- The UK NFT industry is expected to grow at a CAGR of 34.5% over the next 5-6 years.
- NFT spending in the UK will grow from $1,725.2 million in 2022 to $9,257 million by 2028.
- Increased adoption, government support, and venture funding are key factors in its growth.
The global non-fungible token (NFT) market, along with other markets, took a hit in 2022, with sales volumes and creator revenues dropping significantly.
However, despite the brutal crash that has characterized the crypto sector throughout the year, the latest trends and forecasts suggest that the NFT industry will continue to grow over the next six years.
The major segments for the next few years are Collectibles & Art, Real Estate, Sports, Gaming, Fashion & Luxury, and Utility.
UK NFT Industry to grow at 34.5% CAGR to 2028
2021 is still a benchmark year for various sectors, but according to a recent Research and Markets NFT industry reportwill grow at a CAGR of 34.5% from 2022 to 2028.
In the UK, the NFT industry is expected to grow from $1,725.2 million in 2022 to $9,257 million by 2028. The forecast puts her NFT spending in the UK on a 48% year-on-year upward trajectory this year.
A Research and Markets report highlighted on Thursday predicts further interest in NFTs as digital assets become widely adopted across the country’s various user groups.
One of the factors supporting the UK NFT industry is increasing participation from innovative start-ups, sports clubs and even real estate giants. Just recently, Premier League giants Manchester United unveiled his NFT collection, joining an industry that already boasts leading global brands.
Growing awareness and support for the industry from the UK government is another factor, as is the growing number of investors backing NFT startups.
