According to the report, global NFT transactions will reach 40 million within five years. Juniper Research has released a new report that analyzes the future trajectory of the market.
The study shows that global transactions related to NFTs are expected to increase from 24 million in 2022, to almost 40 million by 2027.
According to the study, metaverse use cases will be a major catalyst for NFT adoption. In the next five-years, this niche will see the most rapid growth. Metaverse-related NFTs are expected to see an increase in transactions, from 600,000.00 transactions in 2022 up to 9.8 Million by 2027.
This data is a good indicator for brands like Gucci and Adidas that have already adopted the technology to wearables in digital universe. It also shows that consumers desire their digital assets have more value than the monetary.
This is supported by a Ripple report ( XRP), which surveyed major financial institutions about NFT interest. Music-related NFTs were the most popular.
Music NFTs often include multi-utility . These can be used to accumulate value in a wallet and also provide exclusive artist content or fractional stakes for song rights.
Juniper claims that the data in the report is based upon a “medium scenario for adoption.” These digital assets can offer new growth opportunities and profit streams, but vendors should be cautious due to the number of NFT scams on the market.
There have been many reports about NFT scams since the boom began in 2021. Most of these reports concern the security of NFTs stored in crypto wallets or pump-and-dump programs.
OpenSea, an NFT marketplace, recently spoke to its Twitter community about NFT scams and stolen NFTs.
Solana ( SOL), announced that it will be tackling spam NFTs. A burning feature will be added to the network’s Phantom wallet to allow users to filter out spam NFTs that have been sent by scammers.
The current bear market in crypto has been a catalyst to eliminate projects that aren’t long-term sustainable and useful.