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According to a new report, the NFT market in Europe is expected to grow 46.8% year-on-year to reach $13.35 billion in 2022 with predictions through 2028.
Europe and the new report on NFT market growth 2022-2028
It is called “Europe NFT Market Intelligence and Future Growth Dynamics Databook – 50+ KPIs on NFT Investments by Key Assets, Currency, Sales Channels – Q2 2022” and is the new report by ResearchAndMarkets.com.
According to that report, the NFT market in Europe is set to grow 46.8% year-on-year to reach $13.35 billion in 2022. Specifically, a CAGR of 33.4% growth of the NFT sector has been projected for the period 2022-2028.
These results stem from the recognition that the European market is establishing for NFTs an innovation that, for the first time, protects property rights in the digital realm.
Because of this peculiarity, NFTs are suitable for every sector with their own use cases, from sports and arts to real estate and entertainment, and many others.
Not only that, every country on the old continent such as the UK, Italy, Germany and France can recognize their importance. And indeed, European NFT startups continue to innovate and develop more and more differentiated products, raising funds to accelerate their growth.
Europe and the NFT market by country
The report also notes the various progress each country has made in supporting the NFT market, such as the United Kingdom, which appears to have government support for sector development.
Indeed, British NFT startups are raising funds to further accelerate the growth of their marketplaces. As such, as the NFT market is expected to experience strong growth in the next three to four years, venture capital firms are increasing their participation in UK NFT startups to gain a major market share.
Not only that, the NFT platform has also been launched in the country, which allows social media users to link their profiles to the Blockchain and create NFTs. There are millions of social users who are also looking for ways to monetize their online content, and with Non-Fungible Tokens this is already a possibility.
Moving to Germany, NFTs are mainly used for digital trading cards (collectibles) or crypto-art. It is much simpler here for Non-Fungible Tokens to be considered as part of the Web3 evolution, along with blockchain and metaverse, because government policies are smart, precise, and ahead of time (and in fact it is expected to succeed in Germany within 3 or 4 years).
Meanwhile, in France, NFTs are often used to promote brand awareness, or to raise funds for charitable organizations. Not only that, the crypto-art segment also sees France in the spotlight, with its auction houses also trying to engage NFT artworks.
The report, adds descriptions of the NFT market situation for Italy, Austria, Belgium, Denmark, Spain, Finland, Poland, Russia and Switzerland as well.
Dubai and Fidelity
Not only Europe when it comes to NFTs, Bitcoin and metaverse: Dubai and the United Arab Emirates (or UAE) in general are also joining the club, differentiated by their more strategic approach to crypto.
Aiming to attract more and more global investors, Dubai has launched the Dubai Metaverse Strategy, reaching nearly 25,000 new business licenses in Q1 2022 alone.
In the specific branch of NFTs, Abu Dhabi would label Non-Fungible Tokens as intellectual property rather than specific investments or financial instruments, allowing multilateral trading facilities (MTFs) and Virtual Asset Custodians (VACs) to manage NFT markets.
In addition to Europe and the UAE, financial giants such as Fidelity also appear to be interested in the NFT market. Last month, in fact, three official applications were filed to register trademarks related to crypto trading, NFTs, and investment services in the metaverse.
Again, in the specific NFT branch, Fidelity seems interested in launching its own online marketplace for buyers and sellers of digital media, namely Non-Fungible Tokens.