Global – What’s the market size for NFTs?
March 8th, 2022, Graeme Bruce

Global – What’s the market size for NFTs?

Purchase intent around non-fungible tokens is highest in developing markets in the Asia Pacific region, according to new YouGov data.

Sales of NFTs reached $25 billion in 2021 as the burgeoning form of crypto asset captured the attention – and money – of consumers around the world.

According to research conducted in 18 global markets, consumers in Indonesia are most likely to say they will – or may – consider buying, selling or using an NFT, with roughly two-thirds of respondents in that market indicating as such (65%). While men are more likely than women to consider a non-fungible purchase, the spread between genders is most pronounced in Indonesia (73% men vs. 56% women).

Consumers in the United Arab Emirates are also keen to get in on the NFT action, with 54% interested in buying, selling or using an NFT. The gulf between genders is much less pronounced in the UAE (56% men vs. 50% women).

Consumers in Mexico, the lone market outside the APAC region to appear high up on our list, are the third most likely group to show interest in NFTs (53%), with a notable spread between men (58%) and women (48%).

Consumers in India (52%), China (45%), Hong Kong (31%) and Singapore (29%) are all more likely to be interested in NFTs compared to the global average (27%).

Meanwhile, adults in both the United States and Great Britain are considerably less keen on getting involved in token world, with just 12% and 9% showing interest, respectively. Indeed, all European markets in our research are cool on the idea of non-fungible tokens.

Methodology: The data is based on the interviews of adults aged 18 and over in 18 markets with sample sizes varying between 528 and 2,002 for each market. All interviews were conducted online in January 2022. Data from each market uses a nationally representative sample apart from Mexico and India, which use urban representative samples, and Indonesia and Hong Kong, which use online representative samples.