NFT transactions to rise to 40 million by 2027

0
29
NFT transactions to rise to 40 million by 2027
NFT transactions to rise to 40 million by 2027

Increasing from 600,000 NFT transactions in 2022 to 9.8 million NFT transactions by 2027, metaverse-linked NFTs will be the fastest-growing NFT segment over the next five years

By 2027, the global number of (Non-fungible Token) NFT transactions will rise from 24 million in 2022 to 40 million, as per a recent study carried out by Juniper Research.

In addition the report stresses, due to the role NFTs have had in illegal activities, such as money laundering, scams and fraud, vendors who partake in the NFT space may risk brand damage by association. Environmental issues were also raised as a major concern, with the current way transactions are facilitated on the blockchain creating massive energy usage.

To enable vendors to utilise NFTs as a medium to further engage with consumers, it emphasised the need for regulators to work with industry bodies to standardise processes with reduced environmental impact and built-in consumer protections.

The report predicts, increasing from 600,000 NFT transactions in 2022 to 9.8 million NFT transactions by 2027, metaverse-linked NFTs will be the fastest-growing NFT segment over the next five years. It highlights rising demand for immersive experiences as a driver of metaverse adoption.

Growing at a CAGR of 39.1 per cent from 2022 to 2030, the Metaverse Market size was valued at USD 27.21 Billion in 2020 and is projected to reach USD 824.53 Billion by 2030, according to Verified Market Research.

Also readMonitoring industry trends and the evolving tech landscape is a must to build enterprise architecture for the future

Do FollowCIO News LinkedIn Account | CIO News Facebook | CIO News Youtube | CIO News Twitter

About us:

CIO News, a proprietary of Mercadeo, produces award-winning content and resources for IT leaders across any industry through print articles and recorded video interviews on topics in the technology sector such as Digital Transformation, Artificial Intelligence (AI), Machine Learning (ML), Cloud, Robotics, Cyber-security, Data, Analytics, SOC, SASE, among other technology topics