Updated · Sep 26, 2022
NFT Transactions to Reach 40 Million Globally by 2027
Updated · Aug 22, 2022
The global number of Non-Fungible Token (NFT) transactions will likely jump from 24 million this year to 40 million by 2027.
Significant Increase Expected
According to a new study from Juniper Research, NFTs linked with the metaverse will be the fastest-growing segment. The expected jump is from 600,000 transactions to 9.8 million by 2027.
The report also offers some help for companies to capitalize on this growth. It advises consumer-facing businesses to create NFT content that will attract a younger tech-savvy demographic.
With unique tokens being able to represent anything from the real world like artworks and music, the possibilities are endless.
However, the study also shows that vendors who partake in the NFT are putting their brand reputation at risk. This is because of the role the tokens play in various illegal activities, including scams and money laundering.
"Environmental issues were also raised as a major concern, with the current way transactions are facilitated on the blockchain creating massive energy usage," Juniper Research says.
The report emphasizes the need for some kind of regulation in the industry. It suggests a system in which regulators work with industry bodies to reduce environmental impact and offer built-in protection for consumers.
The industry exploded in 2021, and the NFT transactions stabilized in 2022. As of May 2022, users have sent over $37 billion worth of digital assets to marketplaces.
NFT transactions are typically retail-sized and are worth less than $10,000. Transactions between collectors often vary between $10,000 and $100,000.
Dejan is a techie at heart who always dreamed of turning his fascination with gaming into a career. He finds working for TechJury a perfect opportunity to express his views of all kinds of different software. Being an avid reader, particularly of fantasy and sci-fi, Dejan pursued a degree in English Language and Literature. When not at his computer, he’s watching sports or playing tabletop games.
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