The global number of non-fungible token (NFT) transactions could grow to 40 million over the next five years. NFTs associated with metaverses will be the main growth driver, with transaction volume expected to reach 9.8 million by 2027.
According to the forecast of Juniper Research analysts, the NFT market will double the number of transactions in the next five years. The popularity of metaverse platforms will be the main driving force of the sector.
The forecast says the global number of NFT transactions will rise by 67% reaching 40 million by 2027. Juniper Research experts also revealed a direct correlation between the NFT sector growth and the use of metaverse technologies by different brands. Thus, metaverse-related NFTs will be the fastest-growing segment over the next five years, capable of showing 1,533% growth by 2027, reaching a total of 9.8 million.
Trademark applications for NFTs and metaverses skyrocket, indicating increased interest in the technology.
However, analysts at Juniper Research also point to the high risks associated with the growing fraud in the NFT sector, which could potentially slow the segment’s growth rate. So, the number of phishing attacks on NFT communities is on the rise.
The NFT market decline in June this year and falling prices of NFT projects, together with the general downturn in the crypto market, led NFT holders to switch from trading to hoarding.
