Europe’s NFT Industry Expected to Grow over 30% from 2022 to 2028
As they are getting more prominent in Europe, including Germany, Italy, the United Kingdom, and France, the NFT market in Europe saw a remarkable growth recently.
A report named “The Europe NFT Market Intelligence and Future Growth Dynamics Databook“, issued by the world’s largest market research store, Market and Research, said the NFT industry in Europe is predicted to increase by 46.8% on annual basis to register $13353.4 million in 2022.
From 2022 to 2028, Europe’s NFT industry is expected to hit compound annual growth of 33.4%, while the NFT spend value in the continent will continue to grow to hit $13353.4 million in 2022 to reach $68558.5 million by 2028.
In the UK, the government’s notable support for the development of the NFT industry proves the high potential of the NFT market in the country. The report forecast that the NFT industry in the UK would see strong growth in the coming three to five years.
It pointed to the role played by the venture capital firms in the acquisition of a major share of the NFTs in the UK, as they are increasing their stakes in the NFTs start-ups in the UK.
“NFT startups are creating innovative products which allow social media users to create NFTs and monetize their content,” the report noted.
While in Germany, NFTs have multi proposes as they are used in virtual lands in virtual worlds, game characters, digital trading cards, or crypto art. Germany topped the world’s countries as the most crypto-friendly country as it adopted blockchain technology to boost digital transformation.
Therefore the country became an attractive hub for developing Web 3.0, NFT, metaverse, and blockchain applications. Germany is now one of the leading countries regarding crypto investments, so the report predicted that the country would witness substantial growth in the next three to four years.
France also sees a similar trend where start-ups enter the NFT world to drive customer engagement. These start-ups and their NFT trading platforms facilitate the process for the public to buy and sell their digital collectibles in the country.
The report pointed out that NFT popularity in France remarkably increased over the past 12 months, attributing this surge to the growing number of celebrities who enter the NFT world as a main reason in addition to the auction houses’ interest to hold bids in the virtual space.
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