As per a recent study carried out by Juniper Research, the global number of NFT (Non-fungible Token) transactions will rise from 24 million in 2022 to 40 million by 2027.
This is projected by Juniper as a medium scenario of adoption and will be boosted by brands leveraging the metaverse.
In addition the report stresses 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. Environmental issues were also raised as a major concern, with the current way transactions are facilitated on the blockchain creating massive energy usage.
It emphasised the need for regulators to work with industry bodies to standardise processes with reduced environmental impact and built-in consumer protections to enable vendors to utilise NFTs as a medium to further engage with consumers.
The report predicts metaverse-linked NFTs will be the fastest-growing NFT segment over the next five years; increasing from 600,000 transactions in 2022 to 9.8 million by 2027. It highlights rising demand for immersive experiences as a driver of metaverse adoption.
According to Verified Market Research, the Metaverse Market size was valued at USD 27.21 Billion in 2020 and is projected to reach USD 824.53 Billion by 2030, growing at a CAGR of 39.1% from 2022 to 2030.
