December 20, 2022 05:33 ET | Source: Research and Markets Research and Markets
Dublin, IRELAND
Dublin, Dec. 20, 2022 (GLOBE NEWSWIRE) — The “France 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 France is expected to grow by 36.9% on an annual basis to reach US$989.5 million in 2022.
The NFT industry is expected to grow steadily over the forecast period, recording a CAGR of 26.8% during 2022-2028. The NFT Spend Value in the country will increase from US$989.5 million in 2022 to reach US$3810.8 million by 2028.
The popularity of non-fungible tokens has skyrocketed over the last 12 months to become a global phenomenon. Amid this growing global popularity, France has emerged as the hub driving innovation and growth in the NFT market. As more and more consumers become aware of the NFTs, the publisher expects the number to grow over the next four to eight quarters, pushing the NFT transaction value and volume from the short to medium-term perspective further.
Notably, several innovative NFT startups in the country are driving the market’s growth. Moreover, many brands across industry verticals are entering the NFT space to raise funding for social causes and drive brand awareness and growth, among other use cases. The popularity of NFT is expected to increase as more celebrities in the country continue to launch their NFT collection further.
Presence of several NFT trading platforms driving the market growth in France
Several different startups have emerged in the NFT space in France over the last 12 months. Notably, the presence of these players and their NFT trading platforms have made it easier for the general public to buy and sell their collections in the country. This increased transaction value and volume over the last 12 months in France.
French football star enters the NFT world
The NFT popularity has surged significantly globally over the last 12 months. One of the major reasons behind the growing popularity of NFTs is the rising number of celebrities that are entering the space. Notably, the trends are similar in France as well.
In November 2021, Paul Pogba, the French football superstar, announced his entry into the NFT market. Through a strategic collaboration with CryptoDragons, the blockchain-based dragon Metaverse project which allows users to collect, sell, breed, and battle NFT dragons, Paul announced that he is planning to buy NFTs.
Notably, Paul Pogba is not the only football player to enter the NFT space globally. Others, such as Lionel Messi, have pushed and even launched their NFT collection for football fans throughout the world.
Auction houses are conducting NFT auctions in France
With the growing popularity of NFTs in the digital art segment, many auction houses in the country are seeking to conduct an auction of virtual works in France.
In March 2022, FauveParis, one of the leading auction houses in the country, conducted the first-ever NFT auction in France. The auction house introduced 47 lots of NFTs for auction at the event. Notably, the exhibition featured various formats of virtual artworks, which were displayed on tablets and screens in the auction room. At the event, 60% of the lots were sold for a total transaction amount of €120,000.
French NFT startups are raising funding rounds to expand their footprint in the global markets
In 2021, the global NFT industry recorded strong growth, and the market is expected to keep growing over the next four to eight quarters. In the midst of this growing industry globally, French NFT startups are raising funding rounds to expand their footprint in the global markets to boost their market share further.
In September 2021, Sorare, one of the leading NFT startups in France, announced that the firm had raised US$680 million at a valuation of US$4.3 billion. Notably, this is the largest fundraising round raised by any startup in the French tech sector. Founded in 2018, the firm has become one of the most valuable startups in the country, with international football stars among its investors.
French startups are launching NFT sneakers in the form of mystery boxes
Globally, brands are finding innovative use cases of NFT. From using NFT to raise funding for charity organizations to use them for driving brand awareness, innovation is driving the market growth. Notably, similar trends are visible in France, where startups are entering the NFT space to drive brand awareness and consumer engagement.
In February 2022, Sneakmart, the French startup dedicated to streetwear, launched the first collection of NFT sneakers. The firm announced that Metakicks, the NFT sneakers, will be distributed in the form of mystery boxes. This means that buyers will not know beforehand which pair of basketball shoes they will get inside.
For the first drop, the firm has made a total of 6,250 Metakicks. The firm has created 15 unique 3D animated sneaker designs using different textures, shapes, colors, and materials. These designs have been classified on various levels of rarity. These include epic, super rare, rare, and normal.
Scope
France NFT Market Size and Future Growth Dynamics by Key Performance Indicators, 2019-2028
France NFT Market Size and Forecast by Key Assets, 2019-2028
France NFT Market Size and Forecast by Key NFT Collectible Assets, 2019-2028
France NFT Market Size and Forecast by Currency, 2019-2028
France NFT Market Size and Forecast by Sales Channels, 2019-2028
France User Statistics, 2019-2028
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