The current bear market phase of the cryptocurrency has also prompted the elimination of projects without long-term sustainability and utility.
Nonfungible token (NFT) market forecasts from Juniper Research were studied in a new report. According to the report, global NFT transactions will rise from 24 million in 2022 to nearly 40 million by 2027.
The metaverse-related NFTs will be the catalysts pushing NFT adoption in the next five years, according to the study. According to the study, this category of NFTs will experience the fastest growth over the next five years. Metaverse-related NFTs will see an increase in transactions from 600,000 transactions in 2022 to 9.8 million in 2027, according to the study.
The adoption of wearables by Gucci and Adidas brands, which have already adopted the technology in the digital world, indicates that consumers want more from their digital assets than just money.
A recent Ripple report on NFTs was also cited, in which the company surveyed major financial institutions on NFT interest. Music-related NFTs were of the most interest.
An Music NFT can accumulate value in a wallet and provide other utility besides exclusive artist content and fractional stakes in song rights.
According to Juniper, the report’s data is based on a ‘medium scenario’ for adoption. Vendors should act cautiously, the report says, because there are so many NFT scams available on the market.
What factors do you consider when choosing your next Non-Fungible Token?
Since the NFT boom took off in 2021, there have been numerous reports about the security of NFTs in crypto wallets and pump-and-dump schemes.
OpenSea recently addressed its community on Twitter about scams and stolen NFTs:
Long-term, our key focus areas are finding solutions to address this issue at its core. We’re already working on improving threat and theft detection by blocking malicious URLs.
Solana (SOL) has announced how it will seek to eradicate spam NFTs. The Phantom wallet will offer a burning function, allowing users to eliminate any spam NFTs sent by swindlers.
The current bear market of cryptocurrencies has also eliminated ventures that do not have long-term viability and usefulness.