Dublin, Jan. 11, 2023 (GLOBE NEWSWIRE) -- The "Indonesia 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.
NFT industry in Indonesia is expected to grow by 50.8% on an annual basis to reach US$2367.6 million in 2022.
The NFT industry is expected to grow steadily over the forecast period, recording a CAGR of 35.8% during 2022-2028. The NFT Spend Value in the country will increase from US$2367.6 million in 2022 to reach US$13394.7 million by 2028.
The digital economy is going in the direction of Web3.0, Metaverse, and Decentralized Autonomous Organizations (DAO). As a result, artists from all walks of life use the growing momentum to enter this free-for-all creative space. Over the last 12 months, NFTs have allowed creators to have complete control over their content and have pushed interaction significantly with their communities.
In Indonesia, artists are increasingly entering the NFT space as they continuously seek new ways to grow and leverage their talent. Notably, Art Moments Jakarta, one of the early adopters in the NFT space, has fully supported the Indonesian digital economy by taking a hybrid live-online approach to the exhibition in 2021. This event from Art Moments Jakarta brought together a community of more than 64 local and international artists, curators, and galleries.
With the NFTs gaining constant momentum and popularity in Indonesia, authorities have also shown interest in examining the existence of blockchain technology. The publisher expects a more robust set of regulatory guidelines for the NFT sector in Indonesia from the short to medium-term perspective.
Familiarizing the general public with blockchain-based services and NFTs is expected to drive market growth in Indonesia
The adoption of cryptocurrencies, NFTs, and blockchain is expected to become more widespread over Indonesia's next two to three years. While digital literacy will also rise with NFT investment and usage, it is imperative to familiarize the general public with blockchain-based services and NFTs, given that Indonesians are relatively new to the technology.
Influencers and celebrities have started creating their NFT projects in Indonesia
In the booming NFT trends in the country, influencers and celebrities have started creating their NFT projects as they seek to monetize their work and create new revenue streams.
Syahrini, an Indonesian singer and socialite, is one of the celebrities in the country who created the NFT project and gained widespread popularity globally. Under Princess Syahrini, she created and launched the NFT collection on the Binance NFT marketplace. The NFT collection was sold out within eight hours of its launch on the Binance NFT marketplace.
Luna Maya, another prominent figure in the Indonesian entertainment industry, created an NFT project. Luna Maya entered a strategic collaboration with Tokau, the Japanese art firm with NFT creation experience. The NFT collection was launched on the BakerySwap NFT marketplace.
Influencers and celebrities are not just creating their own NFT collections. But they are also actively promoting various NFT projects
Actor Brandon Salim, renowned Indonesian chef Arnold Poernomo, and influencer known as Jejouw promoted one of the most successful NFT projects in the country, Karafuru, which also went global. As of April 2022, the NFT project had a trading volume of 37,200 Ether.
Cryptocurrency exchanges are organizing NFT fundraising campaigns to fight the Covid-19 pandemic in Indonesia
Globally, brands and businesses have found several innovative NFTs use cases. From using NFTs as a promotional tool to create brand awareness to using the digital assets to raise funds for some noble cause. In Indonesia, similar trends are visible wherein cryptocurrency exchanges are organizing NFT fundraising campaigns to fight against the global pandemic.
Tokocrypto, one of the leading cryptocurrency exchanges in the country, partnered with Aldi Haryopratomo - the ex-CEO of GoPay, Evan Tan - the NFT collector, and William Tan - NFT creator for Art Blocks NFT, and Chef Arnold Poernomo to organize the NFT fundraising campaign in Indonesia.
Startups are using emerging Blockchain 5.0 technology to launch the NFT marketplace in Indonesia
Innovation in blockchain technology has been driving the growth of the NFT industry in Indonesia. Notably, startups are using the emerging Blockchain 5.0 technology to launch an NFT marketplace in the country.
In March 2022, Relictum Pro, the digital world of applications, announced the launch of Relictum NFT in Indonesia. Notably, Relictum NFT is a public marketplace where users can choose any token format. The marketplace is developed and launched on the emerging Blockchain 5.0 Relictum Pro technology. Relictum has also introduced a stable coin - USDR - which is expected to rival USDT in support of global commerce, according to the firm.
This report provides in-depth, data-centric analysis of NFT Market in Indonesia and below is the summary of key market segments:
Indonesia NFT Market Size and Future Growth Dynamics by Key Performance Indicators, 2019-2028
Indonesia NFT Market Size and Forecast by Key Assets, 2019-2028
- Collectibles and Art
- Real Estate
- Fashion & Luxury
Indonesia NFT Market Size and Forecast by Key NFT Collectible Assets, 2019-2028
- Digital Art
- Music & Sound Clip
- Memes & Gif
Indonesia NFT Market Size and Forecast by Currency, 2019-2028
Indonesia NFT Market Size and Forecast by Sales Channels, 2019-2028
Indonesia User Statistics, 2019-2028
For more information about this report visit https://www.researchandmarkets.com/r/h7qv5y
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