NFT transactions 'will reach 40m’ by 2027

Global NFT transactions will jump from 24 million this year to 40 million in the next five years, according to new research.

NFTs are unique tokens, which cannot be replicated, that exist on a blockchain. The tokens can represent real items like artwork or music and can be traded with a transparent transaction history.

The study by Juniper Research found that metaverse-linked tokens will be the fastest growing type of NFT over the five-year period.

It suggests that the number of transactions will increase from 600,000 in 2022, to 9.8 million by 2027.

The research organisation said that the figures are based on its medium-term scenario for NFT adoption, with brands using the metaverse to boost digital growth.

It warned that while NFTs are an opportunity for growth, companies using this kind of digital tech should be aware of the risks of operating in an unregulated environment. It says that NFTs have played a role in illegal activities like fraud, scams, and money laundering, which could damage a company’s reputation.

The report also raised environmental issues as a concern, with the current way transactions are facilitated on the blockchain creating “massive energy usage”.

The document emphasises the need for regulators to work with industry bodies to standardise processes with reduced environmental impact and built-in consumer protections.

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