NFT Transactions Projected to Hit $40m by 2027 amid Metaverse Trend


Non-fungible token (NFT) transactions are expected to reach $40 million by 2027 as the metaverse trend continues to gain steam, according to a report by Juniper Research.

The study noted that a 66.6% growth would be recorded during the forecast period. Per the report:

“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.”

For consumer-centred businesses, the research pointed out that creating NFT-based content would give them a competitive advantage based on the changing needs of the younger and tech-savvy demographic.

Younger generation consumers are inclined to purchase novel digital and online content forms. Per the announcement:

“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 home to scams and fraudulent activities. The report added:

“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 conducive NFT operating environment, Juniper Research highlighted the need for regulators to collaborate with industry bodies to standardize processes with built-in consumer protections and reduced environmental impact. 

Since NFTs are digital assets whose ownership is blockchain-based, their worth is pegged on their uniqueness. Furthermore, their intrinsic value is founded on their limited supply because they must be bought as an entire token.

Meanwhile, crypto exchange KuCoin announced a $100 million “Creators Fund” to boost the Web3 ecosystem and propel early-stage NFT projects, Blockchain.News reported. 

Image source: Shutterstock



Credit: Source link

Discover

19,463FansLike
232,230FollowersFollow
75,242FollowersFollow
13,834FollowersFollow
2,920SubscribersSubscribe

Sponsor

spot_imgspot_img

Latest

Chelsea Handler Feels She Could Only Do So Much For Jo Koy Before Their Breakup

Chelsea Handler is a famous American Tv comedian and actress. She's been...

After Roe v. Wade Is Overturned, Fashion Speaks Out

On Friday morning, as much of the fashion industry had its attention turned to Paris for the Spring 2023 menswear shows, the US...

How to Get the Most Out of Your Virtual Reality Experience – SUPERSELECTED – Black Fashion Magazine Black Models Black Contemporary Artists Art Black...

The internet and the explosion of streaming technology has made all kinds of content significantly easier and cheaper to produce. As virtual reality...

Tina Kunakey came tothe show with Vincent Cassel

Tina Kunakey and Vincent Cassel are one of the most beautiful couples...

Is Instagram the Reason Everyone Wants a Deep Plane Facelift Right Now?

Instagram made aesthetic terms like lip flips, red light therapy and radiofrequency microneedling part of our beauty vernacular. Social media has also...
en English
X