A recent study by Juniper Research looked at how the market for nonfungible tokens (NFTs) will change over the next five years. The report says that there will be about 40 million NFT transactions around the world by 2027. This is up from 24 million in 2022.
The report says that use cases related to the metaverse would be one of the main reasons why people would want to use NFT. This group of NFTs will grow the fastest over the next five years. By 2027, there will be 9.8 million transactions that use NFTs related to the metaverse. In 2022, there were only 600,000.
A good sign for digital companies like Gucci and Adidas that have already embraced wearable technology. These results show that customers want their digital possessions to have value beyond money.
A recent study by Ripple that looked at the interest of major financial institutions in NFT backs this up even more. Most of the most interesting NFTs are about music.
Music NFTs can add value to a wallet and sometimes have more than one use, such as exclusive content from an artist or a small share of song rights.
Juniper says that the data in the report are based on a “medium scenario” for adoption. Even though these digital assets offer new ways to grow and make money, the research warns suppliers to be careful because there are a lot of NFT scams in the industry.
Since the boom started in 2021, there have been many reports of NFT scams. Most of them have to do with the security of NFTs in crypto wallets and pump-and-dump schemes.
The NFT market place OpenSea recently sent out a tweet to its followers about scammers and stolen NFTs:
8/ 2nd, we’re making it easier for users who reported an item stolen to re-enable buying and selling when they recover the item OR determine they should withdraw their stolen item report. For example, we're finalizing details on a simplified process that doesn't require a notary.
— OpenSea (@opensea) August 10, 2022
Solana (SOL) talked about a new way to fight spam NFTs. The network wants to add a “burn” function to its Phantom wallet. Then, users will be able to filter out scammers’ spam NFTs.
As a result of the current crypto bear market, projects that aren’t useful or sustainable over the long term have been shut down.
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