Heading Toward 40 Million NFT Transactions
The metaverse will drive the market for non-fungible tokens, which this year will hover around 24 million transactions and by 2027 is expected to reach 40 million.
Technology is evolving and delivering new developments to the market, including digital assets such as NFTs or non-fungible tokens.
These unique tokens that cannot be replicated have yet to exploit their capabilities.
Juniper Research estimates that they will be involved in about 24 million transactions globally this year. From there, their presence will increase, reaching 40 million transactions by 2027.
In particular, NFT linked to the metaverse will grow, rising from 600,000 transactions to some 9.8 million over the five-year period, thanks to the demand for immersive experiences.
To be as successful as expected, analysts encourage the industry to work with regulators to standardize, introduce protection systems and reduce environmental impact.
At the moment, brands could be at risk of damaging their image due to the exploitation of NFTs for illegal activities, such as money laundering, scams and fraud.