- 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 will increase from $1,725.2 million in 2022 to $9,257.0 million by 2028.
- Increased adoption, government support and venture funding are key factors to that growth.
The global non-fungible tokens (NFT) market took a hit alongside the rest of the market in 2022, with sales volumes and creator revenue seeing a significant decline.
But despite the brutal crash that’s characterised the crypto sector throughout the year, the latest trends and projections suggest the NFT industry will continue to grow over the next six years.
Key segments in the next few years will be collectibles and art, real estate, sports, gaming, fashion & luxury and utility.
UK’s NFT industry to grow at a CAGR of 34.5% up to 2028
2021 remains a benchmark year for various sectors, yet according to a recent Research and Markets NFT industry report, 2022-2028 would see growth at a CAGR of 34.5%.
The United Kingdom will see its NFT industry grow from $1,725.2 million in 2022 to $9,257 million by 2028. The forecast put the NFT Spend Value for the UK on an upwards trajectory of an annual 48% for this year.
The Research and Markets report highlighted on Thursday forecasts widespread adoption of digital assets across the country’s different user groups will spark even further interest in NFTs.
Among factors to aid the UK NFT industry is the increased participation from innovative startups, sports clubs and even real estate giants. Just recently, Premier League giants Manchester United unveiled their NFT collection, joining an industry that’s already boasting of major global brands.As previously reported, the soccer club partnered blockchain platform Tezos in February this year.
The growing recognition and support for the industry from the UK government is another factor, as is the rising number of investors backing NFT startups.