As the metaverse trend continues, non-fungible token (NFT) transactions are projected to hit $40 million by 2027, according to a report by Juniper Research, a research center that offers market intelligence, analysis and forecasting in the form of analyst reports, subscription databases, and consultancy services.
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According to the study, 66.6% growth will be seen during the forecast period.
“NFT transactions will rise from 24 million in 2022 to 40 million by 2027. This is based on our medium scenario for adoption, with brands leveraging the metaverse to boost digital growth.”
It also encouraged consumer-centered businesses to create NFT-based content to gain competitive advantage, that is based on the changing needs to the younger and tech-savvy audience. Younger generation consumers are inclined to purchase novel digital and online content forms.
“The report predicts metaverse-linked NFTs will be the fastest-growing NFT segment over the next 5 years, increasing from 600,000 transactions in 2022 to 9.8 million by 2027. It highlights the rising demand for immersive experiences as a driver of metaverse adoption.”
Despite NFTs offering a new growth channel, the research stated that vendors ought to be cautious not to operate in unregulated environments, which are prone to scams and fraudulent activities. The report also stated that vendors who partake in the NFT space may risk brand damage by association, due to the role NFTs have had in illegal activities, such as money laundering, scams, and fraud.
For a beneficial NFT operating environment, Juniper Research highlighted the need for regulators to reach out and collaborate with industry bodies to standardize regulations and processes.
The report is published on Juniper Research’s website.