December 20, 2022 05:13 ET | Source: Research and Markets Research and Markets
Dublin, IRELAND
Dublin, Dec. 20, 2022 (GLOBE NEWSWIRE) — The “United Kingdom NFT Market Intelligence and Future Growth Dynamics Databook – 50+ KPIs on NFT Investments by Key Assets, Currency, Sales Channels – Q2 2022” report has been added to ResearchAndMarkets.com’s offering.
NFT industry in United Kingdom is expected to grow by 48.7% on an annual basis to reach US$1725.2 million in 2022.
The NFT industry is expected to grow steadily over the forecast period, recording a CAGR of 34.5% during 2022-2028. The NFT Spend Value in the country will increase from US$1725.2 million in 2022 to reach US$9257.0 million by 2028.
The non-fungible tokens (NFT) market has recorded significant growth over the last 12 months globally, and the trends are similar in the United Kingdom. With the growing popularity of digital assets among people across different age groups, the market has recorded strong transaction value and volume. This trend is expected to accelerate as innovative startups with strong business models continue to enter the United Kingdom NFT industry.
The NFTs have grown into prominence across different industry verticals in the United Kingdom. From sports to real estate and even entertainment, every industry finds an innovative NFT use case. This NFT uses cases to support the growth of the market in the country. Moreover, as NFT startups continue to innovate and develop differentiated NFT products, these startups are also raising funding rounds in the country to further accelerate their growth.
The United Kingdom NFT industry is also getting support from the government. Notably, the support from the government towards the development of the NFT industry is a testament to the high growth potential of the NFT market in the United Kingdom. With the NFT market just getting started in the country, the publisher expects the industry to record strong growth over the next three to four years.
NFT marketplaces are raising funding rounds to drive their growth in the NFT industry
The global NFT industry is expected to record strong growth over three to four years. In the growing prominence and popularity of the NFT market in the United Kingdom, NFT startups are raising funding rounds to further accelerate the growth of their marketplaces.
In March 2022, KnownOrigin, one of the leading NFT marketplaces in the United Kingdom that allows users to discover rare art, announced that the firm had raised US$4.85 million in its Series A funding round, which was led by venture capital firms GBV and Sanctor Capital. Some other investors who participated in the funding round include Pluto Digital, Cultur3 Capital, LD Capital, and D1 Ventures.
The NFT startup is planning to use the funding round to further improve its NFT digital art marketplace, to allow creators to benefit from emerging technologies such as Metaverse and Web 3. According to the founder, the funding round will help the firm grow, innovate, and build an NFT ecosystem that will further accelerate the market’s growth.
To achieve this goal, the firm has also collaborated with big brands, including Netflix, Adidas, and Adobe. As of March 2022, the NFT marketplace has more than 5,000 creators on the platform and has generated sales of over US$30 million over the period of the last 12 months. The NFT marketplace has built a new royalties system, allowing creators to receive the royalties instantly after each sale.
Venture Capital investment firm acquires 50% stake in the UK-based NFT startup. With the NFT market expected to record strong growth over the next three to four years, venture capital firms are increasing their stake in NFT startups in the United Kingdom to get a major share of the market.
In April 2021, Codebase Ventures Inc. (Codebase) announced that the firm had acquired a 50% stake in the UK-based NFT startup, InstaCoin. Notably, the 50% stake acquired by Codebase represents an investment of £100,000 in the NFT startup. Notably, InstaCoin allows users to connect their social media profiles to the blockchain and create instant NFT tokens using their content.
NFT platform that allows social media users to connect their profile to blockchain and create NFTs launched in the United Kingdom.Millions of social media users have looking for ways to monetize their content online. Targeting such users, NFT startups are creating innovative products which allow social media users to create NFTs and monetize their content.
InstaCoin, an innovative NFT startup in the United Kingdom, allows users to connect their social media profiles to the blockchain and instantly create NFT tokens from their content. This allows social media users to start monetizing the content they have created on social media platforms. Once the NFT tokens are created, followers and fans connect in the open market for immediate sales.
InstaCoin has positioned itself as the first-ever self-serve social NFT platform. With a cost of US$1 per NFT, the simple business model of the InstaCoin platform is targeting millions of existing social network users to create sales and drive revenue. Moreover, users also receive a lifetime commission on selling their NFT tokens in the secondary market, thereby generating more income for social media users.
Scope
United Kingdom NFT Market Size and Future Growth Dynamics by Key Performance Indicators, 2019-2028
United Kingdom NFT Market Size and Forecast by Key Assets, 2019-2028
United Kingdom NFT Market Size and Forecast by Key NFT Collectible Assets, 2019-2028
United Kingdom NFT Market Size and Forecast by Currency, 2019-2028
United Kingdom NFT Market Size and Forecast by Sales Channels, 2019-2028
United Kingdom User Statistics, 2019-2028
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