The United Kingdom NFT Market Intelligence and Future Growth Report 2022 has revealed that the United Kingdom NFT market will grow in the future. According to the report, the NFT industry in the United Kingdom will grow by 48.7% annually to hit US$1725.2 million in 2022.
The NFT industry will grow steadily during the forecast period, recording a CAGR of 34.5% from 2022 to 2028. The NFT spend value in the United Kingdom is expected to rise from US$1725.2 million in 2022 to US$9257.0 million by 2028.
The global NFT market has recorded significant growth over the last 12 months, which is also the case in the United Kingdom. The popularity of digital assets is rising among people of different age groups, causing the NFT market to record a high transaction value and volume. This trend is expected to continue and accelerate as startups with innovative ideas and strong business models enter the UK NFT industry.
NFTs (Non-Fungible Tokens) have been adopted across different industry verticals in the UK. The sports, real estate, and entertainment industries have found innovative use cases for NFTs, which are supporting the growth of the NFT industry in the country. As NFT startups create new innovative and differentiated NFT items, they are also raising funding rounds which further accelerate the growth of the United Kingdom NFT industry.
The United Kingdom government has also offered support to the NFT industry. This is one of the major reasons behind the growth of the NFT industry in the UK. With the United Kingdom NFT industry just starting, it is expected that the industry will record tremendous growth in the next 3 to 4 years. NFT marketplaces are also raising funds to steer their growth.
In March 2022, KnownOrigin, a popular NFT marketplace in the United Kingdom where users can discover rare art, revealed that it had raised US$4.85 million in a Series A funding round led by GBV and Sanctor Capital venture capital firms. Other notable investors who took part in the funding round are Pluto Digital, LD Capital, Cultur3 Capital, and D1 Ventures.
The startup plans to use the funds to improve its NFT art marketplace and help creators to benefit from new technologies like Web 3 and the Metaverse. According to the KnownOrigin founder, the funding round will push the startup to grow, come up with innovations, and develop an NFT ecosystem to further accelerate its growth. To make this goal a reality, KnownOrigin has partnered with brands such as Adidas, Netflix, and Adobe.
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