- NFT transactions will reach 40 million by 2027.
- Metaverse NFTs will be growing rapidly during this period.
- Businesses should create NFT-based content for the tech-savvy generation.
The latest report by Juniper Research has found that NFT transactions globally will rise from 24M in 2022 to 40M by 2027. The report also cautioned the NFT creators, buyers, and vendors against an unregulated environment that will give birth to scams and fraudulent activities.
The report stresses the fact that the vendors might damage the brand image by associating themselves with NFTs. It is because of the role NFTs have played in illegal activities like money laundering, scams, and fraud.
The Juniper Research report said,
Environmental issues were also raised as a major concern, with the current way transactions are facilitated on the blockchain creating massive energy usage.
The study also emphasized the need for vendors to comply with regulatory bodies. It outlined the immediate need for vendors to collaborate and work with industry bodies to standardize processes that will reduce environmental impact and ensure consumer protection. This will enable vendors to use NFTs legally as a medium for brand promotion and customer reach.
The Juniper Research report predicts that it will grow rapidly in the next 5 years. Its transactions will surge from 600,000 in 2022 to 9.8 million by 2027.
The study encourages consumer-facing companies to develop NFT-based content to address changing consumer needs of a younger, tech-savvy generation to capitalize on this growth.