On Monday, a survey predicted that the number of transactions with non-fungible tokens (NFTs) will rise from 24 million in 2022 to 40 million in 2027. The survey warned vendors about the risks of doing business in an uncontrolled environment where fraud and scams are common.
Because NFTs have been used in illegal activities like money laundering, fraud, and theft, Juniper Research warned that companies that work in the NFT area risk having their brand hurt by association.
The research said that “environmental concerns were also mentioned as a big worry” because the way blockchain transactions are done now uses “huge amounts of energy.”
The paper says that by 2027, the number of transactions using NFTs that are linked to the metaverse will have gone from $600,000 in 2022 to $9.8 million, which is a huge jump.
It pointed out that one reason the metaverse is growing is that people are becoming more interested in fully immersive experiences.
According to the research, consumer-facing companies should take advantage of this trend by making NFT-based content to meet the changing needs of a younger, more tech-savvy generation that is more likely to buy new types of online and digital content.
Due to the fact that the blockchain can’t be changed, an NFT can never be copied. The unique token could stand in for physical goods like paintings or songs, and it could be traded with a record of what was bought and sold. The paper talked about how regulators and industry groups need to work together to standardize procedures that are less harmful to the environment and have built-in consumer protections so that vendors can use NFTs as a way to connect with customers more.
Leave this field empty if you're human:
