According to market analyst Juniper Research, the number of NFT transactions (Non-Fungible Tokens aka non-fungible tokens) globally will increase from 24 million this year to some 40 million in 2027. Many companies are still hesitant, however. about the NFT market, and not entirely without reason.
The projected growth of up to 40 million NFT transactions within five years is based on a slow adoption scenario, whereby growth should be driven in particular by the metaverse. “But even though the NFT market can certainly prove to be a profitable new channel, one should remain concerned about the risks of an uncontrolled environment, where fraud and other nefarious activities are still very much present”, warns Juniper.
Juniper’s latest report further indicates that companies can see their brand image damaged if they engage with NFC, as this technology now plays a significant role in illegal activities such as money laundering and fraud. .
Additionally, there is growing concern about the impact of NFT on the environment. Transactions are indeed facilitated by the blockchain, which generates enormous energy consumption.
The researchers therefore plead for the creation of regulatory bodies which will have to ensure the required standardization and security. Only then will the impact on the environment remain limited and consumers and sellers will have sufficient confidence in the NFT market.
Juniper Research further expects the metaverse to capture most NFT transactions in the coming years, growing from 600,000 NFTs processed this year to 9.8 million transactions by 2027.
Single proof
As a reminder, NFT is the acronym for Non-Fungible Token, namely a ‘single proof’. It is a piece of data that is updated on a blockchain (usually Ethereum). This type of token represents a digital good, such as a drawing, a video or a digital object in a video game. Each NFT is unique, cannot be replicated and can be traded like a kind of certificate.
The projected growth of up to 40 million NFT transactions within five years is based on a slow adoption scenario, whereby growth should be driven in particular by the metaverse. “But even though the NFT market can certainly prove to be a profitable new channel, one should remain concerned about the risks of an uncontrolled environment, where fraud and other nefarious activities are still very much present”, warns Juniper. Juniper’s latest report further indicates that companies can see their brand image damaged if they rub shoulders with NFC, as this technology now plays a significant role in illegal activities such as money laundering and money laundering. scam. Additionally, there is growing concern about the impact of NFT on the environment. Transactions are indeed facilitated by the blockchain, which generates enormous energy consumption. The researchers therefore plead for the creation of regulatory bodies which will have to ensure the required standardization and security. Only then will the impact on the environment remain limited and consumers and sellers will have sufficient confidence in the NFT market. Juniper Research further expects the metaverse to win in the coming years most NFT transactions to increase from 600,000 NFTs processed this year to 9.8 million transactions by 2027.Unique proofAs a reminder, NFT is the acronym for Non-Fungible Token, namely a ‘single proof’ . It is a piece of data that is updated on a blockchain (usually Ethereum). This type of token represents a digital good, such as a drawing, a video or a digital object in a video game. Each NFT is unique, cannot be replicated and can be traded like a kind of certificate.