wq
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