• The United Kingdom’s NFT industry is expected to grow at a CAGR of 34.5% over the next 5-6 years.
• NFT spend in the UK is estimated to increase from $1,725.2 million in 2022 to $9,257.0 million by 2028.
• Factors driving this growth include increased adoption, government support and venture funding.
The Non-Fungible Token (NFT) industry in the United Kingdom is expected to witness an impressive growth in the next 5-6 years due to increased adoption, government support and venture funding. Recent reports suggest that NFT spend in the UK could reach up to $9,257 million by 2028, growing at a compound annual growth rate (CAGR) of 34.5%.
The global NFT market experienced a significant decline in 2022 due to the harsh effects of the pandemic on the overall crypto sector. Despite this, the market shows potential growth in the upcoming years due to the increased interest in digital assets and the various user groups that make use of them. The key segments that will drive the growth of the NFT industry in the UK are collectibles and art, real estate, sports, gaming, fashion & luxury, and utility.
The UK is currently leading the way in terms of NFT adoption, with the country’s digital asset market having grown significantly in the last few years. This is largely due to the government’s progressive stance towards blockchain technology and the various initiatives they have taken to encourage its growth. Moreover, venture capital firms have also been investing heavily in NFT-related startups in the UK, which is further driving the growth of the industry.
The NFT industry in the UK has already seen a considerable amount of growth in 2021, with the NFT spend value increasing by 48%. This growth is expected to continue in the upcoming years, with the market size expected to reach $9,257 million by 2028. This growth will be driven by the increased adoption of NFTs, the government support and venture funding being given to the industry, as well as the various user groups that make use of digital assets.
In conclusion, the NFT industry in the United Kingdom is expected to witness tremendous growth in the next 5-6 years. This growth will be driven by the increased adoption of NFTs, the government support and venture funding being given to the industry, and the various user groups that make use of digital assets. The market size is expected to reach up to $9,257 million by 2028, growing at a CAGR of 34.5%.