• 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.

• John Stark, a former chief of the SEC office of internet enforcement and president of John Reed Stark Consulting, joined CNBC’s ‚Squawk Box‘ to discuss the collapse of crypto exchange FTX.
• Stark raised concerns over the lack of due diligence when investing in FTX and quoted Sam Bankman-Fried’s statement that “we don’t look at the product, service, etc…we look at whether this is an idea we can pitch to someone. If we think this is something we can sell, then we’re all in.”
• Stark defended the state agencies, pointing out that they had won many cases, such as stopping ICOs, lending programs, agreements for future tokens, and other similar initiatives.

John Stark, a former chief of the SEC office of internet enforcement and president of John Reed Stark Consulting, recently joined CNBC’s ‚Squawk Box‘ to discuss the collapse of crypto exchange FTX. The host raised the issue of due diligence, more specifically the lack thereof where investments in FTX were concerned. He asked Stark what can be done about that.

John Stark responded by quoting Sam Bankman-Fried himself: We don’t look at the product, service, etc…we look at whether this is an idea we can pitch to someone. If we think this is something we can sell, then we’re all in. Due diligence is absurd. It’s just the wrong way to invest. When you invest, you should look for value, you should look for the long-term. The (FTX) business model is something the public isn’t used to…

Stark agreed that the model was different and that it was absurd, but he also pointed out that investors were much like everyone else and that it was up to the state agencies to be more proactive. He stated that the agencies had won many cases, such as stopping ICOs, lending programs, agreements for future tokens, and other similar initiatives.

Stark then went on to express his concern over the lack of due diligence when investing in FTX, and the fact that customers had lost their money and had no claims on anything coming out of bankruptcy. He concluded his remarks by advising investors to look for value and the long term when investing, and that due diligence should be a priority.

Overall, Stark’s comments reveal the importance of proper due diligence when investing, and the need for investors to be more aware of the risks associated with investing in new and emerging technologies. This is especially true in the crypto space, where the risks can be far greater than traditional investments. As such, it is essential that investors take the time to research and understand the products and services they are investing in, and to be aware of the potential pitfalls that could arise from their investments.