• 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.
• Key segments in the next few years will be collectibles and art, real estate, sports, gaming, fashion & luxury and utility.
The Non-Fungible Token (NFT) industry in the United Kingdom is expected to experience exponential growth throughout the next 5-6 years. According to a recent research and markets report, the NFT spend value in the UK is forecasted to increase from $1,725.2 million in 2022 to $9,257.0 million by 2028. This growth is attributed to a 34.5% CAGR throughout the period, making it one of the most significant industry trends of the year.
The NFT industry experienced a significant crash in 2022, with sales volumes and creator revenue seeing a dramatic decline. However, the latest trends and projections suggest that the industry will indeed continue to grow and expand over the next few years. This growth is attributed to increased adoption, government support, and venture funding.
In the next few years, key segments of the NFT industry will include collectibles and art, real estate, sports, gaming, fashion & luxury, and utility. The collectibles and art segment is expected to experience the most growth, with sales forecasted to increase by 45.7% CAGR during the period. This is followed by the real estate segment with a 37.0% CAGR and the sports segment with a 35.3% CAGR.
The increased adoption of digital assets across the UK’s different user groups will likely spark even more interest in NFTs. This will be further supported by government initiatives, venture funding, and the continued development of blockchain technology. This will create an environment where NFTs are accessible and attractive to a wide range of users.
Overall, the UK’s NFT industry is expected to experience significant growth in the next 5-6 years. This growth will be driven by increased adoption, government support, and venture funding, as well as the continued development of blockchain technology. It is expected that the industry will continue to expand in size and scope as it becomes increasingly attractive to a wide range of users.