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 ResearchAndMarkets.com’s Offering.
The UK NFT industry is expected to grow by 48.7% YoY to reach USD 1725.2 million in 2022.
The NFT industry is expected to grow steadily over the forecast period, registering a CAGR of 34.5% during 2022-2028. The NFT use value in the country will increase from USD 1725.2 million in 2022 to reach USD 9257.0 million by 2028.
The non-fungible tokens (NFT) market has seen significant growth over the past 12 months globally, and the trends are similar in the UK. 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 UK NFT industry.
The NFTs have grown to prominence across various industry verticals in the UK. 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. 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 UK’s NFT industry also receives support from the government. In particular, the government’s support for the development of the NFT industry is testament to the high growth potential of the UK NFT market. With the NFT market just taking off in the country, the publisher expects the industry to register strong growth over the next three to four years.
NFT marketplaces raise funding rounds to drive growth in the NFT industry
The global NFT industry is expected to register strong growth over three to four years. In the growing prominence and popularity of the NFT market in the UK, 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 UK that allows users to discover rare art, announced that the firm had raised $4.85 million in its Series A funding round, which was led by venture capital firms GBV and Sanctor Hovedstad. Some other investors who participated in the funding round include Pluto Digital, Cultur3 Capital, LD Capital and D1 Ventures.
The NFT startup plans to use the funding round to further enhance the NFT digital art marketplace, allowing creators to take advantage of new technologies like 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 partnered with major brands, including Netflix, Adidas and Adobe. As of March 2022, the NFT marketplace has more than 5,000 creators on its platform and has generated over USD 30 million in sales over the past 12 months. The NFT marketplace has built a new royalty system, allowing creators to receive the royalties immediately after each sale.
Venture Capital investment firm buys 50% stake in UK NFT startup. With the NFT market expected to register strong growth over the next three to four years, venture capital firms are increasing their stake in UK NFT startups to gain a large 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 purchased by Codebase represents a £100,000 investment in the NFT startup. In particular, 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 link their profile to blockchain and create NFTs launched in UK. Millions of social media users have been looking for ways to monetize their content online. NFT startups target such users and create innovative products that allow social media users to create NFTs and monetize their content.
InstaCoin, an innovative UK NFT startup, 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 are connected in the open market for instant sale.
InstaCoin has positioned itself as the first self-service social NFT platform ever. With a cost of USD 1 per NFT, the simple business model of the InstaCoin platform targets millions of existing social network users to generate sales and generate revenue. Moreover, users also receive a lifetime commission for selling their NFT tokens in the secondary market, thus generating more income for social media users.
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UK NFT market size and future growth dynamics by key performance indicators, 2019-2028
UK NFT Market Size and Forecast by Key Asset, 2019-2028
- Collectables and art
- Property
- Sport
- Gaming
- Benefit
- Fashion and luxury
- Other
UK NFT Market Size and Forecast by Key NFT Collectibles, 2019-2028
- Digital art
- Music and sound clips
- Videos
- Memes and Gifs
- Other
UK NFT Market Size and Forecast by Currency, 2019-2028
- Ethereum
- Solana
- Avalanche
- Polygon
- BSC
- Flow
- Wax
- Ronin
- Other
UK NFT Market Size and Forecast by Sales Channel, 2019-2028
UK user statistics, 2019–2028
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