Juniper Research has released a new analysis that examines the trajectory of the nonfungible token (NFT) market over the next five years. According to the report, global NFT transactions will grow from 24 million in 2022 to over 40 million by 2027.
According to the report, one of the most important drivers of NFT adoption will be those related to metaverse use cases. This NFTs specialisation will be the fastest expanding during the next five years. The number of transactions in metaverse-related NFTs will increase from 600,000 in 2022 to 9.8 million by 2027.
This is further supported by a recent research by Ripple, which questioned key financial institutions about their interest in NFTs. The most interesting NFTs were those relating to music.
Aside from accruing wealth in a wallet, music NFTs frequently incorporate multi-utility, such as exclusive artist content and fractional interests in song rights.
According to Juniper, the report's data is based on a "medium scenario" for adoption. Although these digital assets provide new opportunities for growth and profit, the report warns vendors to exercise vigilance due to the high number of NFT scams on the market.
There have been a number of reports involving NFT scams since the boom took off in 2021, most surrounding the security of NFTs in crypto wallets and pump-and-dump schemes.
The NFT marketplace OpenSea recently addressed its community on Twitter about scams and stolen NFTs:
Solana (SOL) announced a new way it plans to combat spam NFTs. The network plans to introduce a burning feature in its Phantom wallet. This will allow users to weed out any spam NFTs sent by scammers.
The current bear market state of the crypto has also been a catalyst for wiping out projects that don’t have long-term sustainability and utility.