SNEAK PEEK
- According to the Q2 2022 NFT Survey, Argentina’s NFT market is predicted to increase by 49.7% per year to $681.2 million in 2022.
- The Argentine Grand Lodge of Free and Accepted Masons began examining the NFTs market last year to use it for humanitarian purposes.
- Despite the previous year’s tragedies, everyone is jumping on the NFT bandwagon, from luxury products to sports.
The NFT industry in Argentina is predicted to increase by 49.7% annually to reach $681.2 million in 2022, according to the Q2 2022 NFT Survey. The NFT market is anticipated to expand gradually over the anticipated time frame, with a CAGR of 35.7% between 2022 and 2028. By 2028, the NFT Spend Value in the nation will have increased from $681.2 million to $3.862 billion.
The Argentine Grand Lodge of Free and Accepted Masons set out to investigate the NFT market last year to use it to carry out charitable activities. The covert society will publish 77 works of digital art under the name CryptoMasons, with the proceeds going to regional nonprofits.
PFP NFTs were the main topic of discussion the previous year. However, they have brought about a serious oversaturation of the market due to a flood of competition. This led to a further sense of disinterest in the NFT space, along with a decline in trade volumes on NFT markets.
Only a few exclusive collections, like CryptoPunks, have been able to hold onto their ETH floor prices. With the broad decline in cryptocurrency values, the dollar floor has also decreased. However, the attention on art and collectibles should be shifted to the astounding usefulness of more generic NFTs.
Despite the catastrophes of the previous year, everyone from luxury labels to sports is jumping on the NFT bandwagon. However, such adoption might increase the utility and potential of non-fungible tokens.
A measure encouraging Argentines to declare their cryptocurrency holdings has been developed by the Ministry of Economy, which is in charge of managing the nation’s economic policies, with the promise of reduced tax rates as an incentive.
The “Externalization of Argentine Savings” draft law, which aims to combat money laundering, was presented by economics minister Sergio Massa, according to a Jan. 6 report by regional publication Errepar.
