By the end of 2022, NFT revenues are expected to reach US$13353.4 million in Europe, a 46.8% annual growth rate.
Over the forecast period, the NFT industry is expected to grow steadily at a CAGR of 33.4%. By 2028, the NFT Spend Value will rise to US$68558.5 million.
Recently, the NFT market in Europe has experienced significant growth. Because NFTs establish property rights for the first time in the digital zone, the NFT market is booming. As a result, the European market value of NFTs is increasing thanks to this uniqueness.
The United Kingdom, Germany, France, and Italy are among the countries that have become involved in NFTs. NFTs are used to support the growth of the country’s market. Furthermore, NFT startups are raising funding rounds in the country as they continue to innovate and develop differentiated NFT products.
Government support is also provided to the United Kingdom NFT industry
NFT’s high growth potential in the United Kingdom is evident from the government’s support for the industry’s development. Within three to four years, the publisher expects the NFT market to grow rapidly in the country.
As the NFT industry grows, NFT marketplaces are raising funding rounds
Over the next three to four years, the global NFT industry is expected to grow rapidly. It is no secret that NFT startups are raising funding rounds to further accelerate the growth of their platforms in the United Kingdom, with the NFT market becoming more popular and prominent every day.
The UK-based NFT startup has been acquired by a venture capital firm for 50% of its share capital
A big part of venture capital firms’ plans to gain a major share of the NFT market in the United Kingdom involves investing in NFT startups.
Users of social media in the UK can create NFTs by connecting their profiles to blockchains
Besides digital trading cards and game characters, NFTs are primarily used in cyber art, virtual lands, and virtual worlds in Germany. Germany has outrun Singapore as the most crypto-friendly country, according to a newly launched crypto exchange aggregator, Coincub. There are millions of users on social media who are looking for ways to earn money from their content. The NFT startup industry aims to monetize social media content by enabling users to create NFTs and monetize them.
The popularity of NFT has soared in France
During the last year, the popularity of NFT has soared significantly worldwide. Celebrities entering the space is one of the major reasons NFTs are becoming so popular. The NFT sector is booming in France as startups seek to reach consumers and build brand awareness. As a consequence of the presence of these players and their platforms, selling and buying collections in the country has been made easier.
In France, NFT auctions are held by auction houses
Many French auction houses are exploring the possibility of conducting an auction of virtual works as NFTs grow in popularity in the digital art segment.