DUBLIN--(BUSINESS WIRE)--The "Europe NFT Market Intelligence and Future Growth Dynamics Databook Q2 2022" report has been added to ResearchAndMarkets.com's offering.
The NFT industry in Europe is forecast to grow by 46.8% on an annual basis to reach US$13353.4 million in 2022.
The NFT industry is expected to grow steadily over the forecast period, recording a CAGR of 33.4% during 2022-2028. The NFT Spend Value in the country will increase from US$13353.4 million in 2022 to reach US$68558.5 million by 2028.
In Europe, the NFT market witnessed significant growth recently. The NFT market is booming since NFTs are an innovation that establishes property rights in the digital zone for the first time, and this uniqueness is driving the value of NFTs and hence, the European market.
The NFTs have become prominent across Europe, including in some of the countries such as the United Kingdom, Germany, France and Italy. Every industry finds an innovative NFT use case, from sports to real estate to entertainment. This NFT uses cases to support the market's growth 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 starting 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.
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 market share.
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.
In Germany, NFTs are mainly used in digital trading cards, game characters, virtual lands in virtual worlds, or crypto art. As per a novel crypto exchange aggregator, Coincub, Germany had outrun Singapore as the most crypto-friendly country. Germany adopted blockchain technology long back in 2019, boosting digital transformation. This further made the country an attractive hub for developing blockchain, NFT, Web3, and metaverse applications which are further leveraged in fintech, climate tech, and businesses, including Germany's digital identities project.
Since the country started to allow crypto investments in long-term domestic savings, the country turned out to be the most suitable for crypto investments. Therefore, the publisher anticipates that in a country such as Germany, where the government's policies are smart and sharp and are much ahead of time, the country is likely to witness substantial growth over the next three to four years.
NFT popularity has surged significantly in France
Globally, brands are finding innovative use cases of NFT. From using NFT to raise funding for charity organizations to use them for driving brand awareness, innovation is driving the market growth.
Similar trends are visible in France, where startups enter the NFT space to drive brand awareness and consumer engagement. Notably, the presence of these players and their NFT trading platforms have made it easier for the general public to buy and sell their collections in the country.
The NFT popularity has surged significantly globally over the last 12 months. One of the major reasons behind the growing popularity of NFTs is the rising number of celebrities entering the space. The trends are similar in France as well.
Auction houses are conducting NFT auctions in France
With the growing popularity of NFTs in the digital art segment, many auction houses in the country are seeking to conduct an auction of virtual works in France.
This report provides in-depth, data-centric analysis of NFT Market and below is the summary of key market segments:
NFT Market Size and Forecast by Key Assets, 2019-2028
- Collectibles and Art
- Real Estate
- Sports
- Gaming
- Utility
- Fashion & Luxury
NFT Market Size and Forecast by Key NFT Collectible Assets, 2019-2028
- Digital Art
- Music & Sound Clip
- Videos
- Memes & Gif
NFT Market Size and Forecast by Currency, 2019-2028
- Ethereum
- Solana
- Avalanche
- Polygon
- BSC
- Flow
- Wax
- Ronin
NFT Market Size and Forecast by Sales Channels, 2019-2028
- Primary
- Secondary
User Statistics, 2019-2028
For more information about this report visit https://www.researchandmarkets.com/r/n8m6rm
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