Some 40 million NFT transactions in 2027, but restraint still holds back growth – ICT news

According to market analyst Juniper Research, the number of NFT (Non-Fungible Tokens) transactions worldwide will increase from 24 million this year to about 40 million in 2027. However, many companies are still hesitant about the NFT market. , and not without reason.

The projected growth of up to 40 million NFT transactions within five years is based on a slow adoption scenario, with growth primarily driven by the metaverse. “While the NFT market could certainly prove to be a profitable new channel, concerns should remain about the risks of an uncontrolled environment, where fraud and other nefarious activities are still rampant,” Juniper warns.

The latest report from Juniper further indicates that companies may see their brand image damaged when using NFC, as the technology now plays an important role in illegal activities such as money laundering and fraud.

In addition, there is growing concern about the environmental impact of NFT. Transactions are indeed facilitated by the blockchain, which generates a huge energy consumption.

The researchers therefore advocate the establishment of regulatory bodies to ensure the required standardization and safety. Only then will the impact on the environment be limited and consumers and sellers will have sufficient confidence in the NFT market.

Juniper Research further expects the metaverse to capture the most NFT transactions in the coming years, from 600,000 NFTs processed this year to 9.8 million transactions in 2027.

Single proof

As a reminder, NFT is the acronym for Non-Fungible Token, which is a ‘single proof’. It is a piece of data that is updated on a blockchain (usually Ethereum). This type of token represents a digital asset, such as a drawing, video, or digital object in a video game. Each NFT is unique, cannot be replicated and can be traded as a kind of certificate.

The projected growth of up to 40 million NFT transactions within five years is based on a slow adoption scenario, with growth primarily driven by the metaverse. “While the NFT market could certainly prove to be a profitable new channel, concerns should remain about the risks of an uncontrolled environment, where fraud and other nefarious activities are still prevalent,” Juniper warns. that companies may see their brand image damaged when dealing with NFC, as this technology now plays an important role in illegal activities such as money laundering and money laundering. In addition, there is growing concern about the environmental impact of NFT. Transactions are indeed facilitated by the blockchain, which generates enormous energy consumption. The researchers therefore advocate the creation of regulatory bodies to ensure the required standardization and security. Only then will the environmental impact be limited and consumers and sellers will have sufficient confidence in the NFT market. Furthermore, Juniper Research expects the metaverse to win the most NFT transactions in the coming years from 600,000 NFTs processed this year to 9.8 million transactions. by 2027.Unique proofAs a reminder, NFT is the acronym for Non-Fungible Token, which is a ‘single proof’. It is a piece of data that is updated on a blockchain (usually Ethereum). This type of token represents a digital asset, such as a drawing, video, or digital object in a video game. Each NFT is unique, cannot be replicated and can be traded as a kind of certificate.

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