• The UK’s NFT industry is expected to grow at a CAGR of 34.5% over the next 5-6 years, reaching a value of $9,257 million by 2028.
• Factors driving this growth include increased adoption, government support, and venture funding.
• Key segments in the industry include collectibles and art, real estate, sports, gaming, fashion & luxury, and utility.
The UK’s non-fungible token (NFT) industry is projected to experience tremendous growth over the next five to six years, according to a recent Research and Markets report. The report estimates that by 2028, the UK’s NFT industry will reach a value of $9,257 million, representing a CAGR of 34.5%. This growth is driven by increased adoption, government support, and venture funding.
The NFT industry is expected to see continued expansion across several different segments. Collectibles and art are expected to be the largest segment in terms of spend, with the sector projected to grow at a CAGR of 37.1% between 2022 and 2028. This is followed by real estate, which is expected to grow at a CAGR of 34.8%, sports at 33.7%, gaming at 32.2%, fashion & luxury at 28.9%, and utility at 27.6%.
The UK’s government is also playing a vital role in the development of the NFT industry. For example, the government launched the Digital Asset Regulatory Sandbox in 2021, which is designed to provide a safe space for companies to test out new technologies and ideas. This sandbox is expected to have a positive impact on the growth of the NFT industry, as it provides a secure environment for companies to innovate and develop.
In addition, the UK has seen a surge in venture funding for NFT projects. This has enabled startups to develop innovative products and services that are helping to drive the growth of the industry. For example, in 2021, the UK’s NFT-focused venture capital firm HOLD10 Ventures announced that it had raised $25 million for its investments in the industry.
The Research and Markets report also highlighted the potential for further growth in the NFT industry due to increased adoption. As more people become aware of the potential of NFTs, there is likely to be an increase in demand, which will further fuel the growth of the industry.
In conclusion, the UK’s NFT industry is expected to experience strong growth over the next five to six years. Increased adoption, government support, and venture funding are all key factors that are driving this growth. The various segments of the industry are also expected to experience growth, with collectibles and art, real estate, sports, gaming, fashion & luxury, and utility all expected to see an increase in spend. The future of the industry is certainly looking bright and the UK is set to play an important role in its development.